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Source: Consolidated Health Care Associates, Inc.
Consolidated Health Care Announces Proposed Sale
FRANKLIN, Mass., Aug. 13 /PRNewswire/ -- Consolidated Health Care
Associate, Inc. (Nasdaq:CHCA - news) announces the signing of a
non-binding letter of intent with Olympus Healthcare Group, Inc. whereby
Olympus will acquire substantially all of the operating assets and
assume certain liabilities of Consolidated in consideration of
$5,000,000, consisting of 175,620 shares of common stock of Olympus and
$750,000 cash, subject to completion of due diligence, signing of a
definitive agreement and the approval of Consolidated shareholders and
certain other customary conditions. The transaction is currently expect
ed to close after a meeting of Consolidated shareholders in October.
Robert M. Whitty, President of Consolidated, stated, ``The proposed
combination with Olympus will be good for all of Consolidated's clients,
employees and shareholders as it will combine our operations with a
group that is a marketplace leader in providing health care to New
England. Olympus is in a much stronger position to assume the continued
development of Consolidated's services.''
Consolidated operates nine (9) rehabilitation clinics in Massachusetts,
Pennsylvania and Delaware. In addition Consolidated offers home health
rehabilitation services. Olympus provides a variety of post acute health
care services in the New England regions.
SOURCE: Consolidated Health Care Associates, Inc.
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