BDO Canada Limited appointed Receiver for Premier Fitness Clubs Inc.

TORONTO, Feb. 9, 2012 /CNW/ - BDO Canada Limited has been appointed by the Ontario Superior Court of Justice (the "Court") as the receiver (the "Receiver") of the assets, properties and undertakings of Premier Fitness Clubs Inc. and related and other companies (the "Premier Companies") pursuant to an Order of the Court dated February 7, 2012 (the "Receivership Order").

The Receivership Order authorizes the Receiver to enter into an agreement with PM Management Systems Inc., ("Physiomed") to manage and operate the business of the Premier Companies. The Receiver has entered into such an agreement with Physiomed.

"As the court appointed Receiver, our goal is to continue operations," said Mark Chow, Senior Vice President, BDO Canada Limited.

The next court hearing has been scheduled for February 16. The Receiver expects to file a report with the Court prior to that hearing.

BDO Canada (www.bdo.ca) is the country's fifth largest single national accounting and advisory partnership, with more than 3,000 partners and professionals.

Media contact: Victoria Ollers, [email protected], 416-822-2288