Centric Health Reports Continued Growth for the Second Quarter of 2015

– Company delivers fifth consecutive quarter of year-over-year improvements in revenue and adjusted EBITDA1 and thirteenth consecutive quarter of positive cash flow from operations  

TORONTO, Aug. 4, 2015 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), Canada's leading diversified healthcare services company, today reported its financial results for the second quarter ended June 30, 2015.

Highlights for the Second Quarter and Year-to-Date
(All comparative figures are for the corresponding period of the prior year)

  • Revenue from continuing operations for the second quarter increased 15.6% to $91.0 million from $78.7 million, and year-to-date increased 13.5% to $174.2 million from $153.5 million;
  • Adjusted EBITDA1 from continuing operations for the second quarter increased 24.0% to $9.6 million from $7.8 million, and year-to-date increased 16.0% to $17.0 million from $14.7 million;
  • Adjusted EBITDA1 margin from continuing operations for the second quarter and year-to-date was 10.6% and 9.8% compared with 9.9% and 9.6% for the same periods in the prior year;
  • Generated cash flow from operations of $12.7 million for the second quarter and $14.7 million year-to-date, which included $2.5 million and $5.2 million, respectively, of restructuring and transaction charges, and marked the thirteenth consecutive quarter of positive cash flow from operations;
  • Increased Revolving Facility's capacity to $35.0 million from its previous temporary level of $25.0 million, an amount that effectively met the Company's operating needs. The amendment represents a $5.0 million permanent reduction to the Revolving Facility's capacity as part of the Company's debt reduction strategy; and,
  • On June 25, 2015, the Company purchased an aggregate of 9,842 second lien senior secured notes for a total principal amount of $9.8 million plus $0.2 million in accrued and unpaid interest, representing $10.0 million in total. The purchase marked the finalization of the planned $15.0 million permanent debt reduction through this $5.0 million permanent reduction to the Revolving Facility and the $9.8 million redemption of the second lien senior secured notes.

Highlights Subsequent to Quarter End

  • In light of unsolicited interest in certain businesses, the Company initiated a process to consider and evaluate strategic alternatives available to the Company and established a Special Committee of the Board of Directors, independent of management, to oversee the strategic review process. The Company has previously disclosed that it was exploring potential opportunities to maximize shareholder value, which may include the divestiture of existing businesses. In addition to a potential sale of the Company's businesses or assets or any combination thereof, some of the strategic alternatives may include, but are not limited to joint ventures, strategic financing, redemption or repurchase of securities as well as the continued execution of its business plan.

"The second quarter was again indicative of the continuing underlying strength and momentum in our business, marking our fifth consecutive period of year-over-year increases in both revenue and adjusted EBITDA, and our thirteenth consecutive quarter of positive cash flow from operations," said David Cutler, President and Chief Executive Officer. "As expected, organic growth continued to be dampened in the short-term by transient factors, but we remain confident in the long-term prospects of each of our businesses."

"In response to unsolicited interest in several of our businesses, the formation of the Special Committee of the Board announced last week represents a furtherance of our focus on optimizing our asset mix and reducing our leverage to enable us to continue to capitalize on the underlying opportunity in Canadian healthcare, unlocking and growing shareholder value."

FINANCIAL RESULTS

The Company has organized its operations based on the various products and services that it offers. The consolidated operations of the Company comprise three reportable operating segments, referred to as: (i) Physiotherapy, Rehabilitation and Assessments; ii) Specialty Pharmacy; and (iii) Surgical and Medical Centres. The support services provided through the corporate offices largely support the operations of the Company and certain of these costs have been allocated to the operating segments based on the extent of corporate management's involvement in the reportable segment during the period.

