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“This letter of intent is not binding. This is showing where we're going and what are the terms.

“This not the final deal yet. We still have some hoops to jump through. Americore still has some hoops to jump through.”

That process is expected to result in a formal agreement, which will at some point soon, possibly after a 30-day period, go before the council for a final consideration.

Carlton adds Americore is also expected to spend an additional to million for improvements to the PV General Hospital facilities.

“We get a hospital out of it, and we get our debts assumed,” he said.

“We do get to keep the accounts receivable at the hospital.”

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