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Dynacq Healthcare, Inc. Announces Sale of Baton Rouge Hospital
HOUSTON--(BUSINESS WIRE)—November 8, 2007--Dynacq Healthcare, Inc. (DYII) announced today that its wholly owned subsidiary entered into a Purchase and Sale Agreement with the State of Louisiana for the sale of the land, buildings, tangible assets and inventory of Vista Surgical Hospital of Baton Rouge, Louisiana for $20 million in cash.
The Purchase and Sale Agreement contains customary representations and warranties of the parties regarding the assets to be sold, which representations and warranties will survive the closing. Under the Purchase and Sale Agreement, the State of Louisiana may elect to assume certain leases of equipment located in this facility. The closing of the sale is anticipated to take place on or before December 14, 2007, subject to the satisfaction of customary closing conditions including issuance of a title insurance policy insuring clear title to the real property, the buyer’s satisfaction with the environmental condition of the real estate, satisfactory completion by the buyer of an inspection of the assets, and receipt of an appraisal of the real property and other assets for not less than the purchase price. Prior to the closing, the Purchase and Sale Agreement may be terminated by either party if the other party has breached a provision of the Purchase and Sale Agreement or not satisfied any of its obligations prior to closing.


Contact:

Dynacq Healthcare, Inc., Houston
Philip S. Chan, 713-378-2000
info@dynacq.com

Source: Dynacq Healthcare, Inc.

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