Selected Financial Information

(All amounts in the chart below are in thousands except per share, shares outstanding, and percentage data)


For the three month periods
ended June 30,

For the six month periods
ended June 30,


2015

2014

2013

2015

2014

2013

(in $000)

$

$

$

$

$

$

Revenue

90,981

78,730

72,663

174,230

153,547

139,597








Income (loss) from continuing operations

304

323

(4,735)

(2,013)

(632)

(8,653)








Income (loss) from continuing
operations before interest expense
and income taxes

3,254

(2,035)

(5,114)

(497)

(2,580)

1,799








EBITDA1 from continuing operations

9,831

4,242

1,505

12,626

10,123

15,062








Adjusted EBITDA1 from continuing operations

9,628

7,765

6,778

17,021

14,674

11,554


Per share - Basic

$0.06

$0.06

$0.05

$0.11

$0.11

$0.09


Per share - Diluted

$0.04

$0.03

$0.04

$0.08

$0.08

$0.06








Adjusted EBITDA1 Margin from
continuing operations

10.6%

9.9%

9.3%

9.8%

9.6%

8.3%








Adjusted EBITDA1

9,614

8,237

11,027

16,966

14,950

18,856


Per share - Basic

$0.06

$0.05

$0.09

$0.11

$0.11

$0.15


Per share - Diluted

$0.04

$0.04

$0.06

$0.08

$0.08

$0.10








Adjusted EBITDA1 Margin

10.6%

7.3%

15.2%

9.7%

6.7%

13.5%








Net loss

(7,054)

(21,952)

(13,968)

(19,390)

(49,911)

(11,003)


Per share - Basic2

($0.04)

($0.15)

$(0.11)

($0.12)

($0.37)

$(0.09)


Per share - Diluted2

($0.04)

($0.15)

$(0.11)

($0.12)

($0.37)

$(0.09)








Cash flow from operations

12,697

8,610

6,461

14,706

12,442

6,661








Weighted Average Shares Outstanding
(Basic)3

159,937

140,458

116,856

157,535

137,010

111,714








Shares Outstanding, June 303

160,350

133,563

121,318

160,350

133,563

121,318

1 See "Non-IFRS Measures" below.
2 Basic and diluted earnings per share is based on the profit or loss attributable to shareholders of Centric Health Corporation.
3 Excludes contingent escrowed shares and restricted shares.

Consolidated Results

Consolidated Revenue from continuing operations for the three month period ended June 30, 2015 increased 15.6% to $91.0 million from $78.7 million for the three month period ended June 30, 2014.  The increase was primarily due to:

  • The reacquistions of CAR and Active and the acquisition of Pharmacare, which, in aggregate, contributed Revenue growth of $12.9 million, or 16.4%.

Consolidated Revenue from continuing operations for the six month period ended June 30, 2015 increased 13.5% to $174.2 million from $153.5 million for the six month period ended June 30, 2014.  The increase was primarily due to:

  • The reacquistions of CAR and Active and the acquisition of Pharmacare, which, in aggregate, contributed Revenue growth of $19.1 million, or 12.4%.

Adjusted EBITDA1 from continuing operations for the three month period ended June 30, 2015 increased 24.0% to $9.6 million from $7.8 million from the three month period ended June 30, 2014.  For the six month period ended June 30, 2015, Adjusted EBITDA1 from continuing operations increased 16.0% to $17.0 million from $14.7 million from the six month period ended June 30, 2014.  Adjusted EBITDA1 margin from continuing operations for the second quarter and year-to-date was 10.6% and 9.8% compared with 9.9% and 9.6% for the same periods in the prior year.

Segment Results

(All amounts in the charts below are in thousands except per share, shares outstanding, and percentage data)

For the three month period ended June 30,

Revenue

Adjusted EBITDA1 from continuing
operations


2015

2014

2015


2014


(in $000)

$

$

$

%

$

%

Physiotherapy, Rehabilitation and Assessments

49,829

45,627

6,947

13.9

7,034

15.4

Specialty Pharmacy

31,215

23,792

4,537

14.5

2,761

11.6

Surgical and Medical Centres

9,937

9,311

776

7.8

1,079

11.6

Corporate

(2,632)

(3,109)

Total

90,981

78,730

9,628

10.6

7,765

9.9










 

For the six month period ended June 30,

Revenue

Adjusted EBITDA1 from continuing
operations


2015

2014

2015


2014


(in $000)

