- Centric Health Demonstrates Accessibility Solutions that Help Seniors Stay in Their Homes as They Age -
TORONTO, Feb. 23, 2012 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), Canada's leading diversified healthcare services company, announced that Ontario Premier Dalton McGuinty today visited the newest retail location of Motion Specialties Inc., a provider of home accessibility solutions, to discuss the proposed Ontario Healthy Homes Renovation Tax Credit. At the store located at 939 Eglinton Ave. East in Toronto, Motion Specialties President, David Fraser, demonstrated for Premier McGuinty a variety of home healthcare equipment and assistive devices that offer seniors the opportunity to live comfortably and safely in their own homes as they age.
The proposed Personal Income Tax credit is intended to assist with the cost of permanent home modifications that improve accessibility or help seniors be more functional and mobile at home. With a combined 94 stores across Canada, Motion Specialties, in partnership with MEDIChair, which together comprise Centric Health's Home Medical Equipment Division, offer a wide variety of household accessibility solutions, including residential elevators, stair lifts, vertical lifts, ramps, and walk-in tubs and showers.
"At Centric Health, our mission is to provide innovative solutions that supplement the existing provincial healthcare systems across Canada, supporting governments in their difficult challenge to offer quality, evidence-based services to all individuals, in a timely manner," said Daniel Carriere, President and Chief Executive Officer, Centric Health. "We are committed to providing a comprehensive range of seniors' wellness services and products that address the diverse needs of an aging population - from home and vehicle modification to assistive devices to advisory services - enabling them to age with dignity and maintain their quality of life."
"This Tax Credit is directly aligned with our expertise in providing safe, reliable lifting products for our clients," said Jim Closs, Vice-President of Lifts & Elevating for Motion Specialties. "The maximum $1500 Tax Credit on up to $10,000 in renovation expenses will enable more families to make the financial decision that will allow them to fulfill their accessibility and mobility needs."
Centric Health acquired Motion Specialties in February 2012 to strengthen its position in the Home Medical Equipment market following the acquisition of MEDIChair in June 2011. Over the past 30 months, Centric Health has completed 17 acquisitions with a combined transaction value of approximately $497 million, in pursuit of its vision to be Canada's premier healthcare company, providing innovative solutions centered on patients and healthcare professionals. The Company currently operates in three divisions: Physiotherapy and Assessments, Surgical and Medical Centres, and Pharmacy and Home Medical Equipment.
About The Healthy Homes Renovation Tax Credit
The proposed Healthy Homes Renovation Tax Credit would be a new permanent, refundable Personal Income Tax credit in the Province of Ontario to assist with the cost of permanent home modifications that improve accessibility or help a senior be more functional or mobile at home. The credit would be worth up to $1,500 each year, calculated as 15 per cent of up to $10,000 in eligible home renovation expenses that would help seniors stay safely in their homes. It could be claimed by senior homeowners and tenants, and people who share a home with a senior relative. Amounts claimed by couples would be subject to a combined maximum of $10,000 in eligible expenses per year. For further information, please visit http://www.rev.gov.on.ca/en/credit/hhrtc/index.html
About Motion Specialties Inc.
Acquired by Centric Health in February 2011, Motion Specialties provides comprehensive home health care and accessibility solutions for mobility requirements. Motion Specialties is an independent Home Health Care vendor with a network of 24 stores in Ontario, Alberta and British Columbia. Motion Specialties provides a wide variety of mobility devices, including; wheelchairs, scooters, walkers, bathroom safety equipment, portable oxygen, CPAP, and home accessibility products such as stair lifts and home elevators. Motion Specialties also provides custom alteration and design options for seating and positioning systems to clients in their own homes, long term care and retirement homes, group homes, assisted living facilities and hospital and rehab centres across Canada. For further information, please visit www.motionspecialties.com.
About Centric Health
Centric Health's vision is to be Canada's premier healthcare company, providing innovative solutions centered on patients and healthcare professionals. As a diversified healthcare company with investments in several niche service areas, Centric Health currently has operations in medical assessments, disability and rehabilitation management, physiotherapy and surgical centres, homecare, specialty pharmacy and wellness and prevention. With knowledge and experience of healthcare delivery in international markets and extensive and trusted relationships with payers, physicians, and government agencies, Centric Health is pursuing expansion opportunities into other healthcare sectors to create value for all stakeholders with an unwavering commitment to the highest quality of care. Centric Health is listed on the TSX under the symbol CHH. For further information, please visit www.centrichealth.ca. Centric Health's strategic advisor is Global Healthcare Investments & Solutions, Inc. ("GHIS") (www.ghis.us). GHIS and entities controlled by shareholders of GHIS are currently the largest shareholders of Centric Health.
This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation. These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from.
Image with caption: "David Fraser (L), President of Motion Specialties, shows Ontario Premier Dalton McGuinty a walk-in bath tub with grab bars and other safety features. Designed to provide safety and independence, such products address the specific needs of seniors who face difficulty using traditional bath and shower products. (CNW Group/Centric Health Corporation)". Image available at: http://photos.newswire.ca/images/download/20120223_C6772_PHOTO_EN_10365.jpg
Image with caption: "Ontario Premier Dalton McGuinty chats with Daniel Carriere, President and CEO of Centric Health Corp., which acquired Motion Specialties Inc. in February 2012 (CNW Group/Centric Health Corporation)". Image available at: http://photos.newswire.ca/images/download/20120223_C6772_PHOTO_EN_10366.jpg
Image with caption: "Ontario Premier Dalton McGuinty talks with media about the proposed Healthy Homes Renovation Tax Credit, at Motion Specialties' newest retail location in Toronto (CNW Group/Centric Health Corporation)". Image available at: http://photos.newswire.ca/images/download/20120223_C6772_PHOTO_EN_10367.jpg
For further information:
Chief Financial Officer
416-815-0700 ext 257