TORONTO and HOUSTON, Aug. 19 /CNW/ - Northstar Healthcare Inc. ("Northstar" or the "Company") (TSX:NHC) announced today that it has been advised by the Toronto Stock Exchange that the Company will be subject to a review to confirm that Northstar meets the requirements for continued listing on the TSX. The TSX has scheduled a hearing on this matter for October 14, 2010, which is after the September 30, 2010 outside date provided for in the Private Placement Agreement with Canada Healthcare Acquisition Inc. (the "Subscriber").
Northstar understands that this review is a routine procedure when a listed issuer makes an application under section 604(e) of the TSX Company Manual. As disclosed yesterday, the TSX declined to approve Northstar's section 604(e) application for an exemption, on the basis of its serious financial hardship, from the requirement for shareholder approval in connection with the private placement to the Subscriber.
Northstar believes that it currently complies with applicable TSX continued-listing requirements and, if the private placement to Canada Healthcare Acquisition Inc. is completed, it expects to continue to comply with such requirements.
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.
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. 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. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, should not be unduly relied upon and will not necessarily be accurate indications of whether or not such results will be achieved. Factors that could cause actual results to differ materially from the results discussed in the forward-looking statements, include, but are not limited to: the outcome of the TSX's continued-listing review. Forward-looking information is based on various material factors or assumptions, which are based on information currently available to Northstar. Although the forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, Northstar cannot assure readers that actual results will be consistent with these forward-looking 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.
SOURCE Northstar Healthcare Inc.
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