Centric Health Initiates Process to Explore Strategic Alternatives Including Potential Sale of Businesses
Jul 27, 2015, 17:05 ET
TORONTO, July 27, 2015 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH) announced today that its Board of Directors (the "Board") has initiated a process to consider and evaluate strategic alternatives available to the Company following unsolicited interest in certain businesses of the Company. The Company has previously disclosed that it was exploring opportunities to maximize shareholder value which included additional divestures of existing businesses. In light of the abovementioned circumstances, the Company has established a Special Committee composed of directors who are independent of management to oversee the strategic review process. In addition to a potential sale of the Company's businesses or assets or any combination thereof, some of the strategic alternatives may include, but are not limited to joint ventures, strategic financing, redemption or repurchase of securities as well as the continued execution of its business plan.
Yazdi Bharucha, chair of the Company's Audit Committee of the Board will be chairing the Special Committee of the Board. National Bank Financial Inc. and Canaccord Genuity Corp. are assisting the Special Committee in its analysis and any execution of the potential alternatives.
Although the Company has initiated a strategic review process, there is no certainty that any transaction or alternative will be undertaken. The Company has not set a definitive schedule to complete its evaluation and, notwithstanding the above-mentioned alternatives, no decision on any particular alternative has been reached at this time. The Company does not intend to make further announcements or disclose developments with respect to this process unless the evaluation has been completed and the Board has approved a definitive transaction and the Company has entered into a definitive agreement or unless otherwise required by law or regulation or disclosure of which is deemed appropriate.
About Centric Health
Centric Health is Canada's largest and most comprehensive independent 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 3,000 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. 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, strategies, alternatives, 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 therefrom.
SOURCE Centric Health Corporation
For further information: Daniel Gagnon, Chief Financial Officer, Centric Health, 416-619-9417, [email protected]; Lawrence Chamberlain, Investor Relations, TMX Equicom, 416-815-0700 ext. 257, [email protected]
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