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Prospect Medical Holdings, Inc. |
Investor Relations Counsel: |
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FOR IMMEDIATE RELEASE PROSPECT MEDICAL HOLDINGS ANNOUNCES $15 MILLION CREDIT FACILITY WITH GMAC-RFC HEALTH CAPITAL |
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Culver City, CA— October 4, 2004— Prospect Medical Holdings, Inc. (PMHX.PK), ("Prospect Medical"), a managed care management company serving 12 affiliated Independent Physician Associations ("IPAs") in Southern California, today announced that it has entered into a $15 million credit facility with GMAC-RFC Health Capital. The facility is comprised of a three-year, $10 million term loan and a three-year, $5 million revolving line of credit. Proceeds will be used for general working capital purposes, future acquisitions and to retire the Company's existing credit facility. Dr. Jack Terner, Chairman and Chief Executive Officer of Prospect Medical Holdings, commented, "This facility provides us with the financial flexibility to continue to execute our growth strategy. We are proud to have reached an agreement with one of the world¹s leading commercial lenders. GMAC-RFC Health Capital devoted the time and resources to truly understand Prospect Medical¹s business, industry and the opportunities we are pursuing. We believe that this relationship reflects our successful history of growth, a sound business model and promising outlook." ABOUT GMAC-RFC HEALTH CAPITAL GMAC-RFC Health Capital, part of GMAC-RFC's Business Capital Group, provides unregulated capital solutions including revolving lines of credit, cash flow term loans, fixed asset term loans and real estate bridge loans to healthcare enterprises. GMAC-RFC, a wholly owned subsidiary of GMAC Financial Services, is a leading private issuer of mortgage-backed securities and the No. 1 warehouse lender in the United States. The company leverages its strengths in securitization, lending and investment to offer a broad portfolio of innovative capital solutions to businesses in a variety of markets. The company is headquartered in Minneapolis and operates in the United States, Canada, Mexico, United Kingdom and Continental Europe. www.gmacrfc.com ABOUT PROSPECT MEDICAL HOLDINGS Prospect Medical Holdings, Inc. is a health care management services organization that provides management services primarily to affiliated IPAs. IPAs are professional corporations that contract with independent physicians and other health care providers to create a medical panel of primary care and specialist physicians, and other health care service providers, capable of providing the full range of medical services to individuals enrolled in health maintenance organization ("HMO") managed care health plans. 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 and any subsequently filed reports. 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. |
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