 |
      |
 |
 |
For more information, please contact either listing below: |
|
Prospect Medical Holdings, Inc. |
Investor Relations Counsel: |
|
FOR IMMEDIATE RELEASE PROSPECT MEDICAL HOLDINGS IN DISCUSSIONS TO ACQUIRE HOSPITAL GROUP IN SOUTHERN CALIFORNIA |
|
|
Culver City, CA— June 11, 2007— Prospect Medical Holdings, Inc. (AMEX: PZZ) ("Prospect"), which manages the medical care of approximately 250,000 HMO enrollees in Southern California, today announced that it is in substantive discussions to acquire a private, for-profit hospital management company that owns and operates several community-based hospitals in Southern California. The acquisition is subject to, among other things, the signing of a definitive agreement, finalizing the financing for the transaction, obtaining regulatory and other consents, and other customary closing conditions. Prospect is making this announcement in advance of contemplated regulatory filings and lender-sponsored meetings connected with the proposed transaction. ABOUT THE COMPANY Prospect Medical Holdings manages the medical care of individuals enrolled in HMO plans in Southern California. The Company, through its Independent Physician Associations ("IPAs"), contracts with health care professionals to provide a full range of services to HMO enrollees. Prospect has historically not acquired bricks and mortar, but rather the medical management of the lives serviced by the acquired IPAs. Services provided by Prospect include contract negotiations, physician recruiting and credentialing, HR, claims administration, financial services, provider relations, case management, quality assurance, data collection and MIS. This press release contains forward-looking statements. Additional written or oral forward-looking statements may be made by the Company from time to time, in filings with the Securities and Exchange Commission, or otherwise. Statements contained herein that are not historical facts are forward-looking statements. Investors are cautioned that forward-looking statements, including the statements regarding anticipated or expected results, and the future introduction of new products, involve risks and uncertainties which may affect the Company's business and prospects, including those outlined in the Company's Form 10-K filed on December 28, 2006 and Form 10-Q filed on May 15, 2007. Any forward-looking statements contained in this press release represent our estimates only as of the date hereof, or as of such earlier dates as are indicated, and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change. |
|
