WESTWOOD, N.J., July 2 /PRNewswire/ -- Pascack Valley Hospital (the “Hospital”) announced today that the financial consulting firm, Cambio Health Solutions (“Cambio”), has been retained to prepare a report making recommendations with respect to the operations of the Hospital. It is expected that Cambio will submit its recommendations on September 20, 2004. As reported earlier by the Hospital, the Hospital did not meet the debt service ratio requirements for the year ended December 31, 2003 contained in the applicable bond documents with respect to the New Jersey Health Care Facilities Financing Authority Revenue Bond, Pascack Valley Hospital Association Issue, Series 2003 and 1998 (the “Bond Documents”). Pursuant to the Bond Documents, the Hospital is required to appoint a financial consultant to provide recommendations with respect to the operations of the Hospital. It is anticipated that upon the implementation of Cambio’s recommendations, the Hospital will regain compliance with the material terms of the Bond Documents for 2005.
The Hospital is a 291-bed general, acute care, nonprofit hospital located in Westwood, Bergen County, New Jersey, approximately 11 miles northwest of the George Washington Bridge leading to New York City.
Statements about the future expectations of Pascack Valley Hospital and all other statements in this press release other than historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Since these statements involve risks and uncertainties and are subject to change at any time, the Hospital’s actual results could differ materially from expected results. Among these risks, trends and uncertainties are the effects of governmental regulation on the Hospital, the availability of working capital, the cost of personnel, and the competitive market in which the Hospital competes.
Pascack Valley Hospital
CONTACT: Helene Guss of Pascack Valley Hospital, +1-201-358-3070
