CHARLOTTE, N.C., March 1 /PRNewswire-FirstCall/ -- MedCath Corporation (Nasdaq: MDTH) announced today that its Board of Directors (the "Board") has formed a Strategic Options Committee (the "Committee") composed solely of independent directors to consider the sale either of MedCath or the sale of its individual hospitals and other assets. Navigant Capital Advisors ("Navigant") has been retained as its financial advisor to assist the Committee in this process. Due to this engagement, Dr. Edward R. Casas, a senior managing director of Navigant Capital Advisors, resigned voluntarily from MedCath's Board and will not stand for reelection to MedCath's Board at its upcoming annual stockholders' meeting on March 3, 2010.
There can be no assurance that this process will result in any specific transaction. This announcement contains forward-looking statements, including statements relating to a possible sale of MedCath or its assets. There are many factors that would affect MedCath's, the Board's or the Committee's views and decisions regarding these events and material facts and circumstances may change. The Company does not undertake, and specifically disclaims any obligation to update the statements in this release or provide ongoing disclosure regarding the Committee's process.
MedCath, headquartered in Charlotte, N.C., is a health care provider focused on high acuity services with the diagnosis and treatment of cardiovascular disease being a primary service offering. MedCath owns an interest in and operates ten hospitals with a total of 825 licensed beds, located in Arizona, Arkansas, California, Louisiana, New Mexico, South Dakota and Texas. In addition, MedCath and its subsidiary MedCath Partners provide services in diagnostic and therapeutic facilities in various states.
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