HOUSTON, Aug. 20, 2001 (PRIMEZONE) -- SurgiCare, Inc. (AMEX:SRG), a Houston-based Ambulatory Surgical Center (ASC) provider, announced today that it has signed a letter of intent with Cirrus Health Services, Inc., a builder of medical office buildings, to co-develop and manage a Specialty Hospital to be located in North Houston.
"Our relationship with Cirrus continues to grow," said Dr. David Blumfield, Chief Executive Officer of SurigCare. "We opened a center last week in Pasadena, Texas, in conjunction with them and are working together on a center in Dallas that we broke ground on earlier this month. We believe that specialty hospitals will be an important part of our growth and that this important strategic relationship will accelerate our ability to develop hospitals nationwide."
"We have been developing a relationship with the doctors in this area for some time and have identified collectively a need for a new hospital facility in the area," said Don Wilson, President of Cirrus Health Services. "Since we have been working closely with SurgiCare on so many other projects, it seemed like a natural progression to continue to expand our relationship with this hospital."
"SurgiCare has demonstrated its ability to operate very efficient, profitable facilities," said Charles Cohen, SurgiCare's Chief Operating Officer. "In our out-patient surgery centers we focus primarily on surgery. Our specialty hospital will focus on specific surgical specialties and the support services required for those specialties. We our confident that we will be able to replicate our operating efficiencies and economies of scale in our new hospital and that it will prove to be as profitable as has been our out-patient facilities."
About SurgiCare, Inc.
SurgiCare, Inc., offers licensed, freestanding Ambulatory Surgery Centers, and specialty hospitals for use by physicians and its physician partners and their patients. Freestanding refers to the fact that the facilities are physically and organizationally independent from a hospital. Ambulatory Surgery means surgical procedures, which do not require overnight hospitalization after the surgery. The ASC's are run under the guidance of a committee of physician partners. SurgiCare's goal is to grow through mergers, acquisitions, and turnkey management contracts in conjunction with physician-involved supervision and potential equity participation within a public company model. For more information on SurgiCare, please visit the company's website at www.surgicareinc.com.
About Cirrus
Privately held, The Cirrus Group. L.L.C. (Cirrus) specializes in the development of medical office buildings and ancillary healthcare operations. Having offices in Dallas and Houston, The Cirrus Group currently owns and operates various commercial properties including eight medical office buildings and five traditional office buildings. An affiliate of Cirrus, Cirrus Health Services also owns and operates three rehabilitation centers, has one ASC in operation, and has started development on a second ASC, with two more buildings under construction. Cirrus recruits physicians and surgeons to establish medical practices in its buildings to deliver a more comprehensive healthcare system. Many times, these doctors become part owners of the building and perform procedures in its ASCs.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words ``believes,'' ``expects,'' ``anticipates'' or similar expression. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of SurgiCare, Inc., (the Company) to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the Company's Annual Reports and other filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof.
-0-
CONTACT: SurgiCare, Inc., Houston
Charles S. Cohen, Chief Operating Officer
(713) 665-1406
CEOcast. Inc., New York
Mathew Henderson
(212) 732-4300