FRANKLIN, Tenn.--(BUSINESS WIRE)--Dec. 1, 2015--
Community Health Systems, Inc. (NYSE: CYH) announced today that
subsidiaries of the Company have executed a definitive agreement to sell
substantially all of the assets of The Memorial Hospital of Salem
County, a 126-bed hospital in Salem, New Jersey, along with related
outpatient services, to Prime Healthcare Foundation. The divestiture is
expected to close by the end of the second quarter of 2016, subject to
customary regulatory approvals and closing conditions.
The Company does not expect the divestiture to have a meaningful impact
on financial operations.
Forward-Looking Statements
Statements contained in this news release regarding expected operating
results, acquisition transactions or divestitures and other events are
forward-looking statements that involve risk and uncertainties. Actual
future events or results may differ materially from these statements.
Readers are referred to the documents filed by Community Health Systems,
Inc. with the Securities and Exchange Commission, including the
Company’s annual report on Form 10-K, current reports on Form 8-K and
quarterly reports on Form 10-Q. These filings identify important risk
factors and other uncertainties that could cause actual results to
differ from those contained in the forward-looking statements. The
Company undertakes no obligation to revise or update any forward-looking
statements, or to make any other forward-looking statements, whether as
a result of new information, future events or otherwise.
About Community Health Systems, Inc.
Community Health Systems, Inc. is one of the largest publicly-traded
hospital companies in the United States and a leading operator of
general acute care hospitals in communities across the country. Through
its subsidiaries, the Company currently owns, leases or operates 198
affiliated hospitals in 29 states with an aggregate of approximately
30,000 licensed beds.
The Company has announced plans for a spin-off transaction to create a
new, publicly traded company, Quorum Health Corporation, with 38
affiliated hospitals and related outpatient services in 16 states,
together with Quorum Health Resources, LLC, a subsidiary providing
management and consulting services to non-affiliated hospitals. The
transaction is expected to close during the first quarter of 2016.
The Company’s headquarters are located in Franklin, Tennessee, a suburb
south of Nashville. Shares in Community Health Systems, Inc. are traded
on the New York Stock Exchange under the symbol “CYH.” More information
about the Company can be found on its website at www.chs.net.
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Source: Community Health Systems, Inc.
Community Health Systems, Inc.
Investor Relations:
W. Larry
Cash, 615-465-7000
President of Financial Services and Chief
Financial Officer
or
Media Relations:
Tomi Galin,
615-628-6607
Senior Vice President, Corporate Communications,
Marketing and Public Affairs