$

$

$

%

$

%

Physiotherapy, Rehabilitation and Assessments

96,411

88,696

13,445

13.9

13,041

14.7

Specialty Pharmacy

58,224

47,019

8,049

13.8

5,650

12.0

Surgical and Medical Centres

19,595

17,832

1,409

7.2

1,993

11.2

Corporate

(5,882)

(6,010)

Total

174,230

153,547

17,021

9.8

14,674

9.6










OUTLOOK

With services that address growing demand and evolving needs within the Canadian healthcare system, Centric Health's unparalleled national care delivery platform currently provides significant potential for future expansion and growth. Following an extensive review of its core competencies, business segment performance and market opportunities, in June 2014 the Company announced a re-focused strategy on its core healthcare service businesses in the pursuit of top-line growth, improved profitability and free cash flow generation.

The Company's organic growth initiatives have focused on business development opportunities with low capital investment that leverage the Company's existing resources and capacity. Going forward, while there is the potential for continued organic growth from each of the segments, the timing and cycles of the contract procurement process could result in some fluctuation of organic growth rate from quarter to quarter. Any potential acquisitions are expected to be accretive and consistent with the Company's focus on its core business segments and on operations that generate high margins and strong cash flow, require low capital expenditures and have low exposure to regulatory or public funding changes.

As management continues to explore opportunities to further optimize the Company's asset mix and strengthen the Company's balance sheet, the Board of Directors has initiated a strategic review to explore opportunities to maximize shareholder value.  Some of the strategic alternatives may include, but are not limited to, a potential sale of the Company's businesses or assets or any combination thereof, joint ventures, strategic financing, redemption or repurchase of securities as well as the continued execution of its business plan.

Physiotherapy, Rehabilitation and Assessments

The Company's Physiotherapy, Rehabilitation and Assessments segment achieved solid growth during the period ended June 30, 2015 driven primarily by acquisition growth. In the early part of 2015, the Company completed the reacquisition of Active and CAR. The Company anticipates continued growth in the rehabilitation clinic network through organic initiatives such as continued expansion of its preferred provider relationships with employers and other organizations. Specialty programs offered by the Company's network of rehabilitation clinics differentiates Centric Health in a highly competitive industry. The Company is also undertaking expanded digital and local marketing initiatives to drive brand awareness and increase the volume of patient visits. Growth in the Company's assessments business is targeted through increased market share from successful RFPs.

In addition to the above listed organic growth opportunities through preferred provider networks and specialty programs, the Company will continue to pursue expansion of the national clinic footprint through additional strategic tuck-in acquisitions.  Growth through acquisition will only occur if the acquisition will be accretive to earnings and complementary to the national network and strategic plan. Over the longer term, this segment should benefit from growth in Employer Healthcare Management and Wellness contracts, which should contribute to increased volumes at the Company's rehabilitation clinics.

Specialty Pharmacy

Delivering on the previously stated objective to expand into Western Canada and to establish a national delivery platform, on March 2, 2015, the Company completed the acquisition of 100% of the shares of Pharmacare, an Edmonton-based leading specialty pharmacy business operating under the Care Plus, Pharmacare and Lidia's Pharmacy brands in Western Canada, effectively expanding the number of residents serviced by its Specialty Pharmacy segment by almost 25%.

In addition to the above acquisition of Pharmacare, the Specialty Pharmacy segment also continued to achieve success with its organic growth strategy focused on maximizing the utilization of existing infrastructure by winning new tenders for contracts with long-term care and retirement homes that increased the number of homes serviced by 16% and expanding its retail initiatives.  While the Company anticipates that Revenue and Adjusted EBITDA growth in its Specialty Pharmacy segment will continue for 2015 and beyond through the previously mentioned revenue growth opportunities, management will also continue to pursue operational efficiencies and cost savings to offset increased competition and investments in administrative start-up costs new RFPs may require.

The Western expansion of the Specialty Pharmacy segment provides important diversification across the existing payor base.  By delivering services across a number of provinces, the segment has less reliance on any one government payor for ongoing Revenue  streams.  In addition to diversification across the existing payor base, the Specialty Pharmacy segment now also benefits from the scale of national operations from a management and operational perspective.

