LEWISVILLE, Texas--(BUSINESS WIRE)--July 1, 2005--Horizon Health Corporation (NASDAQ/NM: HORC) today announced today that it consummated its previously announced transaction involving the formation of a joint venture with Friends Hospital, a 501(c)(3) charitable organization and the acquisition by that joint venture of Friends Hospital located in Philadelphia, Pennsylvania. Horizon is an 80% member of the joint venture and Friends, which has changed its name to the Thomas Scattergood Behavioral Health Foundation, is a 20% member of the joint venture. In the transaction, the joint venture leased the hospital facility on a 40 year prepaid basis.
