FUTUREMED HEALTHCARE PRODUCTS CORPORATION ANNOUNCES THE COMPLETION OF THE CONVERSION OF FUTUREMED HEALTHCARE INCOME FUND TO A CORPORATION
TORONTO, Jan. 4 /CNW/ - Futuremed Healthcare Products Corporation (the "Corporation") (TSX: FMD) is pleased to announce that on January 1, 2011, Futuremed Healthcare Income Fund (the "Fund") completed its conversion to a corporation named Futuremed Healthcare Products Corporation pursuant to a plan of arrangement (the "Arrangement") under the Business Corporation Act (Ontario) and all related internal transactions.
Effective on the closing of the Arrangement and the related transactions, the Corporation now directly owns subsidiaries which own and operate the businesses which were held and operated by the Fund and its subsidiaries prior to the closing of the Arrangement. The management and trustees of the Fund are now the management and directors of the Corporation.
Pursuant to the Arrangement, unitholders of the Fund received one common share of the Corporation for each unit held on the effective date. The Corporation now has 15,280,189 common shares issued and outstanding.
Trading of the common shares of the Corporation is expected to commence on or about January 5, 2011 on the Toronto Stock Exchange under the symbol "FMD".
Futuremed is Canada's leading value-added distributor of consumable nursing home supplies and specialized furniture and equipment to the growing long-term care facilities sector.
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This news releases contains forward-looking statements relating to the commencement of trading of the Corporation's common shares on the Toronto Stock Exchange. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Corporation's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings. In addition, these forward-looking statements relate to the date on which they are made. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these risks and uncertainties can be found in regulatory filings available at www.sedar.com.
For further information:
Chief Financial Officer
(905) 761-0068, ext. 2222
Toll-free investor relations: 1-800-387-7025