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MONTREAL, April 21 /CNW Telbec/ - OPMEDIC GROUP INC. ("OPMEDIC GROUP") (TSX: "OMG"), a healthcare-related company in fertility, laboratories and surgeries providing services and facilities to patients and surgeons, is pleased to announce that its Board of Directors has approved the project for opening a new surgical and endoscopic center on the South Shore of Montreal, which will have two operating rooms, one for day surgeries and one for endoscopy. The new surgical and endoscopic center will be in addition to existing operating rooms in Montreal, Québec and Laval and will increase the number of operating rooms in OPMEDIC GROUP's surgical business unit by over 25%, bringing the company's total number of surgical and endoscopic facilities to nine.
OPMEDIC GROUP's new surgical and endoscopic center will be located in the medical center to be built in St-Hubert, Longueuil, on the South Shore of Montreal by a company that is 50% owned by OPMEDIC GROUP and 50% owned by companies controlled by health professionals. A previous announcement of this construction project in partnership with health professionals was made by OPMEDIC GROUP in October 2009. So far, the customary due diligence for the purchase of the land has been completed, plans and permits have been obtained and the partners have agreed on the terms of ownership and operation of the medical center. OPMEDIC GROUP estimates the cost of its share of the project at about $3 million, over 85% of which will be financed through loans by the company that is owned jointly with OPMEDIC GROUP's partners. The investment in the surgical and endoscopic center amounts to approximately $1.8 million, which OPMEDIC GROUP will finance from its working capital. OPMEDIC GROUP's facilities will occupy about 9,800 sq. ft. in the medical center and will represent about 35% of the center's leasable area. OPMEDIC GROUP expects construction of the medical center to start in May 2010. Construction should be completed in fall 2010.
In addition to the OPMEDIC GROUP's surgical and endoscopic center, the medical complex will include a pharmacy, an audiology clinic, a private radiology clinic, a physiotherapy center, a test center and a medical clinic offering a range of procedures including cytology, ultrasound and cardiology, a sleep clinic and specialist consultation services. Conditional offers have been received for 100% of the leasable area of the medical complex.
"The addition of this new Surgery and Endoscopic Center to the existing facilities confirms OPMEDIC GROUP's leadership in the provision of private surgical services in Quebec and, through its PROCREA division, in fertility services. Demand for these services is growing constantly. We also expect to see increased demand for fertility services as a result of the Government's decision to cover the full cost of three in vitro fertilization treatments for Quebec couples," said Dr Pierre St-Michel, President and CEO of OPMEDIC GROUP.
About OPMEDIC GROUP
OPMEDIC GROUP is a company incorporated under the laws of the Province of Québec which provides healthcare-related services including surgical and endoscopic facilities and services to patients and surgeons (with its OPMEDIC division), fertility treatments, medical imaging, laboratory services and diagnostic procedures (with its PROCREA Cliniques division) and sperm banking services (with its PROCREA Cryopreservation Centre subsidiary). OPMEDIC GROUP's Common Shares trade on the Toronto Stock Exchange under the symbol "OMG".
This news release does not constitute an offer to sell or solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. This news release contains certain forward-looking statements that reflect the current views and/or expectations of OPMEDIC GROUP with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
The Content of this press release has not been approved by or submitted to the TSX, which assumes no liability therefore.
SOURCE Opmedic Group Inc.
For further information: For further information: Jean-Marc Lachance, Vice President Finance and Chief Financial Officer, (514) 345-8535, x 2260, firstname.lastname@example.org; Johanne Berger, Vice-President, Business Development, Opmedic Division, (450) 662-9393, x 3235, email@example.com