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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 1, 1999
Commission File No.: 001-14397
NEW AMERICAN HEALTHCARE CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 62-1750169
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
109 WESTPARK DRIVE, SUITE 440
NASHVILLE, TENNESSEE 37027
(Address of principal executive offices) (Zip Code)
(615) 221-5070
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
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ITEM 5. OTHER EVENTS.
For the purposes of informing the market, New American Healthcare
Corporation (the "Registrant") hereby files the press release issued on
September 1, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
NEW AMERICAN HEALTHCARE CORPORATION
By: /s/ Thomas W. Singleton
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Chief Executive Officer
Dated: September 14, 1999
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EXHIBIT INDEX
Exhibit No.
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99.1 Press Release of the Registrant issued September 1, 1999.
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Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT: DANA C. MCLENDON, JR.
SENIOR VICE PRESIDENT -- CHIEF
ADMINISTRATIVE OFFICER
(615) 309-2008
NEW AMERICAN HEALTHCARE CORPORATION
COMPLETES SALE OF DELTA MEDICAL CENTER - MEMPHIS
NASHVILLE, Tennessee (September 1, 1999) - New American Healthcare Corporation
(NYSE:NAH) today announced that it had completed the sale of Delta Medical
Center - Memphis to a company owned by Neil G. McLean and Craig B. Watson,
former employees and founding officers of New American Healthcare. Delta Medical
Center is one of the hospitals that New American Healthcare had previously
announced its intent to sell. Terms of the transaction were not disclosed.
Thomas W. Singleton, president and chief executive officer of New
American Healthcare, said, "We are pleased to have completed the sale of Delta
Medical Center. This transaction represents a win/win situation for everyone
involved. Having worked with Neil and Craig, we are confident of their abilities
as operators, and we know that the employees and patients of Delta Medical
Center are in good hands. Delta Medical Center is a facility with significant
potential; however, New American Healthcare is primarily focused on non-urban,
medical/surgical facilities, and Delta Medical Center serves a suburban and
industrial market and has a strong behavioral health component, as well as
medical/surgical services. The completion of this transaction will allow
management of New American Healthcare to concentrate on the Company's remaining
facilities, which are a more appropriate fit for the Company's operating
strategy."
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New American Healthcare Corporation was formed to capitalize on
opportunities to be the principal provider of quality, cost-effective healthcare
services in the non-urban communities which it targets. Excluding Delta Medical
Center, New American Healthcare owns nine acute care hospitals located in seven
states with 955 licensed beds. For additional information about the Company,
visit New American Healthcare's web site: http://www.nahc.net.
This press release contains forward-looking information that is subject
to certain risks, trends, and uncertainties that could cause actual results to
differ from those projected. Among these risks, trends, and uncertainties are
the following: general economic and business conditions, both nationally and in
regions where the Company operates; demographic changes; the effect of existing
or future government regulation and federal and state legislative and
enforcement initiatives on the Company's business; changes in Medicare and
Medicaid reimbursement levels; the Company's ability to implement successfully
its acquisition and development strategy and changes in such strategy; the
availability and terms of financing to fund the expansion of the Company's
business, including the acquisition of additional hospitals; the Company's
ability to attract and retain qualified management personnel and to recruit and
retain physicians and other health care personnel to the rural markets it
serves; the effect of managed care initiatives on the rural markets served by
the Company's hospitals and the Company's ability to enter into managed care
provider agreements on acceptable terms; the effect of liability and other
claims asserted against the Company; the effect of competition in the markets
served by the Company's hospitals; and other factors referenced in the Company's
Quarterly Report on Form 10-Q for the quarter ended June 30, 1999, as filed with
the Securities and Exchange Commission.
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