- Quarter Highlighted by Continued Revenue and Adjusted EBITDA Growth in Each Segment -
TORONTO, March 3, 2015 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), Canada's leading diversified healthcare services company, today reported its financial results for the fourth quarter and year ended December 31, 2014.
"Our fourth quarter results were further confirmation of the underlying strength and momentum in our business as we delivered revenue and adjusted EBITDA growth from continuing operations in each of our segments for the third consecutive quarter," said David Cutler, President and Chief Executive Officer, Centric Health Corporation. "For the year as a whole, revenue and adjusted EBITDA grew by 10% and 18%, respectively, as adjusted EBITDA margins expanded to 9.1% from 8.5%. Importantly, the vast majority of our growth continues to be driven organically."
Mr. Cutler continued, "2014 was transformational for Centric Health. We realigned our business model to focus on our core strengths in hands-on healthcare service delivery, strengthened the balance sheet and repositioned the business model for sustainable, long-term growth. To this end, we divested non-core operations and delivered on our stated objectives to pay down debt and redeploy a meaningful portion of the divestiture proceeds to a high quality, high margin business that fits squarely within our refined focus, which we achieved by acquiring the Care Plus Group of specialty pharmacies subsequent to year end."
Highlights for the Fourth Quarter and 2014 Year
(All comparative figures are for the corresponding period of the prior year)
- Revenue from continuing operations for the fourth quarter grew 7.8% to $78.2 million from $72.6 million, (including organic growth of 6.6%) and for the year grew 9.6% to $308.1 million from $281.1 million (including organic growth of 7.7%);
- Adjusted EBITDA1 from continuing operations for the fourth quarter grew 18.3% to $7.0 million from $5.9 million, while Adjusted EBITDA for the year grew 18.0% to $28.0 million from $23.8 million;
- Adjusted EBITDA1 margin from continuing operations for the fourth quarter increased to 9.0% from 8.2% and for the year increased to 9.1% from 8.5%;
- Generated cash flow from operations for the fourth quarter of $5.5 million, the eleventh consecutive quarter of positive cash flow from operations, and $19.7 million for the year;
- Consistent with the Company's refined strategy to focus on its core higher-margin operations, completed the sales of its retail and home medical equipment operations and methadone pharmacy operations for gross proceeds of $50 million and $20 million, respectively;
- Repaid $10 million of its Revolving Facility, permanently reducing its capacity to $40 million from $50 million;
- Temporarily repaid an additional $15 million of its Revolving Facility while the Company evaluates debt repayment options per its commitment to deploy a minimum of an additional $15 million to some combination of the Revolving Facility, redemption of second lien senior secured notes and redemption of preferred partnership units; and,
- Following the completion of certain earn out periods, Centric canceled approximately 17.1 million common shares. The cancellation represents approximately 8.5% of the current total issued and outstanding common shares on a fully diluted basis.
Highlights Subsequent to Year End
- Completed the reacquisition 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) from Lifespan Health and Wellness Limited ("Lifespan") in consideration for the full repayment of the amounts owing under the two promissory notes previously issued in favour of Centric Health by Lifespan (principal amounts of $2.5 million dollars and $12 million dollars); and,
- Completed the acquisition of 100% of the shares of Pharmacare Fulfillment Center Ltd., an Edmonton-based leading specialty pharmacy business operating under the Care Plus, Pharmacare and Lidia's Pharmacy brands (collectively, the "Care Plus Group") in Western Canada that generated annualized trailing 12-month (period ended December 31, 2014) EBITDA of $5.1 million. The acquisition, which is expected to be immediately accretive, expanded the number of residents serviced by the Company's Specialty Pharmacy segment by almost 25%, provides access to the rapidly growing Western Canadian market and significantly enhances the segment's ability to serve national clients.
"During 2014, we continued to make meaningful progress on our debt reduction plan, highlighted by the use of $25 million of the divestiture proceeds to pay down our Revolving Facility comprised of a $10 million permanent reduction and a $15 million temporary reduction as we determine the best application of those funds towards some combination of the Revolving Facility, redemption of second lien senior secured notes and redemption of the preferred partnership units," said Daniel Gagnon, Chief Financial Officer, Centric Health Corporation. "Reducing debt remains a top priority for us in 2015 as we continue to pursue expansion of our EBITDA and free cash flow from our growing business."
