TORONTO, April 23, 2020 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH) is pleased to provide an update on its pending acquisition of Remedy Holdings Inc. ("RHI") and the Remedy'sRx Specialty Pharmacy business (the "Transaction").
The Company has now obtained conditional approval of the Transaction from the Toronto Stock Exchange and written consents from the requisite number of shareholders required to approve the Transaction. The Company is working with RHI to satisfy the remaining conditions of closing and currently expects that closing of the Transaction will occur during the first or second week of May 2020 subject to the terms of the purchase agreement.
In addition, RHI has recently completed a tuck-in acquisition of Integrity Pharmacy Inc. ("iPharm"), a regional Ontario specialty pharmacy serving over 800 residents of seniors homes in Ontario with an industry-leading reputation for quality and safety. The acquisition of iPharm increases RHI's contribution to approximately 19,300 beds and will result in Centric serving approximately 51,000 residents post-closing, making it the leading Canadian provider of specialty pharmacy services to seniors communities.
ABOUT CENTRIC HEALTH
Centric Health's vision is to be the leading provider of pharmacy and other healthcare services to Canadian seniors. Centric Health is one of Canada's leading, and most trusted providers of comprehensive Specialty Pharmacy services and solutions to seniors. Centric Health operates a large national network of pharmacy fulfilment centres that deliver high-volume solutions for the cost-effective supply of chronic medication and other specialty clinical pharmacy services, serving more than 31,000 residents in over 460 seniors communities (long-term care, retirement homes, and assisted living facilities) nationally.
With services that address the growing demand within the Canadian healthcare system, Centric Health's unparalleled national care delivery platform provides significant potential for future expansion and growth.
ABOUT REMEDY HOLDINGS INC.
RHI, operating as Remedy'sRx Specialty Pharmacy, provides medication management services to approximately 19,300 residents in over 400 long term care, assisted living, independent living, retirement and group homes. Remedy'sRx Specialty Pharmacy operates 13 pharmacies across Ontario, Alberta and British Columbia. The company is well known for its "Your Partner in Care" service model that is focused on quality, compliance, operational efficiency and optimal health outcomes.
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 the Company's business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events, including in respect of the Transaction. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate" or similar expressions suggesting future outcomes or events. Such forward-looking statements reflect management's current beliefs and are based on information currently available to management.
Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those contemplated by such statements. Factors that could cause such differences include the Company's liquidity and capital requirements, government regulation and funding, the highly competitive nature of the Company's industry, reliance on contracts with key customers and other risk factors described from time to time in the reports and disclosure documents filed by the Company with Canadian securities regulatory agencies and commissions. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. As a result of the foregoing and other factors, no assurance can be given as to any such future results, levels of activity or achievements and neither the Company nor any other person assumes responsibility for the accuracy and completeness of these forward-looking statements. The factors underlying current expectations are dynamic and subject to change.
SOURCE Centric Health Corporation
For further information: Media Contacts: Centric Health Corporation: David Murphy, President and Chief Executive Officer, Centric Health Corporation, 416-927-8400; Andrew Mok, Chief Financial Officer, Centric Health Corporation, 416-927-8400