Cross Country Healthcare Completes Sale of Clinical Trial Services Business to ICON

Cross Country Healthcare CCRN announced today it has completed the previously announced sale of its clinical trial services business to ICON plc ICLR for $52 million, plus an earn-out of up to $3.75 million related to certain performance-based milestones. Cross Country Healthcare used a portion of the net proceeds from this transaction to repay all $29.3 million of its outstanding bank debt. As a result of this sale, Cross Country Healthcare's clinical trial services business segment will become discontinued operations and will be reported as such on its financial statements for all applicable periods presented in the Company's upcoming financial reporting for the fourth quarter and year ended December 31, 2012. See full press release