6799221 Canada limited updates early warning report disclosures



    MONTREAL, March 20 /CNW/ - Persistence Capital Partners LP, a private
equity fund managed by the Elman family, today announced that a total of
4,944,451 ordinary trust units ("Units") of the Fund were tendered to the
takeover bid for Medisys Health Group Income Fund (the "Fund") by its
subsidiary, 6799221 Canada Limited (the "Corporation"). These Units, together
with Units owned or controlled by the Corporation and its joint actors,
represent approximately 92% of the outstanding Units, on an as-exchanged
basis. The tendered Units represent approximately 88% of the Units held by
minority unitholders, excluding Units owned or controlled by the Offeror and
its joint actors and certain other parties.
    The office of the Corporation is located at 500 Sherbrooke Street West,
Suite 500, Montreal, Quebec, H3A 3C6.
    The Corporation's offer (the "Offer") to purchase all of the outstanding
Units for $8.50 cash per Unit was mailed to the Fund's unitholders on February
13, 2008. The Offer expired at 5:00 p.m. (Toronto time) on March 19, 2008. On
March 19, 2008, the Corporation provided notice to CIBC Mellon Trust Company,
as depositary, confirming that all of the conditions of the Offer had been
satisfied or waived. As set forth in the circular accompanying the Offer, the
Units will be taken up and paid for on or before March 28, 2008.
    Dr. Sheldon Elman may be considered a joint actor with the Corporation.
As at the date of this press release, excluding the tendered Units, Dr. Elman
beneficially owns, or exercises control or direction over 6,100 outstanding
Units. Dr. Elman beneficially owns, or exercises control or direction over,
1,091,992 securities of Medisys Holding LP that are exchangeable for Units,
representing 14% of the Units outstanding on an as-exchanged basis. Prior to
such exchange, Dr. Elman beneficially owns and exercises control and direction
over Special Voting Units, each carrying one vote for each Unit that may be
acquired upon the exchange of the exchangeable securities of Medisys Holding
LP. Dr. Elman's indirect interest in the Fund is held through two holding
companies, 4107225 Canada Inc. and 4093496 Canada Inc.
    Stuart Elman, a related party to Dr. Elman and a director and officer of
the Corporation, may be considered a joint actor with Dr. Elman and the
Corporation. As at the date of this press release, excluding the tendered
Units, Mr. Elman beneficially owns, or exercises control or direction over
15,420 outstanding Units. Mr. Elman beneficially owns, or exercises control or
direction over, securities of Medisys Holding LP that are exchangeable for
1,091,992 Units, representing 14% of the Units outstanding on an as-exchanged
basis. Prior to such exchange, Mr. Elman beneficially owns and exercises
control and direction over Special Voting Units, each carrying one vote for
each Unit that may be acquired upon the exchange of the exchangeable
securities of Medisys Holding LP. Mr. Elman's indirect interest in the Fund is
held through two holding companies, Menagerie Holdings Limited and 4093496
Canada Inc.
    Bryant Tse, Executive Vice President of Medisys Health Group Inc., may be
considered a joint actor with Dr. Elman and the Corporation, and as at the
date of this press release, excluding the tendered Units, holds 31,764 Units.
Mr. Tse beneficially owns, or exercises control or direction over, 117,902
securities of Medisys Holding LP that are exchangeable for Units, representing
2% of the Units outstanding, calculated on an as-exchanged basis. Prior to
such exchange, Mr. Tse beneficially owns and exercises control and direction
over Special Voting Units, each carrying one vote for each Unit that may be
acquired upon the exchange of the exchangeable securities of Medisys Holding
LP.
    Additional information concerning the attributes of the Units, the
Special Voting Units and the exchangeable securities of Medisys Holding LP is
included in the Fund's annual information form for the year ended December 31,
2006, available at www.sedar.com.
    The Corporation intends to acquire the remaining Units as described in
the circular accompanying the Offer, and in accordance with the Fund's
declaration of trust and applicable law. Upon the completion of such
acquisition, the Corporation intends to de-list the Units from the Toronto
Stock Exchange.
    The Corporation has determined that Mr. Leonard Schlemm and Mr. Daniel
Langlois, the holders of 90,000 and 186,877 Units, respectively, will not be
eligible to vote Units owned or controlled by them in connection with any
minority approval required by applicable securities laws. Units owned or
controlled by Dr. Sheldon Elman, Stuart M. Elman and Bryant Tse will also be
excluded from any minority approval, as described in the circular accompanying
the Offer.
    This news release does not constitute an offer for or solicitation of
Units in any jurisdiction. Any such solicitation would be made only by formal
offer and only in those jurisdictions where the Corporation may legally do so.
    The issuance of this news release is not an admission that anyone named
herein owns or controls any securities described herein or is a joint actor
with another named entity (except as expressly disclosed).

    %SEDAR: 00022283EF




For further information:

For further information: Stuart M. Elman, Phone: (514) 499-2778, Email:
stuart.elman@medisys.ca

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MEDISYS HEALTH GROUP INCOME FUND

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