EXHIBIT INDEX
Exhibit No. Description
(99) Press Release dated October 30, 2000
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Gentiva Health Services
Document is copied.
Press Release
Gentiva Health Services Completes Sale of
Staffing Business and Announces Canadian Home Health Sale Agreement
MELVILLE, N.Y., Oct. 30, 2000 -- Gentiva Health Services (Nasdaq:
GTIV), America's leading provider of specialty pharmaceutical distribution and
home health care services, today announced that it has completed the sale of its
staffing business to a company formed by InteliStaf Holdings, Inc. and the
Carlyle Group in a cash transaction of approximately $67.5 million. The company
reiterated today that proceeds from this sale will be used to substantially
reduce Gentiva's net debt.
Gentiva also announced that it has entered into a sale agreement
with Bayshore Health Group, a Canadian company, to sell its Canadian home health
operations for undisclosed terms. Gentiva Canada represented less than three
percent of Gentiva's 1999 revenues. The company said it expects the sale of its
Canadian operations to close by the end of the year.
"The completion of the staffing sale and the Canadian agreement
accomplishes two significant objectives for Gentiva," said Edward A.
Blechschmidt, chairman, president and chief executive officer of Gentiva Health
Services. "Besides greatly improving our balance sheet, it allows us to focus
even more intensely on enhancing our position as the leader in our two core
businesses, specialty pharmaceutical distribution and home health care
services."
Gentiva Health Services (Nasdaq: GTIV) is America's leading
provider of specialty pharmaceutical and home health care services. With more
than 300 locations in the United States, the company had approximately $1.5
billion in 1999 revenues. For more information, visit Gentiva's Web site,
www.gentiva.com.
Information contained in this news release, other than historical
information, should be considered forward-looking, and is subject to various
risk factors and uncertainties. For instance, the company's strategies and
operations involve risks of competition, changing market conditions, changes in
laws and regulations affecting our industries and numerous other factors
discussed in this release and in the company's filings with the Securities and
Exchange Commission. Accordingly, actual results may differ materially from
those anticipated in any forward-looking statements.
