Reported by Star-Bulletin staff & wire
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Hale Nani sale part of revamping
Arkansas-based Beverly Enterprises said yesterday it has sold or closed eight of its elderly care facilities, including Honolulu's Hale Nani, the 288-bed skilled-nursing facility which it recently sold to Utah-based Heritage Management Inc.The seven skilled-nursing facilities and one assisted-living facility were expected to generate about $34 million in revenues for the company.
Beverly Enterprises Chief Executive Officer and Chairman William Floyd said that with the exception of its profitable facility in Hawaii, which was sold for strategic market concentration reasons, the other transactions involved unprofitable facilities that offered little potential for improvement within the organization. The latest transactions bring the total number of facilities divested or closed during 2003 to 89, the company said.
Casey Family sells Nuuanu building
The Seattle-based nonprofit Casey Family Programs has sold its building at 1848 Nuuanu Ave. to the Hawaii Conference Foundation, a nonprofit affiliate of the United Church of Christ.The deal, which included 33,918 square feet of land in fee simple and the 8,400-square-foot building, closed Dec. 22, according to Colliers Monroe Friedlander, which represented the seller. A purchase price was not disclosed.
Casey Family Programs, which provided foster care and adoptive services to more than 380 children in Hawaii in 2002, announced last January it would close offices in Honolulu and Hilo. The nonprofit is staying open until it can ensure all children under its care receive good services, and has leased the property back for two years. The nonprofit bought the property for $800,000 in 1990.
Medical firm's parent alters name
Micro-Bio Medical Water Systems Inc., formerly known as 20/20 Networks Inc. said yesterday it has completed its name change in connection with its purchase of Sanitec Services of Hawaii.As part of the change, its common stock is now quoted on the Over-the-Counter Bulletin Board under the symbol MBWS. In connection with the name change, the company is also implementing a stock split of 1-for-20 for shareholders of record as of Dec. 22, 2003.
