HOUSTON, March 7, 2001 (PRIMEZONE) -- SurgiCare, Inc. (OTCBB:SXCR) a Houston-based Ambulatory Surgical Center (ASC) provider, announced today that it has signed a non-binding letter of intent to acquire Surgery Centers of America II, LLC (SCOA) in exchange for a combination of cash, and shares of SurgiCare's common stock. The amount of cash and number of shares to be issued by SurgiCare in exchange for SCOA's membership interests will be agreed upon by the parties following a complete valuation of SCOA.
The acquisition is subject to customary conditions, including satisfactory completion of due diligence, negotiation and execution of definitive agreements, receipt of required regulatory approvals and the approval of SCOA's members.
SurgiCare, Inc. offers licensed, freestanding Ambulatory Surgery Centers 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 ASCs are run under the guidance of a committee of physician partners.
The SurgiCare common stock which may be issued in connection with the acquisition will not be and has not been registered under the Securities Act of 1933 (the "Securities Act") and may not be offered or sold in the United States except pursuant to an effective registration or an applicable exemption from the registration requirements of the Securities Act. This news release shall not constitute an offer to sell or solicitation of an offer to buy shares of SurgiCare's common stock. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.
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