Symbion, Inc. Acquires Multi-Specialty Ambulatory Surgery Center in Wichita, Kansas
March 01 2006 - 6:30PM
Business Wire
Symbion, Inc. (NASDAQ/NM:SMBI), an owner and operator of short stay
surgery centers, announced today that it has acquired a majority
interest and consolidating position in Cypress Surgery Center, LLC,
a multi-specialty ambulatory surgery center located in Wichita,
Kansas. Terms of the transaction were not disclosed. Cypress
Surgery Center, with six operating rooms and two special procedure
rooms, began operations in July 2000. Presently, there are 38
active physician partners providing a full range of services to a
population of approximately 1.2 million throughout 49 counties in
southern Kansas. Commenting on the acquisition, Richard E. Francis,
Jr., chairman and chief executive officer of Symbion, said, "We
believe the acquisition of Cypress Surgery Center represents a
great opportunity for growth as the center is located in a rapidly
growing medical corridor. Currently, plans are underway to expand
the facility to include two additional special procedure rooms. We
look forward to working with the outstanding group of physician
partners and healthcare professionals associated with this center
to further expand the scope of services for patients served."
Symbion, Inc., headquartered in Nashville, Tennessee, owns and
operates a network of 60 short stay surgery centers in 22 states.
The Company's centers provide non-emergency surgical procedures
across many specialties. This press release contains
forward-looking statements based on management's current
expectations and projections about future events and trends that
they believe may affect the Company's financial condition, results
of operations, business strategy and financial needs. The words
"anticipate," "believe," "continue," "estimate," "expect,"
"intend," "may," "plan," "will" and similar expressions are
generally intended to identify forward-looking statements. These
statements, including those regarding the Company's growth and
continued success, have been included in reliance on the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements involve risks, uncertainties and other
factors that may cause actual results to differ from the
expectations expressed in the statements. Many of these factors are
beyond the ability of the Company to control or predict. These
factors include, without limitation: (i) the Company's dependence
on payments from third-party payors, including government health
care programs and managed care organizations; (ii) the Company's
ability to acquire and develop additional surgery centers on
favorable terms; (iii) numerous business risks in acquiring and
developing additional surgery centers, including potential
difficulties in operating and integrating such surgery centers;
(iv) efforts to regulate the construction, acquisition or expansion
of health care facilities; (v) the risk that the Company's revenues
and profitability could be adversely affected if it fails to
attract and maintain good relationships with the physicians who use
its facilities; (vi) the Company's ability to comply with
applicable laws and regulations, including health care regulations,
corporate governance laws and financial reporting standards; (vii)
risks related to the Medicare Prescription Drug, Improvement, and
Modernization Act of 2003 and future legislation, which could
restrict the Company's ability to operate its facilities licensed
as hospitals and could adversely impact its reimbursement revenues;
(viii) the risk of changes to physician self-referral laws that may
require the Company to restructure some of its relationships, which
could result in a significant loss of revenues and divert other
resources; (ix) the Company's significant indebtedness; (x) the
intense competition for physicians, strategic relationships,
acquisitions and managed care contracts, which may result in a
decline in the Company's revenues, profitability and market share;
(xi) the geographic concentration of the Company's operations,
which makes the Company particularly sensitive to regulatory,
economic and other conditions in certain states; (xii) the
Company's dependence on its senior management; (xiii) the Company's
ability to enhance operating efficiencies at its surgery centers;
and (xiv) other risks and uncertainties detailed from time to time
in the Company's filings with the Securities and Exchange
Commission. In light of the significant uncertainties inherent in
the forward-looking statements contained in this press release, you
should not place undue reliance on them. The Company undertakes no
obligation to update any forward-looking statements or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
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