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NASHVILLE, Tenn.--(BW HealthWire)--Oct. 29, 2001--Renal Care Group, Inc. (Nasdaq/NM:RCGI - news) today announced that it has reached an agreement in principle to acquire substantially all of the assets of the outpatient dialysis program of North Mississippi Health Services in Tupelo, Mississippi. Renal Care Group and North Mississippi Health Services have executed a letter of intent, and the parties are working to complete definitive agreements. Renal Care Group anticipates that the transaction will close by November 30, 2001. The transaction is subject to the execution and delivery of definitive agreements and customary closing conditions.
The North Mississippi Health Services dialysis program currently serves approximately 450 patients in seven locations in and around Tupelo in Northern Mississippi. Terms of the transaction were not disclosed.
"We evaluated the national providers of dialysis services and determined Renal Care Group was best suited to continue the mission of the hospital to provide exceptional care to the patients in our community with end stage renal disease," said Dr. Jeffrey Barber, president and chief executive officer of North Mississippi Health Services. "It became apparent through lengthy discussions with Renal Care Group that they have a patient-oriented philosophy similar to our own. Having made the decision to outsource our dialysis program, Renal Care Group was the logical choice."
Mr. Sam Brooks, chairman and chief executive officer of Renal Care Group, Inc. said, "Our physician-driven focus and the commitment of our medical leadership to improving patient outcomes continue to gain us favorable consideration by leading medical centers such as North Mississippi Health Services. Our national reputation for quality patient care is based on the combined efforts of our dedicated affiliated physicians and Renal Care Group associates working together with patients and their families."
Renal Care Group, Inc. is a dialysis services company that provides care to patients with kidney disease. The Company currently treats approximately 17,900 patients through 225 owned outpatient dialysis facilities, in addition to providing acute dialysis services to 118 hospitals. Over 5,000 associates provide services across the Company's 26-state network.
Certain statements in this press release, particularly the statements of Mr. Brooks constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect management's expectations and are based upon currently available information. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Renal Care Group to differ materially from those expressed in or implied by the forward-looking statements, including risks related to: closing the acquisition of the dialysis program of North Mississippi Health System; compliance with health care and other applicable laws; the integration of acquired companies; changes in the Medicare and Medicaid programs; risks related to EPO; payment reductions by private insurers, hospitals or managed care organizations; and changes in the health care delivery, financing or reimbursement systems. These and other factors affecting the company are discussed in more detail in Renal Care Group's reports filed with the Securities and Exchange Commission, including without limitation Renal Care Group's annual report on Form 10-K for the year ended December 31, 2000 and its quarterly report on Form 10-Q for the quarters ending March 31, 2001 and June 30, 2001. Copies of these filings are available from Renal Care Group upon request.
Contact:
Renal Care Group, Inc.
R. Dirk Allison, 615/345-5500
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