CHA Medical Group Acquires Hollywood Presbyterian Medical Center; Facility Becomes the First Korean-Owned Hospital in the United States

HOLLYWOOD, Calif.--()--Jan. 3, 2005--CHA Medical Group today announced that it has signed a definitive purchase agreement to purchase Hollywood Presbyterian Medical Center from a subsidiary of Tenet Healthcare Corporation (NYSE:THC). The transaction officially closed on December 31, 2004.

The addition of Hollywood Presbyterian Medical Center to the CHA Medical Group family increases to five the number of hospitals owned and operated by the group. The CHA Medical Group, under the leadership of internationally known fertility specialist Kwang Yul Cha, M.D., already owns and operates four acute care hospitals with approximately 2,000 beds, two specialty clinics for Oriental medicine, a medical university and a cell and gene therapy research institute, all in Korea. In addition, Dr. Cha owns and operates two infertility medical centers in the United States and Korea, including the CHA Fertility Center in Los Angeles.

"Hollywood Presbyterian has been an important part of the community for decades, serving an incredibly diverse population," said Kwang Yul Cha, M.D., the chief executive officer and scientific director of CHA Medical Group. "There are more than 40 languages spoken in the hospital's primary service area, and we will work to serve every group and improve the health of the community. This hospital is the foundation of healthcare in the community, and with new technologies and significant investment we can play a larger role and help even more people than we serve today. We hope to bring some exciting changes to Hollywood Presbyterian in the coming years."

With his extensive medical training and experience, Dr. Kwang Yul Cha brings a unique perspective to hospital ownership and management. He is one of the most closely followed healthcare experts in the Korean community in the United States, as well as in Korea. The CHA Group includes more than 3,500 physicians and health care professionals in the U.S. and Korea.

About Hollywood Presbyterian Medical Center

Hollywood Presbyterian Medical Center is an acute-care facility with 434 licensed beds, 1,400 employees and an 800-member medical staff. With more than 5,000 births per year, Hollywood Presbyterian is one of the leading centers of obstetrics in Southern California. The medical center's core services include obstetrics, a comprehensive cancer program, cardiac catheterization, the Arthritis Institute, mammography, general surgery, radiology services, eye clinic and spine clinic. From its location at Vermont Avenue at Fountain Avenue, Hollywood Presbyterian has served one of the most diverse communities in the nation for more than 80 years.

Contacts

For CHA Medical Group
Brandon Edwards, 805-698-5780

Contacts

For CHA Medical Group
Brandon Edwards, 805-698-5780