In the spring of 2015, the Ontario Ministry of Health and Long Term Care proposed amendments to Ontario Regulation 201/96 under the Ontario Drug Benefit Act (ODBA) which would have impact across the Ontario Pharmacy industry, including services within Centric Health's Specialty Pharmacy segment. Centric Health management believes that efficiencies the Company can continue to realize in its Specialty Pharmacy business, as well as revisions to its seniors community pharmacy service model related to ancillary services will serve to largely offset the impact on the profitability of its Specialty Pharmacy segment should the proposed changes be implemented. Despite the potential contractionary impact of the proposed changes, Centric will continue to focus and deliver on its primary objective of achieving the highest levels of quality care and safe medication services. The Company is still in the process of determining the impact of the proposed changes.

Surgical and Medical Centres

Growth in the Company's Surgical and Medical Centres segment is expected to be driven primarily by increasing utilization of the existing network capacity through a multi-faceted strategy that includes: partnerships with local physicians and health authorities, marketing and brand development, and the introduction of innovative programs and new technologies. Efforts to further expand the roster of physicians and surgical privileges to optimize operating room capacity are ongoing at all of the Company's surgical centres. Additionally, Centric Health will continue to pursue opportunities to work alongside governments, health authorities and hospitals to find opportunities to relieve surgical wait-lists through new partnerships and business models.

The benefits of the strategic positioning of the centres as partners with physicians, hospitals and health authorities are beginning to be realized as is demonstrated by the Revenue increase over the same period in the prior year.  As the surgical centres continue to explore opportunities to increase utilization of available capacity, the segment remains susceptible to one-time events which may impact Adjusted EBITDA and Adjusted EBITDA margin, though the overall growth in Revenue is indicative of continued progress in the segment.  The new contracts and strategic relationships including other Centric Health services are affirmations of management's belief in the strategic importance of the surgical network.  During the first quarter of 2015, the Company undertook significant renovation to its False Creek location in Vancouver, British Columbia to further enhance the patient experience and ensure that the facility continues to meet and exceed all accreditation standards, which resulted in work disruption of the facility over the period.

Employer Healthcare Management and Wellness

First launched during the second half of 2014, the Company's Employer Healthcare Management and Wellness initiative provides employee benefits and wellness programs to large employer clients, enabling them to select from a broad range of healthcare and wellness options and combine them into a plan that meets their needs. Supported by a dedicated cross-divisional business development team, the initiative continued to gain traction and momentum with clients throughout the first two quarters of 2015, resulting in several new and expanded contracts, including a contract with a major Canadian benefits provider for assessments and orthopedics, marking the Company's first multi-segment contract that includes surgical services. The Company expects contracts signed in the first half of 2015 to begin generating additional revenue into various core segments in the second half of 2015. Importantly, Centric Health is able to implement this growth initiative with minimal investment through its existing platform and national network.

Corporate Infrastructure

Management believes overall profitability can be improved through further optimization of corporate infrastructure. The Company continues to implement opportunities to reduce corporate costs as a proportion of consolidated revenue through centralization of functions, rightsizing, achieving deeper synergies amongst the operating segments through coordinated business development efforts and managing discretionary spend and professional fees.

Financing and Debt Reduction

On May 11, 2015, the revolving facility which helps support the Company's working capital requirements and which was set to mature on June 9, 2015, was extended for one year on consistent terms and conditions. In connection with this extension, the facility's capacity was increased to $35.0 million from its then temporary level of $25.0 million, an amount that effectively met the Company's operating needs, while other terms and conditions remained consistent. The extension and amendment represents a $5.0 million permanent reduction to the revolving facility's capacity and is part of the Company's debt reduction strategy.

On June 25, 2015, the Company purchased an aggregate of 9,842 second lien senior secured notes for a total principal amount of $9.8 million plus $0.2 million in accrued and unpaid interest, representing $10.0 million in total. The Company has now completed its planned $15.0 million permanent debt reduction through the $5.0 million permanent reduction to the Revolving Facility and the $9.8 million redemption of the second lien senior secured notes.

