HOUSTON, TX, Nov. 20, 2012 /CNW/ - Northstar Healthcare Inc.'s
management feels it is appropriate to further clarify the details of
TSX's review of Northstar's compliance with TSX Continued Listing
Requirements and to inform the public of Northstar's anticipated
response to TSX's review. Earlier this month the Toronto Stock
Exchange (the "TSX") announced that it had automatically initiated a
Remedial Review Process per TSX Company Manual's 7.12(b) because the
Market Value of publicly held Northstar securities fell below $2.0
million (CAD) for thirty consecutive days. Under the Remedial Review
Process TSX has granted Northstar 120 days to comply with TSX Continued
Listing Requirement. A hearing before the Continued Listing Committee
of TSX is scheduled for February 28, 2013.
Northstar's management intends to maintain its current listing on TSX
and will work with TSX throughout the Remedial Review Process.
Management remains focused on current operations and future business
plans as it believes that continued profitability during the Review
will increase the likelihood of Northstar's compliance with Company
Manual Section 7.12(b). However, Northstar cannot guarantee that it
will be able to achieve compliance with all TSX listing requirements
within the 120-day review period. If Northstar is ultimately unable to
maintain its current listing on TSX, it may explore an alternate
listing, possibly on the Venture Exchange or NEX.
About Northstar Healthcare Inc.
Northstar partners with physicians in the ownership and management of
ambulatory facilities and healthcare services. Northstar owns and
manages interests in three ambulatory surgery centers, two in Houston
and the third in Dallas.
This news 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.
SOURCE: Northstar Healthcare Inc.
For further information:
Tel: (713) 355-8614