TORONTO and HOUSTON, March 4 /CNW/ - Northstar Healthcare Inc. (TSX:NHC) today responded to a March 1, 2010 news release about the performance of Palladium for Surgery - Houston. The release was issued on behalf of Mr. Brad Kovnat, who owns less than one half of one percent of the equity in the Palladium Partnership.
Northstar said that it expects to announce its financial results for the fourth quarter and year ended December 31, 2009 in the week of March 8th, in accordance with regulatory disclosure requirements. Public discussion of the Company's results is only appropriate on or after that date.
Northstar reiterated its statement in a news release, dated February 18 2010, that it believes Mr. Kovnat's claim is meritless and is subject to binding arbitration. Northstar intends to move to dismiss the lawsuit and ask the court to refer the matter to binding arbitration.
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.
Northstar was founded and sponsored by Donald Kramer, M.D. 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 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.
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