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Nashville, Tennessee (April 29, 1996) - Renal Care Group, Inc. (NASDAQ/NM:RCGI)
today announced that it completed a merger with Main Line Suburban Dialysis
of Wynnewood, Pennsylvania, which operates five dialysis facilities serving
approximately 350 patients in the suburban Philadelphia area. The transaction
will be accounted for as a pooling of interests and includes an option
for the Company to acquire and manage the physician practice. In consideration
for the transaction, the Company issued 538,000 shares of its common stock.
"With this transaction, Renal Care Group enters the Philadelphia
market through an association with a dedicated group of physicians. Dr.
Teehan, Dr. Sigler and their colleagues are recognized nationally for
their leadership in the delivery of quality medical care to patients suffering
from chronic renal failure." said Raymond Hakim, M.D., Renal Care
Group's chief medical officer. He added, "We are also very pleased
to enter the Pennsylvania market which we believe presents us with substantial
expansion opportunities."
Brendan Teehan, M.D., chief executive officer of Main Line said, "We
are pleased to be merging with the physician founders of Renal Care Group
whose commitment to excellence in the management of nephrology services
is unique among the providers of care for patients with progressive and
end-stage renal disease.
Renal Care Group, Inc. is a specialized provider of nephrology services
that was founded in June 1995 to focus on the provision of care to patients
with kidney disease, including patients suffering from chronic kidney
failure. Following the closing of this transaction, the Company will provide
dialysis and ancillary services to approximately 3,200 patients through
47 outpatient dialysis centers in nine states, in addition to acute dialysis
services to 26 hospitals.
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