TORONTO, AND HOUSTON, TX, Sept. 15 /CNW/ - Northstar Healthcare Inc.
(TSX:NHC) today provided an update for investors on the impact of Hurricane
Ike on the company's Houston-based ambulatory surgery centers (ASCs).
Northstar reported that, while power was lost at the ASCs Saturday, the
facilities sustained no major physical damage from the storm. Palladium
Houston experienced minor roof leaks but no damage to the clinical area or
equipment. Both facilities are fully capable of functioning with power and
water restored to each. In addition, to the best of management's knowledge at
this time, no management or staff at either center has sustained any injuries
and are all safe.
Northstar expects the Kirby Surgical Center to re-open and begin
performing cases on Tuesday September 16, with Palladium Houston re-opening
the following day. These decisions were made based on availability of staff,
anesthesia, surgeons and patients. The Company is working to achieve a return
to full-scale operations later this week, though this is dependent on the
restoration of electrical service to our patients in the Houston area.
Northstar also indicated that the company has already begun the process
of re-scheduling canceled cases. Should there be any cases that can not be
re-scheduled, the company will seek re-imbursement from its business
interruption insurance coverage. No estimate of the amount of any possible
recovery under the Company's insurance policy can be made at this time.
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, which it
has an option to acquire, and manages three pain management clinics in
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 in and Chairman and Chief Executive Officer of Healthcare
Ventures, Ltd., which sponsored Northstar, with Dr. Kramer serving as its
For further information:
For further information: Philip Koven, Tel: (416) 447-4740 Ext. 235,