Centric Health Announces Termination of Proposed Shouldice Acquisition

TORONTO, Nov. 2, 2012 /CNW/ - 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.

 

SOURCE: Centric Health Corporation

Peter Walkey
Chief Financial Officer
Centric Health
416-619-9417
[email protected]

Lawrence Chamberlain
Investor Relations
The Equicom Group
416-815-0700 ext. 257
[email protected]