HOUSTON, March 15, 2002 (PRIMEZONE) -- SurgiCare, Inc. (AMEX:SRG), a Houston-based Ambulatory Surgical Center (ASC) company, announced today that it had commenced construction on 1st Street SurgiCare, a new ASC that is scheduled to be developed in Bellaire, Texas. The Facility is anticipated to be completed in mid-June. Upon completion, it will have four operating rooms. Houston-based YMB Construction Company is the General Contractor.
"We expect that this facility will contribute to our earnings this year," said Charles F. Cohen, SurgiCare's Co-Chief Executive Officer and Chief Operating Officer. "This facility represents an excellent opportunity to profitability expand in this area. We expect to build on the reputation we have already developed in the Bellaire area."
Upon completion, this will be the second ASC that the company will operate in the Bellaire area. The company anticipates that it will announce details on its nationwide expansion plans at the Federated Ambulatory Surgical Association Conference scheduled for April 17-20 in San Antonio, Texas.
About SurgiCare, Inc.
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 that do not require hospitalization after the surgery. The ASCs 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. SurgiCare has assembled a team of highly qualified industry professionals that are equipped to effectively manage multiple ASCs, essentially cutting operational costs and increasing profit margins. For more information on SurgiCare, please visit the company's Web site at http://www.surgicareinc.com.
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