TORONTO, May 13, 2020 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH) announced today its intention to change its name to "CareRx Corporation". The Company's Board of Directors has approved the name change, and it will be formally submitted to shareholders for consideration at the Company's upcoming annual and special meeting of shareholders that is being held on June 18, 2020 (the "Meeting"). If the name change is approved by shareholders, and subject to customary Toronto Stock Exchange ("TSX") approvals, the Company expects to have its trading symbol for its common shares on the TSX changed to "CRRX."
"In light of the Company's transformation from a diversified healthcare services company to the leading specialty pharmacy service provider in Canada, we felt that it was appropriate to adopt a brand that better reflects our strategic focus and core values," said David Murphy, President and Chief Executive Officer of the Company.
The Company operates under a number of pharmacy banners across Canada, including Classic Care Pharmacy and Centric Health Pharmacy in Ontario, Pharmacare Pharmacy in Alberta, CareRx Integrated Pharmacy in British Columbia and Pharmacy West in Saskatchewan. It also operates under the newly acquired Remedy'sRx banner in Ontario, Alberta and British Columbia and iPharm in Ontario.
"After our recent acquisition, we have an opportunity to unify our combined organization under a single national brand," said Mr. Murphy. "We look forward to harmonizing our multiple pharmacy banners across Canada over the next few months and will be communicating more exciting news on this planned transition in the near future."
The Company also expects to submit to shareholders at the Meeting a resolution to consolidate the Company's issued and outstanding common shares ("Common Shares") on the basis of a range of one post-consolidation Common Share for every 10-to-20 pre-consolidation Common Shares. If the consolidation is approved by shareholders at the Meeting, the Company's Board of Directors will decide whether to implement the consolidation at all, and if so, what the final consolidation ratio will be.
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 50,000 residents in over 850 seniors and other communities (long-term care homes, retirement homes, assisted living facilities and group homes) 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.
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. 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 government regulation and funding, the Company's liquidity and capital requirements, 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