Centric Health Completes Acquisition of Blue Water Surgical, Windsor Endoscopy and London Scoping Centres
TORONTO, Aug. 17, 2011 /CNW/ - With reference to the press release dated
May 19, 2011, Centric Health Corporation ("Centric Health") (TSX: CHH),
Canada's leading diversified healthcare company, today announced that
all of the required closing conditions have been satisfied, and it has
completed the acquisition of substantially all of the assets of Blue
Water Surgical Centre Ltd., Blue Water Rejuvenation Institute Inc.,
Blue Water Diagnostics Ltd., and Windsor Endoscopy Centre Ltd., along
with 75% of the issued and outstanding securities of the London Scoping
Centre Ltd. on terms as previously disclosed.
"The acquisition of these centres allows us to gain a significant
presence in South Western Ontario, providing cosmetic, endoscopic,
bariatric and other surgical treatments with a commitment to patient
satisfaction and quality care," said Daniel Carriere, Chief Executive
Officer of Centric Health. "The Blue Water Group is an excellent
addition to the Centric Health national network of Surgical Centres,
expanding our range of surgical services in partnership with doctors
and staff." The Blue Water acquisition will add three Surgical
Centres, 12 procedure rooms and 18 beds to the Centric network.
Centric will now have seven Surgical Centres across Canada with a total
of 25 procedure rooms and 104 beds.
"We look forward to being part of the Centric Health family, and share
the core values and philosophies related to patient care and outcomes,"
said Dr. Sanjeev Kaila, Founder and Director of the Blue Water Surgical
& Medical Centres. In addition to overseeing Blue Water, Dr. Sanjeev
Kaila will support the development and expansion of Centric Health's
Surgical Centre business into new markets.
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, surgical and medical centres, homecare, home medical
equipment, 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 / www.lifemark.ca / www.medichair.com. Centric Health's strategic advisor is Global Healthcare Investments &
Solutions, Inc. ("GHIS") (www.ghis.us). GHIS and entities controlled by shareholders of GHIS are currently
the largest shareholders of Centric Health.
About Blue Water Surgical & Medical Centres and London Scoping Centre
The Blue Water Surgical & Medical Centres operate state-of-the-art
facilities which offer a variety of cosmetic, bariatric and endoscopy
services covering South Western Ontario. The facilities together have
twelve dedicated procedure rooms at which over 5,200 procedures were
performed in 2010. Cosmetic and bariatric procedures are performed in
the Blue Water Surgical Centre located in Sarnia, Ontario which has a
fully accredited operating room certified by the CAAASF (Canadian
Association of Accreditation of Ambulatory Surgical Facilities). An
expansion program with an additional operating room is planned at Blue
Water Surgical Centre for the future. Endoscopy procedures are
performed in The Sarnia Diagnostics, Windsor Diagnostics and London
Scoping facility. Dr. Sanjeev Kaila is a recognized leader in plastic
and reconstructive surgery as well as bariatric procedures such as
gastric banding and the intragastric balloon. Dr Kaila has expanded
the Blue Water Surgical Centre from a single-site, single-specialty,
single-doctor practice to the largest clinic of this type in South
Western Ontario. For further information, please visit www.bluewatersurgery.com and www.londonscoping.com
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 completion of the transaction referred to
herein, 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.