SunLink Health Systems, Inc. (NYSE AMERICAN: SSY) today announced that its subsidiary, Southern Health Corporation of Ellijay, Inc., has signed a definitive agreement for the sale of its Parkside Ellijay Nursing Home and related real estate for approximately $7,300,000. The sale is scheduled to close on or about March 15, 2019, subject to certain closing conditions. The company said the net proceeds of approximately $6,600,000 will be retained for working capital and general corporate purposes. The company expects to recognize a pre-tax gain on the sale of approximately $2,200,000 in its third fiscal quarter ending March 31, 2019.
SunLink Health Systems, Inc. is the parent company of subsidiaries that own and operate healthcare businesses in the Southeast. Each of the Companys healthcare businesses is operated locally with a strategy of linking patients needs with healthcare professionals. For additional information on SunLink Health Systems, Inc., please visit the Companys website.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 including, without limitation, statements regarding the companys business strategy. These forward-looking statements are subject to certain risks, uncertainties and other factors, which could cause actual results, performance and achievements to differ materially from those anticipated. Certain of those risks, uncertainties and other factors are disclosed in more detail in the companys Annual Report on Form 10-K for the year ended June 30, 2018 and other filings with the Securities and Exchange Commission which can be located at www.sec.gov.
Robert M. Thornton, Jr.
Chief Executive Officer