Selectis Health Completes Sale of Archway Transitional Care Center in Georgia
Selectis Health (OTC: GBCS) has completed the sale of the Archway Transitional Care Center in Macon, Georgia, for $6.75 million. The transaction, closed on June 18, 2024, was executed by the company's subsidiary, Goodwill Hunting, , to Bibb County Holdings II, The sale includes the real estate, buildings, and certain personal property associated with the facility. CEO Adam Desmond stated that the sale aligns with the company's operational improvement initiatives and aims to enhance its balance sheet, retire existing debt, and optimize its remaining facility footprint. Selectis Health will continue to operate other facilities in Georgia and other states, maintaining a significant presence in the skilled nursing and healthcare sectors.
- Sale of Archway Transitional Care Center for $6.75 million.
- Transaction completed on time per the original PSA.
- Proceeds expected to improve balance sheet and retire existing debt.
- Increased financial flexibility for future optimization projects.
- None.
- Archway Nursing Facility and Related Property Sold for
GREENWOOD VILLAGE, Colo., June 21, 2024 (GLOBE NEWSWIRE) -- Selectis Health, Inc. (OTC: GBCS) ("Selectis" or the "Company") announced that its wholly-owned subsidiary, Goodwill Hunting, LLC (the “Seller”), has consummated and closed the sale of property located in Macon, Bibb County, Georgia, including the skilled nursing facility known as Archway Transitional Care Center1 (collectively, “the Archway Property”). In accordance with the original Purchase and Sale Agreement (the “PSA”) executed on May 1, 2024, Bibb County Holdings II, LLC (the “Purchaser”) has purchased the Archway Property for
Under the terms of this agreement, the Purchaser will acquire the real estate, buildings and improvements, along with certain personal property used in the operation of the Archway Property. This Transaction has been completed on time and reflects the expectations and financial details pursuant to the original PSA.
Adam Desmond, CEO of Selectis Health, commented: “The completion of the Archway Property sale is a testament to our operational improvement initiatives and serves as an initial step towards greater organizational efficiency. We expect the additional capital from the sale of the Archway Property to enhance our balance sheet, retire existing debt and allow for greater flexibility towards optimizing our remaining facility footprint. We will continue to evaluate strategic alternatives moving forward and remain opportunistic in pursuing further real estate and operational improvement projects.”
Following completion of the transaction, the Company and its wholly owned affiliates will continue to own and operate existing facilities in the state of Georgia. This includes the Eastman Healthcare & Rehabilitation, Glen Eagle Nursing & Rehabilitation, Providence of Sparta Healthcare & Rehabilitation, and Warrenton Healthcare & Rehabilitation facilities. The Company’s total remaining footprint is summarized below:
Remaining Facilities Post-Transaction
| Facility | Beds | Facility Type | State |
| Grand Prairie Nursing Home1 | 141 | Skilled Nursing | AR |
| Eastman Healthcare & Rehabilitation | 100 | Skilled Nursing | GA |
| Glen Eagle Nursing & Rehabilitation | 101 | Skilled Nursing | GA |
| Providence of Sparta Healthcare & Rehabilitation | 71 | Skilled Nursing | GA |
| Warrenton Healthcare & Rehabilitation | 110 | Skilled Nursing | GA |
| Meadowview Healthcare & Rehabilitation | 99 | Skilled Nursing | OH |
| Higher Call Healthcare & Rehabilitation | 86 | Skilled Nursing | OK |
| Maple Street Healthcare & Rehabilitation | 29 | Skilled Nursing | OK |
| Park Place Healthcare & Rehabilitation | 106 | Skilled Nursing | OK |
| Southern Hills Assisted Living Facility2 | 24 | Assisted Living | OK |
| Southern Hills Healthcare & Rehabilitation2 | 106 | Skilled Nursing | OK |
| Southern Hills Retirement Facility2 | 90 | Independent Living | OK |
For more information on the transaction, please see the Company’s associated Form 8-K disclosure, expected to be filed on June 20, 2024.
About Selectis Health
Selectis Health owns and/or operates healthcare facilities in Arkansas, Georgia, Ohio, and Oklahoma, providing a wide array of living services, speech, occupational, physical therapies, social services, and other rehabilitation and healthcare services. Selectis focuses on building strategic relationships with local communities in which its partnership can improve the quality of care for facility residents. With its focused growth strategy, Selectis intends to deepen its American Southcentral and Southeastern market presence to better serve the aging population along a full continuum of care.
For more information, please visit www.selectis.com.
Forward Looking Statements
This press release contains statements that plan for or anticipate the future. In this press release, forward-looking statements are generally identified by the words “anticipate,” “plan,” “believe,” “expect,” “estimate,” and the like. These forward-looking statements include, but are not limited to, statements regarding the following:
| * | strategic business relationships; | |
| * | statements about our future business plans and strategies; | |
| * | anticipated operating results and sources of future revenue; | |
| * | our organization’s growth; | |
| * | adequacy of our financial resources; | |
| * | development of markets; | |
| * | competitive pressures; | |
| * | changing economic conditions; and, | |
| * | expectations regarding competition from other companies. | |
| * | the duration and scope of the COVID-19 pandemic | |
| * | the impact of the COVID-19 pandemic on occupancy rates and on the operations of the Company’s facilities. | |
| * | Actions governments take in response to the COVID-19 pandemic, including the introduction of public health measures and other regulations affecting our properties and our operations. | |
| * | The effects of health and safety measures adopted by us in response to the COVID-19 pandemic. | |
| * | Increased operational costs because of health and safety measures related to COVID-19. | |
| * | Disruptions to our property acquisition and disposition activities due to economic uncertainty caused by COVID-19. | |
| * | General economic uncertainty in key markets as a result of the COVID-19 pandemic and a worsening of global economic conditions or low levels of economic growth. | |
Although we believe that any forward-looking statements, we make in this press release are reasonable, because forward-looking statements involve future risks and uncertainties, there are factors that could cause actual results to differ materially from those expressed or implied. For example, a few of the uncertainties that could affect the accuracy of forward-looking statements, besides the specific factors identified above in the Risk Factors section of this press release, include:
| * | changes in general economic and business conditions affecting the healthcare industry; | |
| * | developments that make our facilities less competitive; | |
| * | changes in our business strategies; | |
| * | the level of demand for our facilities; and | |
| * | regulatory changes affecting the healthcare industry and third-party payor practices. | |
Investor Relations Contact
Scott Liolios or Patrick Hall
Gateway Group, Inc.
(949) 574-3860
selectis@gateway-grp.com
1 Leased facilities operated by third parties.
2 All located on the same campus in Tulsa, OK.
FAQ
What facility did Selectis Health sell in June 2024?
How much did Selectis Health sell the Archway Transitional Care Center for?
Who bought the Archway Transitional Care Center from Selectis Health?
What impact will the sale of the Archway Transitional Care Center have on Selectis Health's balance sheet?
Does Selectis Health still operate facilities in Georgia after the sale of the Archway Transitional Care Center?
