CHICAGO--(BUSINESS WIRE)--March 28, 2005--NovaMed, Inc. (Nasdaq: NOVA) today announced that it has successfully completed the buy-out of an option to purchase its 51% interest in the Overland Park Eye Surgery Center located in Overland Park, Kansas from its two physician-partners in this center.
As previously disclosed, Dr. John Hunkeler and Dr. Cliff Cokingtin, who together own 49% of the Overland Park Eye Surgery Center, had an option to purchase NovaMed's 51% interest on April 15, 2005. NovaMed has purchased this option from its partners which resulted in the termination of the option and NovaMed continuing to own a 51% interest in the surgery center. With the termination of this option, NovaMed has no remaining option agreements with physician-partners that provide them with the right to purchase NovaMed's majority interest in any of its surgery centers.
