PIHC 1.33...this could be a 2x-3x gainer this year:
(COMTEX) B: PHC, Inc. Announces Lease Venture With Detroit Medical Center
PIHC to Add Up to 114 Beds, More Than Doubling the N
B: PHC, Inc. Announces Lease Venture With Detroit Medical Center - PIHC to Add U
to 114 Beds, More Than Doubling the Number of Psychiatric Inpatients Served -
PEABODY, Mass., Jan 07, 2004 /PRNewswire-FirstCall via Comtex/ -- PHC, Inc.,
d.b.a. Pioneer Behavioral Health (OTC Bulletin Board: PIHC), a leading provider
of inpatient and outpatient behavioral health services, announced today that it
has formed a cooperative lease agreement with the Detroit Medical Center (DMC)
to lease space and open 3 new units on the DMC campus. The target date for
opening the first unit, which will contain 30 beds, is March 1, 2004 pending
final regulatory approval.
Bruce A. Shear, Chairman and CEO of Pioneer Behavioral Health, stated, "We are
extremely pleased to announce this venture as it represents Pioneer's most
significant growth initiative to date. This opportunity will enable us to nearly
double the number of beds we operate from 130 to roughly 244, with capital
expenditures of less than $500,000. The second 30-bed unit is targeted to open
April 1st with the final 54 beds scheduled for late in calendar 2004 pending
regulatory approval. When all units are fully operational, the annualized
incremental revenue contribution is expected to approach $14,000,000. This is a
substantial achievement for the Company and should prove to be extremely
beneficial to our bottom line in the years ahead. These new programs will
support the growing behavioral health needs of Wayne County residents by keeping
them closer to their families during their period of treatment. The State has
identified a severe shortage of the programs that our Company intends to offer
and we are pleased to play a critical role in addressing this need."
About Detroit Medical Center
Detroit Medical Center is the largest health care provider in southeast
Michigan, as it operates seven hospitals (Children's Hospital of Michigan,
Detroit Receiving, Harper, Huron Valley-Sinai, Hutzel, the Rehabilitation
Institute of Michigan and Sinai-Grace Hospital), two nursing centers and more
than 100 outpatient facilities throughout southeast Michigan and is affiliated
with the Barbara Ann Karmanos Cancer Institute.
A nonprofit corporation established in 1985, the Detroit Medical Center is the
largest nongovernmental employer in Detroit. The system has more than 2,000
licensed beds, 3,000 affiliated physicians and serves as the teaching and
clinical research site for Wayne State University, the nation's fourth largest
medical school. Many Detroit Medical Center physicians are recognized by
colleagues as leaders in their field of medicine.
About Pioneer Behavioral Health
Pioneer Behavioral Health contracts with national insurance companies, major
transportation and gaming companies to provide behavioral health services.
Pioneer also owns and operates Wellplace.com, a leading provider of Internet and
24/hour telephonic based behavioral health services to consumers and other
segmented populations, and Pioneer Pharmaceutical Research, a growing clinical
trials company. For more information, visit www.phc-inc.com .
This press release may include forward-looking statements that are subject to
risks and uncertainties. Forward-looking statements include information about
possible or assumed future results of the operations or the performance of the
company and its future plans and objectives. Various future events or factors
may cause the actual results to vary materially from those expressed in any
forward-looking statements made in this press release. These factors and risks
are discussed in the company's annual report on Form 10-KSB for the years ended
June 30, 2000 and 2001, copies of which were filed with the Securities and
Exchange Commission, and in our quarterly reports on Form 10-Q filed with the
Securities and Exchange Commission since October 2001.
For further information, please contact: Bruce A. Shear of PHC, Inc.,
+1-978-536-2777; or Matthew Hayden of Hayden Communications, Inc.,
+1-843-272-4653, for PHC, Inc.
SOURCE PHC, Inc., d.b.a. Pioneer Behavioral Health
CONTACT: Bruce A. Shear of PHC, Inc., +1-978-536-2777; or Matthew Hayd
n
of Hayden Communications, Inc., +1-843-272-4653, for PHC, Inc
URL: prnewswire.com
wellplace.com
phc-inc.com
Copyright (C) 2004 PR Newswire. All rights reserved.
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KEYWORD: Massachusetts
Michigan
INDUSTRY KEYWORD: OTC
HEA
SUBJECT CODE: PDT
NPT
OTC
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