Northstar Healthcare announces Toronto Stock Exchange to delay planned listing review following change of control under private placement

TORONTO, ON and HOUSTON, TX, Oct. 20 /CNW/ - Northstar Healthcare Inc. ("Northstar" or the "Company") (TSX:NHC) announced today that the Toronto Stock Exchange (TSX) has informed the Company that a planned continued-listing review - required following the recent change of control pursuant to a Private Placement - will be postponed for 30 days.

The postponement will enable the Company's new Board of Directors to constitute an Audit Committee and have that committee meet. The postponement will also enable the Company to close the books on the third quarter and to file its Q3 financial statements with securities regulators and the TSX.

Northstar's understanding is that it continues to meet all listing requirements of the TSX.

About Northstar Healthcare Inc.
Northstar owns and/or manages ambulatory surgery centres in the United States, focusing initially on Houston and other metropolitan areas in Texas. The Company currently holds interests in two ambulatory surgery centres in Houston - a 70% partnership interest in The Palladium for Surgery - Houston and a 60% partnership interest in Medical Ambulatory Surgical Suites.

Forward-looking statements
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of the Company and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions and the negative forms thereof. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. Forward-looking information in this news release includes, without limitation, statements regarding management's beliefs, intentions, results, performance, goals, achievements, future events, plans and objects.

All forward-looking statements in this news release are qualified by these cautionary statements.

The forward-looking statements contained in this news release are made as of the date of this news release and should not be relied upon as representing Northstar's views as of any date subsequent to the date of this news release. Northstar assumes no obligation to update or revise these forward-looking statements to reflect new information, events, circumstances or otherwise, except as required by applicable law.

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For further information:

Philip Koven
Tel: [phone] Ext. 235
E-mail: [e-mail]