_________________________________________________________________
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 24, 1996
IATROS HEALTH NETWORK, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-20345 23-2596710
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
Registrant)
10 Piedmont Center, Suite 400, Atlanta, Georgia 30305
(Address of principal executive office) (Zip Code)
Registrant's telephone number: (404) 266-3643
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Item 5.
On September 24, 1996 registrant entered into a Purchase and Sale
Agreement with William Gillis, Joseph Hogan and Ward Hand (together referred to
as "Sellers") for the purchase by registrant of the stock of Gorham Health
Care, Inc. Gorham Health Care, Inc. owns the real estate and assets used in
the operation of a long term health care facility located at 50 New Portland
Road, Gorham, Maine. The Gorham House facility has approximately (i) 50
licensed ICF beds, 18 of which are skilled care beds, (ii) an 84 unit
congregate apartment, (iii) a separate 17 ICF licensed bed skilled care unit,
and a 15 unit child day care program.
The purchase price for Gorham House is $16,200,000 and that purchase
price was reached through arm's length negotiations based on the parties'
estimation of the fair market value of the stock sold. The Purchase and Sale
Agreement specifies January 31, 1997 as the closing date for the purchase,
unless another date is agreed to by the parties. From the date of the
Agreement through October 31, 1996, the purchaser will be conducting due
diligence investigations.
The Purchase and Sale Agreement is assignable by the registrant. Prior
to the closing date, the registrant intends to assign its purchase rights to an
unrelated for-profit or not-for-profit corporation and to enter into a
management agreement with the assignee to manage the Gorham House Facility
after the purchase is consummated by the assignee.
The Purchase and Sale Agreement allows registrant 60 days to inspect the
purchased assets to decide whether to consummate the transaction.
SIGNATURES
Pursuant to the requirements of the Exchange Act, the registrant caused
this report to be signed on its behalf by the undersigned thereunto duly
authorized.
IATROS HEALTH NETWORK, INC.
Dated: October ____, 1996. By: /s/
Joseph C. McCarron
Executive Vice President
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