TORONTO, Nov. 9 /CNW/ - Centric Health Corporation ("Centric Health") (TSX:CHH), Canada's leading diversified healthcare company, is pleased to announce that, in addition to its increased facilities from a major Canadian Chartered Bank, it has secured additional funding to be applied towards strategic expansion.

The independent members of Centric Health's Board of Directors have approved the acceptance of $10 million of unsecured subordinated loans from Jamon Investments LLC ("Jamon"). Jamon is an associated entity of Dr. Jack Shevel, the Company's Chairman and Interim President & Chief Executive Officer, who is also the President of Global Healthcare Investments & Solutions Inc ("GHIS"), Centric Health's largest investor.

The salient terms of the unsecured subordinated loans include:

• Convertible Debt
  • $5 million
  • Interest Rate: 6% payable quarterly
  • Term: 3 years
  • Option to convert the loan into Centric Health common shares at $1.00 per share
• Unsecured Debt
  • $5 million
  • Interest Rate: 7% payable quarterly
  • Term: 1 year
  • Early repayment if the aggregate amount of funds raised from any equity offerings exceeds $10 million.
• Issue of 1 million Centric Health warrants, exercisable at $1.00 per share for a period of three years.

"The favorable terms of this loan, as well as 43 percent premium to the latest closing share price for conversion of the loan and exercise of warrants, represent a vote of confidence and commitment by the major shareholder which will increase access to additional funding and act as a catalyst for growth," said Peter Walkey, Chief Financial Officer of Centric Health.

Conditional regulatory approval has been received for the issuance of the convertible debt and warrants.

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 hospital services 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. Centric Health's strategic advisor is Global Healthcare Investments & Solutions, Inc. (www.ghis.us). GHIS and entities controlled by shareholders of GHIS are currently the majority 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.

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