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FOR IMMEDIATE RELEASE
RAMSAY YOUTH SERVICES, INC. ANNOUNCES THE ACQUISITION
OF CHARTER BEHAVIORAL HEALTH SYSTEM OF MANATEE PALMS, LP
CORAL GABLES, FLORIDA, AUGUST 4, 2000 . . . RAMSAY YOUTH SERVICES, INC.
(NASDAQ:RYOU) announced today that it has acquired the operating assets of
Charter Behavioral Health System of Manatee Palms, LP and the corresponding real
estate from Crescent Real Estate Funding VII, L.P. The business which is located
in Florida includes two owned and one contracted facility with 225 total beds
and an aftercare case management program serving over 200 adolescents. The
transaction was financed by an increase in the company's senior credit facility
and is expected to be accretive to earnings.
Commenting on the acquisition, Luis E. Lamela, President and CEO of Ramsay Youth
Services, Inc., stated, "We are very pleased to welcome the Charter Behavioral
Health System of Manatee Palms staff to our organization. This strategic
acquisition continues to broaden the Company's operations in Florida and expands
our capacity in Florida to over 700 beds."
Ramsay Youth Services, Inc. is a leading quality provider and manager of
treatment, education and community-based programs for at-risk, troubled and
special needs youth. The Company has operations in nine states and the
Commonwealth of Puerto Rico.
Except for historical information contained herein, the matters set forth in
this news release are forward-looking statements as defined under the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and uncertainties.
Actual operations and results may differ materially from those expected in the
forward looking statements made by the Company. Please refer to Ramsay's filings
with the Securities and Exchange Commission for additional information.
Contact: Isa Diaz
Vice President Corporate Relations
(305) 569-4626