As at June 30, 2015 the Company has restricted cash of $2.9 million, which decreased from the December 31, 2014 amount of $36.1 million due to the cash payment on the Pharmacare acquisition, draws for capital expenditures and transaction and other costs. Restricted cash increased by $10.0 million with the withdrawal of the $10.0 million temporary reduction to the revolving facility offset by the use of that cash to repay $10.0 million on the second lien senior secured notes.  The Company intends to use the remaining restricted cash to reinvest in its core businesses through tuck-in acquisitions, further debt reductions and capital expenditures. The Company is in the process of discussing strategic alternatives with external advisers on the refinancing of the $15.0 million convertible debentures due April 2016. Such alternatives could include repayment with new financing, extensions or other repayment alternatives.

With the successful completion of accretive acquisitions made during the first quarter of 2015 and the completion of the planned $15.0 million debt reduction in the second quarter of 2015, the Company anticipates it will be in compliance with the covenants in its Revolving Facility during 2015 and that it will continue to generate sufficient cash flow to meet its obligations as they come due through future organic growth and ongoing operational improvements and cost containment initiatives. There can be no assurance that the Company will be successful in achieving the results targets as set out in its operating plan for each of the quarters in 2015.

On July 27, 2015, the Company announced that its Board of Directors (the "Board") has initiated a process to consider and evaluate strategic alternatives available to the Company following unsolicited interest in certain businesses of the Company. The Company has previously disclosed that it was exploring opportunities to maximize shareholder value which included additional divestitures of existing businesses. In light of the above mentioned circumstances, the Company has established a Special Committee composed of directors who are independent of management to oversee the strategic review process. In addition to a potential sale of the Company's businesses or assets or any combination thereof, some of the strategic alternatives may include, but are not limited to joint ventures, strategic financing, redemption or repurchase of securities as well as the continued execution of its business plan.

Although the Company has initiated a strategic review process, there is no certainty that any transaction or alternative will be undertaken. The Company has not set a definitive schedule to complete its evaluation and, notwithstanding the above-mentioned alternatives, no decision on any particular alternative has been reached at this time. The Company does not intend to make further announcements or disclose developments with respect to this process unless the evaluation has been completed and the Board has approved a definitive transaction and the Company has entered into a definitive agreement or unless otherwise required by law or regulation or disclosure of which is deemed appropriate.

SHARES OUTSTANDING

As at June 30, 2015 and as at the date of this press release (August 4, 2015) the Company had total shares outstanding of 162,163,752. The outstanding shares at June 30, 2015 and August 4, 2015 include 1,813,916 shares which are restricted or held in escrow and will be released to certain vendors of previously acquired businesses based on the achievement of certain stated performance targets. Accordingly, for financial reporting purposes, the Company reported 160,349,836 common shares outstanding as at June 30, 2015 and 153,388,986 shares outstanding at December 31, 2014. The number of options outstanding is 6,016,000 at June 30, 2015 and August 4, 2015. The number of restricted share units outstanding is 2,922,486 at June 30, 2015 and August 4, 2015. The number of warrants outstanding is 12,694,427 at June 30, 2015 and August 4, 2015. Should all outstanding options and warrants that were exercisable at June 30, 2015 be exercised, the Company would receive proceeds of $20.1 million.

1NON-IFRS MEASURES

This press release includes certain measures which have not been prepared in accordance with IFRS such as EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA per share.  These non-IFRS measures are not recognized under IFRS and, accordingly, shareholders are cautioned that these measures should not be construed as alternatives to net income determined in accordance with IFRS.  The non-IFRS measures presented are unlikely to be comparable to similar measures presented by other issuers.

The Company defines EBITDA as earnings before depreciation and amortization, interest expense, amortization of lease incentives, and income tax expense (recovery).  Adjusted EBITDA is defined as EBITDA before transaction and restructuring costs, changes in the fair value of the contingent consideration liability, impairments, stock based compensation expense, change in fair value of derivative financial instruments and gain on disposal of property and equipment recognized in the statement of income. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA per share is defined as Adjusted EBITDA divided by the weighted outstanding shares on both a basic and diluted basis. The Company believes that Adjusted EBITDA1 is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service interest and principal debt repayments and fund future growth initiatives.  The Company's agreements with senior lenders are structured with certain financial performance covenants which includes Adjusted EBITDA1 as a key component of the covenant calculations. EBITDA and Adjusted EBITDA1 are not recognized measures under IFRS.

