New York Health Care, Inc. (OTC Pink Sheets: BBAL) announced today that it has executed a definitive agreement for the sale of the assets of its home healthcare business to a company controlled by its chief executive officer and chief operating officer for consideration consisting of $2.7 million in cash, assumption by the purchaser of the liabilities of the home health care business and termination of severance and other liabilities of the Company to such officers under their employment agreements. The sale is subject to the satisfaction of a number of conditions including obtaining shareholder and regulatory approvals.
