Centric Health Appoints David Cutler as President and CEO

TORONTO, July 23, 2012 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), Canada's leading diversified healthcare services company, today announced that David Cutler has been appointed President and Chief Executive Officer of the Company.  Mr. Cutler will assume his responsibilities during September 2012.

"David is a tremendous addition to Centric Health and we are proud to have someone of his calibre and stature join our team," said Dr. Jack Shevel, Executive Chairman, Centric Health Corporation.  "He brings to Centric more than 20 years of leadership experience in a complex, multi-location environment and a track record of success integrating businesses, executing on strategy and driving operational excellence.  His experience and expertise ideally complement that of the proven business operators that lead each of our divisions.  In particular, David's extensive knowledge of and relationships within the Canadian healthcare sector, and, more specifically, the eldercare industry, will be a considerable asset as we pursue the next phase of growth strategy, including the significant opportunities around our eldercare business.  Importantly, David shares our passion for and commitment to providing patients with the highest quality care."

"Centric has built an incredible platform and an exceptional team to capitalize on the opportunity inherent in the evolving Canadian healthcare landscape," said David Cutler, incoming President and Chief Executive Officer, Centric Health Corporation.  "I look forward to the opportunity to play a meaningful role in pursuit of Centric's mission to deliver innovative solutions centered on patients and healthcare professionals while generating long-term value for all stakeholders."

Mr. Cutler joins Centric Health from Leisureworld Senior Care Corporation (TSX:LW), Canada's fifth largest operator of senior's housing and the third largest licensed long-term care (LTC) provider in Ontario, where he is President and Chief and Executive Officer, a position he has held since 2005.  As President and CEO, Mr. Cutler oversaw the growth of the company to more than $300 million in revenue, 33 Long Term Care and Retirement Home locations and 5,800 employees, as well as the initial public offering of Leisureworld shares in 2010. Mr. Cutler began his career with Leisureworld in 1990 as Vice-President of Operations and became Chief Operating Officer in 1999.

In 1993, Mr. Cutler was elected to the board of Ontario Nursing Home Association (ONHA), the predecessor of the Ontario Long-Term Care Association (OLTCA), where he also served as the President and currently serves as Vice-President at large.  Mr. Cutler served on the board of directors of Futuremed Healthcare Products Corporation from May 2010 to March 2012. Mr. Cutler has a diploma in Business Administration from Damelin Business School and a Baccalaureus Procurationis and Honours Diploma in Company Law and Tax Law from the University of Witwatersrand, both located in Johannesburg, South Africa.  Mr. Cutler practised law for over 10 years as a partner in a large Johannesburg law firm.

In connection with his appointment, Mr. Cutler will be entitled to the following security issuances, subject to TSX approval: (i) a one-time signing bonus of 1,000,000 Centric Health shares, to be held in trust for his benefit and to be released at set intervals over the next four years, provided he is employed by Centric Health at such time; (ii) restricted share units for 500,000 common shares of Centric Health pursuant to the terms of Centric Health's restricted stock unit plan; and (iii) subscription for Centric shares via private placement up to the value of $500,000, loaned by Centric, to be priced at 85% of the relevant market price of the shares, including Warrants on a one for one basis to the number of Centric shares purchased in terms of such private placement. 

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, wellness and prevention and home medical equipment. 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 through 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 and www.lifemark.ca. Centric Health's strategic advisor is Global Healthcare Investments & Solutions ("GHIS") (www.ghis.us). GHIS and entities controlled by shareholders of GHIS are currently the largest shareholders of Centric Health.

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]