PainCare Signs Definitive Agreement to Sell The Gables Surgical Center in South Florida
06 Agosto 2007 - 8:30AM
PR Newswire (US)
Company to Net Approximately $4.4 Million from Sale ORLANDO, Fla.,
Aug. 6 /PRNewswire-FirstCall/ -- PainCare Holdings, Inc.
(AMEX:PRZ), one of the nation's leading providers of pain-focused
medical and surgical solutions and services, today announced that
it has signed a formal Definitive Agreement with Surgery Partners,
LLC, providing for the sale of PainCare's controlling interest in
PSHS Beta Partners, Ltd., d/b/a The Gables Surgical Center, located
in Coral Gables, Florida. Subject to necessary regulatory
approvals, the closing of the transaction will net PainCare
approximately $4.4 million in cash proceeds. Actual terms and
conditions related to this sale transaction will be fully detailed
in a Form 8-K to be filed with the U.S. Securities and Exchange
Commission. "The cash raised from the sale of Gables Surgical
Center will be applied towards further reducing our prevailing debt
obligation to our noteholder while materially strengthening our
overall financial footing," stated Randy Lubinsky, CEO of PainCare.
About PainCare Holdings, Inc. Headquartered in Orlando, Florida,
PainCare Holdings, Inc. is one of the nation's leading providers of
pain-focused medical and surgical solutions and services. Through
its proprietary network of acquired or managed physician practices,
and in partnership with independent physician practices and medical
institutions throughout the United States and Canada, PainCare is
committed to utilizing the most advanced science and technologies
to diagnose and treat pain stemming from neurological and
musculoskeletal conditions and disorders. Through its wholly owned
subsidiary, Caperian, Inc., PainCare offers medical real estate and
development services. Through Integrated Pain Solutions, the
Company is engaged in pioneering the nation's first managed
services organization that offers a multi-disciplinary healthcare
network focused on the treatment of pain. For more information on
PainCare Holdings, please visit http://www.paincareholdings.com/.
This press release contains forward-looking statements that may be
subject to various risks and uncertainties. Such forward-looking
statements are made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995 and are made based
on management's current expectations or beliefs as well as
assumptions made by, and information currently available to,
management. These forward-looking statements, which may include
statements regarding our future financial performance or results of
operations, including expected revenue growth, cash flow growth,
future expenses, future operating margins and other future or
expected performance, are subject to the following risks: the
acquisition of businesses or the launch of new lines of business,
which could increase operating expenses and dilute operating
margins; the inability to attract new patients by our owned
practices, the managed practices and the limited management
practice; increased competition, which could lead to negative
pressure on our pricing and the need for increased marketing; the
inability to maintain, establish or renew relationships with
physician practices, whether due to competition or other factors;
the inability to comply with regulatory requirements governing our
owned practices, the managed practices and the limited management
practices; that projected operating efficiencies will not be
achieved due to implementation difficulties or contractual spending
commitments that cannot be reduced; and to the general risks
associated with our businesses. In addition to the risks and
uncertainties discussed above you can find additional information
concerning risks and uncertainties that would cause actual results
to differ materially from those projected or suggested in the
forward-looking statements in the reports that we have filed with
the Securities and Exchange Commission. The forward-looking
statements contained in this press release represent our judgment
as of the date of this release and you should not unduly rely on
such statements. Unless otherwise required by law, we undertake no
obligation to publicly update or revise any forward- looking
statements, whether as a result of new information, future events
or otherwise after the date of this press release. In light of
these risks and uncertainties, the forward-looking events and
circumstances discussed in the filing may not occur, and actual
results could differ materially from those anticipated or implied
in the forward-looking statements. FOR MORE INFORMATION, PLEASE
CONTACT: Media Relations Suzanne Beranek, APR, Beranek
Communications, LLC 407-475-0763 or via email at
Investor/Shareholder Relations Elite Financial Communications
Group, LLC Dodi Handy, President and CEO, or Daniel Conway, Chief
Strategist 407-585-1080 or via email at DATASOURCE: PainCare
Holdings, Inc. CONTACT: Media Relations, Suzanne Beranek, APR, of
Beranek Communications, LLC, +1-407-475-0763, ; Investor,
Shareholder Relations, Dodi Handy, President and CEO, or Daniel
Conway, Chief Strategist, both of Elite Financial Communications
Group, LLC, +1-407-585-1080, Web site:
http://www.paincareholdings.com/
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