FORT MYERS, Fla., March 31 /PRNewswire-FirstCall/ -- Radiation Therapy Services, Inc. , a leading operator of radiation therapy centers, announced today that it has entered into a definitive purchase agreement to acquire a majority interest in a single radiation therapy treatment center located in Martinsburg, West Virginia for approximately $600,000. The Company will operate the facility as part of its Western Maryland regional network.
Under the terms of the agreement, Radiation Therapy Services will partner with West Virginia University Hospitals. The Company will manage the facility and acquire a 60% interest in the entity that operates the facility and West Virginia University Hospitals will hold the remaining 40% interest. The facility is leased from City Hospital, part of West Virginia University Hospitals, and is located on the City Hospital campus. The center currently treats approximately 30 patients per day. The Company plans to implement an Intensity Modulated Radiation Therapy (IMRT) program and other advanced technologies at the facility after completing this transaction. The acquisition is expected to close during the second quarter of 2005, contingent upon normal and customary closing conditions.
Dr. Daniel Dosoretz, President and Chief Executive Officer, stated, “We are pleased to add this treatment center to our already strong Western Maryland regional network. This region continues to experience robust population growth given its attractive location and we believe we are well positioned to serve this market.”
About Radiation Therapy Services, Inc.
Radiation Therapy Services, Inc., which operates treatment centers primarily under the name 21st Century Oncology, is a provider of radiation therapy services to cancer patients. The Company’s 56 treatment centers are clustered into 19 regional networks in ten states, including Alabama, Delaware, Florida, Kentucky, Maryland, Nevada, New Jersey, New York, North Carolina and Rhode Island. The Company is headquartered in Fort Myers, Florida. More information about the Company can be found at its Web site http://www.rtsx.com/.
This release may contain forward-looking statements about the Company’s future plans, expectations and objectives. Words such as “may,” “will,” “expect,” “intend,” “anticipate,” “plan,” “believe,” “seek,” “could” and “estimate” and variations of these words and similar expressions are intended to identify forward-looking statements. These forward-looking statements are not historical facts and are subject to risks and uncertainties that could cause the actual results to differ materially from those projected in these forward-looking statements including, but not limited to those risk factors described in the “Risk Factors” section and other information in the Company’s annual report on Form 10-K for the year ended December 31, 2004, as well as the Company’s other filings with the Securities and Exchange Commission which are available on the SEC’s website at http://www.sec.gov/. Readers of this release are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to publicly update or revise the forward-looking statements contained herein to reflect changed events or circumstances after the date of this release.
Contacts: Investors/Media: Dave Koeninger Nick Laudico/Jason Rando Chief Financial Officer The Ruth Group Radiation Therapy Services, Inc. 646-536-7030/7025 239-931-7282 nlaudico@theruthgroup.comdkoeninger@rtsx.comjrando@theruthgroup.com
Radiation Therapy Services, Inc.
CONTACT: Dave Koeninger, Chief Financial Officer, Radiation TherapyServices, Inc., +1-239-931-7282, dkoeninger@rtsx.com; or Investors/Media: NickLaudico, +1-646-536-7030, nlaudico@theruthgroup.com, or Jason Rando,+1-646-536-7025, jrando@theruthgroup.com, both of The Ruth Group for RadiationTherapy Services
Web site: http://www.rtsx.com/