The IHCC business plan remains on track:
Intensiva Healthcare Opens New Hospital in Michigan; Signs Two Additional Lease Agreements in Milwaukee
ST. LOUIS, Mo.--(BUSINESS WIRE)--Sept. 28, 1998--Intensiva Healthcare Corporation (Nasdaq: IHCC), a high-quality, low-cost provider of acute, long-term care services, today announced the opening of a new operating facility in Ann Arbor, Michigan. With this addition, the Company currently operates 21 hospitals in nine states.
Intensiva's Ann Arbor facility is located within St. Joseph Mercy Hospital. With a 520-bed capacity, this hospital is one of the leading hospitals in Michigan, serving a market of approximately 500,000 people. St. Joseph Mercy Hospital, a member of the Mercy Health System network, has been named one of Modern Healthcare's "Top 100 Hospitals" in the magazine's annual survey.
In its new facility, Intensiva Healthcare will provide specialized care for critically ill or injured patients who require intensive medical monitoring and treatment. The Company's operating strategy is to lease underutilized space from general acute care hospitals creating a "hospital-within-a-hospital".
David Cross, Chief Executive Officer and President of Intensiva, said, "St. Joseph marks our 21st hospital opened to date. We are pleased to note that this is the third hospital the Company has opened within the Mercy Health System."
Separately, the Company has signed two new additional leases with St. Michael Hospital and St. Joseph Medical Center in Milwaukee, WI. These two hospitals, which are part of the Covenant Health System, have a combined 600-bed capacity, and serve a market of approximately 1.5 million people.
Mr. Cross, continued, "We are looking forward to the two new openings in Milwaukee. These two new hospital agreements within the Covenant Health System bring us one step closer to achieving our goal of establishing regional networks and we continue to assess other opportunities within this leading hospital system. With a backlog of eight signed agreements, we remain on track with our 1998 goal of 27 operating facilities by year-end."
Intensiva Healthcare provides highly specialized acute long-term care for critically ill or injured patients who require intense medical monitoring and treatment, and who often have multiple medical conditions and are medically unstable. Intensiva's strategy is to lease unused space in underserved markets, creating a separate "hospital within a hospital".
Safe Harbor Statement under the Private Securities Litigation Act of 1995: This press release contains certain forward-looking statements that are subject to various risks and uncertainties that could cause results to differ materially, as set forth in the Company's Form 10-K for the fiscal year ended December 1997, and other filings with the Securities and Exchange Commission.
CONTACT:
Intensiva Healthcare Corporation
David Cross, President, Chief Executive Officer
John P. Keefe, Chief Financial Officer
(314) 725-0112
or
Investor Relations:
Gordon McCoun/Lauren Felice
Press: Michael McMullan
Morgen-Walke Associates, Inc.
(212) 850-5600
KEYWORD: MISSOURI |
