HOUSTON, TX--(Marketwired - Sep 23, 2015) - Nobilis Health Corp. (
In the transaction, Nobilis contributed approximately $3.2 million dollars to acquire its 60% stake. In addition to managing the corporate affairs of the new hospital, Nobilis will provide day to day management services pursuant to a management agreement executed as part of the transaction.
"Consistent with our Houston and Dallas businesses, we see an opportunity to better serve the Phoenix market by adding inpatient capacity to complement our existing ASC in that market," said Harry Fleming, Nobilis' Chairman. "As with our First Street acquisition last year, we expect to see positive results from this transaction in short order," said Fleming.
"An inpatient option in Scottsdale expands our ability to work with surgeons in the greater Scottsdale market. Our hospital's ability to perform more complex surgeries should allow Nobilis to realize additional case volume from existing relationships as well as develop relationships with new physicians and specialties," said Chris Lloyd, Chief Executive Officer.
The transaction is expected to close in early November and is contingent upon the successful transfer of the hospital's license through the change of ownership process pursuant to Arizona Health Services regulations. Upon closing, the joint venture entity will have approximately $4.2 million dollars in working capital. In addition, Nobilis has agreed to facilitate establishing a $4.5 million dollar line of credit to provide additional working capital as needed.
About Nobilis Health Corp.
Nobilis utilizes innovative direct-to-patient marketing focused on a specified set of procedures that are performed at our centers by local physicians. Currently, Nobilis owns and manages three surgical hospitals and five ASCs, partners with an additional 28 facilities throughout the country, and markets six independent brands.
Forward-looking statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) and financial outlooks relating to the business of Nobilis Health Corp. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions and may discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. These statements are based on the Company's expectations, estimates, forecasts and projections and while the Company considers these to be reasonable based on information currently available, they may prove to be incorrect. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's web site at www.NobilisHealth.com, www.Sedar.com and in the risk factors described in the Company's Form 10-K for the fiscal year ended December 31, 2014, filed on April 2, 2015. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Other than as required by law, the Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.