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Centric Health Announces Termination of Proposed Shouldice Acquisition
TORONTO,
Nov. 2, 2012 - Centric Health Corporation ("Centric Health"
or "the Company") (TSX: CHH), Canada's leading diversified healthcare
company, today announced that, further to the news release of
September 7, 2012, the asset purchase agreement to acquire
certain assets of Shouldice Hospital Limited ("Shouldice"), which was
subject to closing conditions and regulatory approvals, has expired.
Given the recent political developments
in
Ontario and uncertainty regarding timing
relating thereto, the parties have agreed not to continue with the
currently contemplated transaction.
"We are disappointed not to move forward at this stage," said
Dr. Jack Shevel, Executive Chairman, Centric
Health Corporation. "Shouldice has clearly demonstrated that the
independent sector can play a meaningful role in delivering clinical
services
of high quality with excellent outcomes. We are well positioned with
our platform of seven national Surgical Centres comprising 19 operating
rooms and 86 beds across four provinces to establish Centres of
Excellence in partnership with
Canada's leading healthcare professionals."
About Centric Health's Surgical Centres
Centric Health has seven Surgical Centres across
Canada with a total of 19 operating rooms and 86 beds. They are composed of
Don Mills Surgical Unit in Toronto,
Ontario, Blue Water's three locations in
Sarnia, Windsor and
London, Ontario,
London Scoping Centre in London,
Ontario, False Creek Health Centre in
Vancouver, British Columbia, Canadian Surgical Solutions in
Calgary,
Alberta and Maples Surgical Centre in Winnipeg,
Manitoba. The Company plans to establish premier Centres of Excellence across
Canada focusing on the
provision of specialty niche healthcare services that offer the highest
standards of care with cutting edge technology.
About Centric Health
Centric Health's vision is to be
Canada's premier healthcare company,
providing innovative solutions centered on patients and healthcare
professionals. As a diversified healthcare company with investments in
several niche service areas, Centric Health currently has operations in
medical assessments, disability and rehabilitation management,
physiotherapy and surgical centres, homecare, specialty pharmacy and
wellness and prevention. With knowledge and experience
of healthcare delivery in international markets and extensive and
trusted relationships with payers, physicians, and government agencies,
Centric Health is pursuing expansion opportunities into other healthcare
sectors to create value for all stakeholders
with an unwavering commitment to the highest quality of care. Centric
Health is listed on the TSX under the symbol CHH. For further
information, please visit
www.centrichealth.ca.
This
press release contains statements that may constitute "forward-looking
statements" within the meaning of applicable Canadian securities
legislation. These forward-looking
statements include, among others, statements regarding business
strategy, plans and other expectations, beliefs, goals, objectives,
information and statements about possible future events. Readers are
cautioned not to place undue reliance on such forward-looking
statements. Forward-looking statements are based on current
expectations, estimates and assumptions that involve a number of risks,
which could cause actual results to vary and in some instances to differ
materially from those anticipated by Centric Health
and described in the forward-looking statements contained in this press
release. No assurance can be given that any of the events anticipated
by the forward-looking statements will transpire or occur or, if any of
them do so, what benefits Centric Health will
derive there-from.
For further information:
Chief Financial Officer
Centric Health
416-619-9417
peter.walkey@centrichealth.ca
Lawrence Chamberlain
Investor Relations
The Equicom Group
416-815-0700 ext. 257
lchamberlain@equicomgroup.com
