FRANKLIN, Tenn., Aug. 2 /PRNewswire-FirstCall/ -- Psychiatric Solutions, Inc. (“PSI”) today announced the hiring of Joe Crabtree and Larry Pieretti as new Division Presidents.
Joey Jacobs, Chairman, President and Chief Executive Officer of PSI, remarked, “We are very pleased to announce that respected industry veterans, Joe Crabtree and Larry Pieretti, have joined PSI. While the substantial historic growth in our beds in operation has resulted primarily from accretive acquisitions, our prospects for producing long-term profitable growth and increased stockholder value rests principally on our ability to operate our facilities successfully. We are confident of the expertise both Joe and Larry bring to PSI through outstanding careers in facility operations and management, and we expect them to make a significant contribution to the continued successful execution of our organic growth strategies.”
Mr. Crabtree has over 18 years experience in the healthcare industry and was most recently Senior Vice President of Eckerd Youth Alternatives Inc. in Clearwater, Florida. He was also Senior Vice President of Operations for Charter Behavioral Health Systems in Macon, Georgia. Mr. Crabtree has a Masters Degree in Health Systems Services Management from Webster University and is a member of the National Association of Psychiatric Health Systems.
Mr. Pieretti has over 20 years of healthcare experience and was previously with HCA as President and Chief Executive Officer of Southwest Florida Regional Medical Center in Ft. Myers, Florida. He was also HCA’s President and Chief Executive Officer of Southern Hills Medical Center in Nashville, Tennessee. Mr. Pieretti has a Masters Degree in Health and Hospital Administration from the University of Florida in Gainesville. In addition, he was a member of the Tennessee Hospital Association and the Florida League of Hospitals.
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements other than those made solely with respect to historical fact and are based on the intent, belief or current expectations of PSI and its management. PSI’s business and operations are subject to a variety of risks and uncertainties that might cause actual results to differ materially from those projected by any forward- looking statements. Factors that could cause such differences include, but are not limited to: (1) potential competition which alters or impedes PSI’s acquisition strategy by decreasing PSI’s ability to acquire additional facilities on favorable terms; (2) the ability of PSI to improve the operations of acquired facilities; (3) the ability to maintain favorable and continuing relationships with physicians who use PSI’s facilities; (4) the ability to receive timely additional financing on terms acceptable to PSI to fund PSI’s acquisition strategy and capital expenditure needs; (5) risks inherent to the healthcare industry, including the impact of unforeseen changes in regulation, reimbursement rates from federal and state healthcare programs or managed care companies and exposure to claims and legal actions by patients and others; and (6) potential difficulties in integrating the operations of PSI with acquired operations. The forward-looking statements herein are qualified in their entirety by the risk factors set forth in PSI’s filings with the Securities and Exchange Commission, including the factors listed in the Annual Report on Form 10-K for fiscal year 2003 filed on March 25, 2004, under the caption “Risk Factors.” PSI undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Readers should not place undue reliance on forward-looking statements, which reflect management’s views only as of the date hereof.
Psychiatric Solutions, Inc. offers an extensive continuum of behavioral health programs to critically ill children, adolescents and adults through its operation of 34 owned or leased freestanding psychiatric inpatient facilities with more than 4,000 beds. The Company also manages freestanding psychiatric inpatient facilities for government agencies and psychiatric inpatient units within medical/surgical hospitals owned by others.
Psychiatric Solutions, Inc.
CONTACT: Brent Turner, Vice President, Treasurer and Investor Relationsof Psychiatric Solutions, Inc., +1-615-312-5700