FRANKLIN, Tenn., Mar 31, 2009 (BUSINESS WIRE) — Community Health Systems, Inc. (NYSE: CYH) today announced that the partnership units of its subsidiaries (Triad-Denton Hospital GP, LLC and Triad-Denton Hospital, LP) in a partnership that owns Presbyterian Hospital of Denton, in Denton, Texas, and other related hospital assets, have been sold to Texas Health Resources and its affiliate. Texas Health Resources was a minority partner in the limited partnership that owns the 255-bed hospital and exercised a right to purchase the 80 percent ownership interest held by the two Company subsidiaries. Texas Health Resources subsequently filed suit over terms of the transaction. A settlement was initially reached on December 23, 2008, which settled all claims and resolved the lawsuit. The closing was effective on March 31, 2009.Located in the Nashville, Tennessee suburb of Franklin, Community Health Systems, Inc. is the largest publicly-traded hospital company in the United States and a leading operator of general acute care hospitals in non-urban and mid-size markets throughout the country. Through its subsidiaries, the Company currently owns, leases or operates 120 hospitals in 29 states with an aggregate of approximately 18,000 licensed beds. Its hospitals offer a broad range of inpatient and surgical services, outpatient treatment and skilled nursing care. In addition, through its QHR subsidiary, the Company provides management and consulting services to over 150 independent non-affiliated general acute care hospitals located throughout the United States. Shares in Community Health Systems, Inc. are traded on the New York Stock Exchange under the symbol “CYH.”
Statements contained in this news release are forward-looking statements that involve risks 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, specifically the most recent filings which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including execution of our growth, acquisition, and business strategies. These and other applicable risks are summarized under the caption “risk factors” in the Company’s Securities and Exchange Commission filings.
SOURCE: Community Health Systems, Inc.
Community Health Systems, Inc. Investor Contact: W. Larry Cash, 615-465-7000 Executive Vice President and Chief Financial Officer or Media Contact: Tomi Galin, 615-628-6607 Vice President of Corporate Communications