Reconciliation of Non-IFRS Measures


For the three month
periods ended June 30,

For the six month
periods ended June 30,


2015

2014

2015

2014

(in $000)

$

$

$

$

Net loss from continuing operations

(6,999)

(8,715)

(18,800)

(17,108)

Depreciation and amortization

6,626

6,192

13,090

12,600

Interest expense

8,953

8,169

17,309

16,440

Amortization of lease incentives

(49)

85

33

103

Income tax expense (recovery)

1,300

(1,489)

994

(1,912)

EBITDA from continuing operations

9,831

4,242

12,626

10,123

Transaction and restructuring costs

2,477

676

5,199

1,691

Change in fair value of contingent consideration liability

(374)

664

51

647

Stock-based compensation expense

270

487

712

910

Change in fair value of derivative financial  instruments

(2,576)

1,694

(1,567)

1,301

Gain on disposal of property and equipment

2

2

Adjusted EBITDA from continuing operations

9,628

7,765

17,021

14,674






Adjusted EBITDA from discontinued operations

(14)

471

(55)

276

Adjusted EBITDA

9,614

8,237

16,966

14,950






Basic weighted average number of shares

159,937

140,458

157,535

137,010

Adjusted EBITDA per share from continuing operations (basic)

$0.06

$0.06

$0.11

$0.11

Adjusted EBITDA per share (basic)

$0.06

$0.05

$0.11

$0.11






Fully diluted weighted average number of shares

218,175

196,362

215,773

192,791

Adjusted EBITDA per share from continuing operations (diluted)

$0.04

$0.03

$0.08

$0.08

Adjusted EBITDA per share (diluted)

$0.04

$0.04

$0.08

$0.08







2PRESENTATION OF FINANCIAL RESULTS

In the second quarter of 2014, Centric health launched a strategic plan to focus on core businesses and divest of non-core businesses.  As a result of entering into definitive agreements for the divestiture of non-core businesses in June 2014, which were subsequently closed in September 2014, the sale of other businesses in May 2014 and the closure of an underperforming surgical centre, the Company has segregated its results from operations between continuing and discontinued operations for the three and six month periods ended June 30, 2015 and 2014. Continuing operations reflect the Company's focus on its three core segments: Physiotherapy, Rehabilitation and Assessments, Specialty Pharmacy, and Surgical and Medical Centres.

CONFERENCE CALL

Centric Health will host a conference call, including a slide presentation, to discuss its first quarter financial results tomorrow, Wednesday, August 5, 2015, at 8:30 a.m. (ET).

Telephone Dial-In Access Information

To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191.  Please connect approximately 10 minutes prior to the beginning of the call to ensure participation.  Those participating in the conference call by telephone can view the slide presentation by accessing the online webcast (see instructions below) and choosing the Non-Streaming Audio option.

Webcast Access Information

A live webcast of the conference call, including the slide presentation, will be available on the Events and Presentations page of the Investors section of the Company's web site (http://www.centrichealth.ca/events-presentations.php).  Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. To view the webcast presentation with slides, please choose either the Real Streaming Audio or Windows Streaming Audio option.

Archive Access Information

The conference call will be archived for replay by telephone until Wednesday, August 12, 2015 at midnight.  To access the archived conference call, dial 1-855-859-2056 or 416-849-0833 and enter the reservation number 89692561.

The webcast with slide presentation will be archived for 90 days on the Events and Presentations page of the Investors section of the Company's web site (http://www.centrichealth.ca/events-presentations.php).

For further information please refer to the Company's complete filings at www.sedar.com.

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 surgical centres, 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.

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.

SOURCE Centric Health Corporation

For further information: Daniel Gagnon, Chief Financial Officer, Centric Health, 416-619-9417 daniel.gagnon@centrichealth.ca; Lawrence Chamberlain, Investor Relations, TMX Equicom, 416-815-0700 ext. 257, lchamberlain@tmxequicom.com


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