TORONTO, Feb. 2, 2015 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH) announced today that it has completed the reacquisition of all of the issued and outstanding shares of Community Advantage Rehabilitation, Inc. ("CAR") (previously referred to as the Company's Home Care Operations) and Active Health Services Ltd. ("Active Health") (previously known as the Company's Seniors Wellness Operations), which were sold to Lifespan Health and Wellness Limited ("Lifespan") in May, 2014 for aggregate gross proceeds of $14.5 million.
As previously announced, in consideration for the full repayment of the amounts owing under the two promissory notes previously issued in favour of Centric Health by Lifespan, in the principal amounts of $2.5 million dollars and $12 million dollars, respectively. Lifespan has completed the transfer of all of the shares of CAR and Active Health to Centric Health. Both CAR and Active Health are now wholly-owned direct or indirect subsidiaries of Centric Health and will once again be supported by the experienced management and clinical leadership of the Company's Physiotherapy, Rehabilitation and Assessments segment which operates a clinic network of over 150 locations across Canada.
About the Home Care and Seniors Wellness Operations
CAR is engaged in the home care business, including the provision of assisted devices programs and other assessment services, physiotherapy services, occupational therapy and homecare assistance. Active Health is engaged in senior wellness, including providing rehabilitation and disability management services that focus on physiotherapy services to seniors in retirement, assisted-living and long-term care homes.
About Centric Health Corporation
Centric Health is Canada's largest and most comprehensive national provider of healthcare services focused on producing leading patient outcomes and delivering quality, innovation and sustainable value to patients, clients and stakeholders. With more than 2,800 dedicated healthcare professionals, consultants and support staff serving patients and clients through an extensive platform of 500 locations across the country, Centric Health is uniquely positioned to meet growing healthcare needs in key markets. The Company's long-term strategy focuses on organically growing core high-margin business units with strong profitability and targeting select expansion opportunities to further its national reach in the areas of physiotherapy, rehabilitation and assessments, specialty pharmacy services and surgical and medical centres. Centric Health is listed on the TSX under the symbol CHH. For further information, please visit www.centrichealth.ca.
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.
SOURCE Centric Health Corporation
For further information: Renée Hourigan, Director of Communications, Centric Health, 416-619-9413, [email protected]; Lawrence Chamberlain, Investor Relations, TMX Equicom, 416-815-0700 ext. 257, [email protected]