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NASHVILLE, Tenn.--(BUSINESS WIRE)--Jan. 30, 2004--Renal Care Group,
Inc. (NYSE: RCI - News) announced today that it has signed definitive
agreements to acquire the assets of Midwest Kidney Centers and several
affiliated companies. The program to be acquired currently provides outpatient
hemodialysis and peritoneal dialysis services to approximately 850 patients
in the Peoria, Illinois area. Completion of the acquisition is subject
to receipt of certain regulatory consents of the State of Illinois and
customary closing conditions. Terms of the transactions were not disclosed.
Renal Care Group agreed to acquire the program, which includes 14 dialysis
centers, from a company composed of St. Francis Health System, Methodist
Hospital and Renal Associates, PA. Renal Associates, PA has agreed to
serve as medical director for nine of the centers. Dr. Robert Sparrow
of Renal Associates commented, "We are pleased to affiliate with
Renal Care Group. Their philosophy of continual quality improvement for
patients with chronic and acute renal disease mirrors our interest in
providing the best care possible for our patients."
Gary Brukardt, president and chief executive officer of Renal Care Group,
added, "This acquisition is consistent with our strategy to make
selective acquisitions where we can affiliate with excellent nephrologists
to jointly provide optimal care for our patients. With the acquisition
of this dialysis program, we will own and operate 28 facilities in Illinois
that serve approximately 3,000 patients."
Renal Care Group, Inc. is a specialized dialysis services company that
provides care to patients with kidney disease. The Company treats over
22,300 patients at more than 285 owned outpatient dialysis facilities,
in addition to providing acute dialysis services at more than 120 hospitals.
Over 6,700 associates provide services across the Company's 27-state
network. More information about Renal Care Group, Inc. can be found at
www.renalcaregroup.com.
Certain statements in this press release, particularly those of Mr.
Brukardt, constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements, which are usually preceded by words like
expect, plan, intend, will and the like, include statements regarding
our future performance and any other statements that necessarily depend
on future events. 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: dependence
on executive officers; changes in the Medicare and Medicaid programs;
payment reductions by private insurers, hospitals or managed care organizations;
changes in the health care delivery, financing or reimbursement systems;
risks related to the drug Epogen (EPO); compliance with health care and
other applicable laws; and the integration of acquired companies. 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 most recent
annual report on Form 10-K and any quarterly reports on Form 10-Q filed
after that annual report. Copies of these filings are available upon
request from Renal Care Group.
Contact:
Renal Care Group, Inc., Nashville
Terry L. Proveaux, 615-345-5577
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