HOUSTON, TX and TORONTO, Nov. 15 /CNW/ - Northstar Healthcare Inc.
(TSX:NHC) wishes to correct a statement contained in the Company's
November 14, 2007 earnings press release.
Had the $0.8 million reduction in net patient service revenues
attributable to the change in management's estimates related to the 45-day
period ended June 30, 2007, but accounted for prospectively in the third
quarter, been attributed to the previous period, cash available for dividends
in the third quarter net of current taxes would have been $5.4 million or
Cdn. $5.8 million, rather than the $5.6 million or Cdn $6.1 million reported
in yesterday's press release. Based on dividends of Cdn. $4.2 million, this
would have resulted in a payout ratio of 71.3% for the third quarter, rather
than the 68.7% previously reported.
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. In
addition, Northstar manages an ambulatory surgery centre in Dallas and three
pain management clinics in Houston.
Northstar was founded and sponsored by Donald Kramer, M.D., its Chief
Executive Officer, and Stewart A. Feldman. Mr. Feldman also served as the
co-principal and Chairman and Chief Executive Officer of Healthcare Ventures,
Ltd., which sponsored Northstar, with Dr. Kramer serving as its President.
This press release may contain forward-looking statements (within the
meaning of applicable securities laws) relating to business of Northstar
Healthcare Inc. (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. These statements are based on the Company's expectations,
estimates, forecasts and projections. They are not guarantees of future
performance and involve risks and uncertainties that are difficult to control
or predict. These risks and uncertainties are discussed in the Company's
regulatory filings available on the Company's web site at
www.Northstar-Healthcare.com or at www.sedar.com. There can be no assurance
that forward-looking statements will prove to be accurate as actual outcomes
and results may differ materially from those expressed in these
forward-looking statements. Readers, therefore, should not place undue
reliance on any such forward-looking statements. Further, a forward-looking
statement speaks only as of the date on which such statement is made. The
Company undertakes no obligation to publicly update any such statement or to
reflect new information or the occurrence of future events or circumstances.
For further information:
For further information: Philip Koven, Tel: (416) 447-4740 Ext. 235,