Pacer Health Corporation Sells Selected Georgia Assets

Miami, FL - Pacer Health Corporation, an owner-operator of acute care hospitals, medical treatment centers and psychiatric care facilities in the Southeastern United States, announced recently that it has signed a binding letter of intent to sell certain assets of both the Minnie G. Boswell Memorial Hospital and the Boswell Parker Nursing Center to Health Systems Real Estate, Inc., a Georgia-based non-profit corporation. The agreement calls for Health Systems Real Estate to purchase the tangible real and personal property assets of the facilities in a cash transaction for the aggregate purchase price of $2.6M. Pacer Health will continue to operate Minnie G. Boswell Memorial Hospital pursuant to a triple-net lease from Health Systems Real Estate, while an affiliate of Health Systems Real Estate assumes the operation of the Boswell Parker Nursing Center.

Pacer Health also announced the purchase of 15 acres of land adjacent to Interstate 20 in Greene County, Georgia, to construct a replacement facility for Minnie G. Boswell Memorial Hospital, which Pacer Health has managed and operated since June 22, 2004. Pacer Health officials say that the new facility will provide easier and more convenient access for patients as it will be closer to the center of the county, adjacent to a major thoroughfare, and only about one-and-a-half miles outside of Greensboro. The new location also is within three-and-a-half miles of the existing hospital, facing I-20 and just east of Highway 44.

SOURCE: Pacer Health Corporation