BIRMINGHAM, Ala., Aug. 18 HealthSouthCorporation (NYSE: HLS) today announced it has entered into a definitiveagreement to acquire a 38-bed rehabilitation hospital in Midland, Texas, fromRehabCare Group of Midland, L.P. The transaction is expected to close in thethird quarter of 2008 and, at that time, the hospital's operations willrelocate to HealthSouth Rehabilitation Hospital of Midland/Odessa.
"As the nation's largest provider of inpatient rehabilitation hospitalservices, we are very pleased to be able to offer HealthSouth's high qualityservices to more patients with this transaction," said Jay Grinney,HealthSouth's president and chief executive officer. "We have been privilegedto serve the Midland/Odessa market since 1993 and look forward to continuingthis tradition for many years to come."
HealthSouth currently operates 14 rehabilitation hospitals throughoutTexas. Accredited by The Joint Commission, HealthSouth's inpatientrehabilitation hospitals provide a higher level of rehabilitative care topatients who are recovering from stroke and other neurological disorders,brain and spinal cord injury, amputations, orthopedic, cardiac and pulmonaryconditions.
HealthSouth is the nation's largest provider of inpatient rehabilitationservices. Operating in 26 states across the country and in Puerto Rico,HealthSouth serves more than 250,000 patients annually through its network ofinpatient rehabilitation hospitals, long-term acute care hospitals, outpatientrehabilitation satellites, and home health agencies. HealthSouth strives to bethe health care company of choice for its patients, employees, physicians andshareholders and can be found on the Web at www.healthsouth.com .
Statements contained in this press release which are not historical factsare forward-looking statements. In addition, HealthSouth, through its seniormanagement, may from time to time make forward-looking public statementsconcerning the matters described herein. All such estimates, projections, andforward-looking information speak only as of the date hereof, and HealthSouthundertakes no duty to publicly update or revise such forward-lookinginformation, whether as a result of new information, future events, orotherwise. Such forward-looking statements are necessarily estimates basedupon current information and involve a number of risks and uncertainties.HealthSouth's actual results may differ materially from the resultsanticipated in these forward-looking statements as a result of a variety offactors. While it is impossible to identify all such factors, factors whichcould cause actual results to differ materially from those estimated byHealthSouth include, but are not limited to, any adverse outcome of variouslawsuits, claims, and legal or regulatory proceedings that may be broughtagainst us or any adverse outcome relating to the settlement of the federalsecurities class action previously disclosed by us; significant changes inHealthSouth's management team; HealthSouth's ability to continue to operate inthe ordinary course and manage its relationships with its creditors, includingits lenders, bondholders, vendors and suppliers, employees, and customers;changes, delays in, or suspension of reimbursement for HealthSouth's servicesby governmental or private payors; changes in the regulation of the healthcareindustry at either or both of the federal and state levels; competitivepressures in the healthcare industry and HealthSouth's response thereto;HealthSouth's ability to obtain and retain favorable arrangements with third-party payors; HealthSouth's ability to attract and retain nurses, therapists,and other healthcare professionals in a highly competitive environment withoften severe staffing shortages; general conditions in the economy and capitalmarkets; and other factors which may be identified from time to time in theCompany's SEC filings and other