As a result of the strategic initiative to define the Company's long term operating model and the Company's decision to divest substantially all of its retail and home medical equipment operations, the Company's Chief Operating Decision Maker ("CODM") has amended the manner in which the business is operated and accordingly how financial information is presented to the CODM. As a result, the Company has amended its reportable operating segments and will now present three reportable operating segments rather than five reportable operating segments as was previously presented. Operating segments, as reported to the CODM are as follows: Physiotherapy, Rehabilitation and Assessments, Specialty Pharmacy, and Surgical and Medical Centres. The assessment operations which were separately reported in the past are now reported as part of the renamed Physiotherapy, Rehabilitation and Assessments segment. This segment was previously named the Physiotherapy segment. As a result of the planned divestiture of substantially all of the retail and home medical equipment segment, the remaining component of this segment will now be reported as part of the Physiotherapy, Rehabilitation and Assessments segment. Comparative balances have been amended to reflect the presentation of three reportable operating segments. The support services provided through the corporate offices largely support the operations of the Company and certain of these costs have been allocated to the operating segments based on the extent of corporate management's involvement in the reportable segment during the period.
Selected Financial Information
(All amounts in the chart below are in thousands except per share, shares outstanding, and percentage data)
| For the three months ended
| For the years ended
|(in $000)|| 2014
| 2013 4
| 2013 4
|Loss from continuing operations||(2,328)||(2,627)||(11,470)||(5,208)||(12,922)||(24,178)|
| (Loss) income from continuing operations
before interest expense and income taxes
|EBITDA1 from continuing operations||4,528||6,135||(16,087)||19,695||30,917||33,020|
|Adjusted EBITDA1 from continuing operations||7,004||5,920||3,972||28,025||23,760||18,528|
|Per share - Basic||$0.05||$0.04||$0.03||$0.19||$0.18||$0.16|
|Per share - Diluted||$0.03||$0.03||$0.02||$0.14||$0.13||$0.12|
|Adjusted EBITDA1 Margin from continuing operations||9.0%||8.2%||6.1%||9.1%||8.5%||7.0%|
|Per share - Basic||$0.05||$0.05||$0.08||$0.20||$0.26||$0.38|
|Per share - Diluted||$0.03||$0.03||$0.06||$0.14||$0.18||$0.28|
|Adjusted EBITDA1 Margin||9.0%||5.6%||8.6%||7.3%||7.4%||9.8%|
|Per share - Basic5||($0.04)||($0.30)||$(0.33)||($0.40)||($0.71)||$(0.06)|
|Per share - Diluted5||($0.04)||($0.30)||$(0.32)||($0.40)||($0.71)||$(0.05)|
|Cash flow from operations||5,523||8,649||14,813||19,719||20,204||15,314|
|Weighted Average Shares Outstanding (Basic)3||153,331||132,739||119,887||145,221||129,032||114,140|
|Shares Outstanding, December 31 3||153,384||133,363||121,318||153,384||133,363||121,389|
|1 See "Non-IFRS Measures" below.|
|3 Excludes contingent escrowed shares and restricted shares.|
|4 As part of the year end financial statement close process for the year ended December 31, 2013, the Company's Motion Specialties operations performed an inventory count and valuation. Upon the completion of the inventory count and inventory valuation, adjustments of $7.8 million $1.8 million income taxes) were recorded for the year ended December 31, 2013 which reduced inventory and increased cost of healthcare services and supplies.|
|5 Basic and diluted earnings per share are based on the profit or loss attributable to shareholders of Centric Health.|
Consolidated revenue from continuing operations for the three month period ended December 31, 2014 increased 7.8% to $78.2 million from $72.6 million for the comparative period in the prior year. The increase was primarily attributable to:
- Organic growth of $4.8 million, or 6.6%, with growth across all operating segments; and
- The acquisition of SmartShape Weight Loss Centres ("SmartShape") (December 2013) and other start-up initiatives contributed incremental revenue of $1.6 million.
- Partially offsetting these increases was the impact of generic drug price reductions in the Specialty Pharmacy segment.
Consolidated revenue from continuing operations for the year ended December 31, 2014 increased 9.6% to $308.1 million from $281.1 million for the year ended December 31, 2013. The increase was primarily due to:
- Organic growth of $21.9 million, or 7.7%, with growth across all operating segments; and
- The acquisition of SmartShape (December 2013) and other start-up initiatives contributed incremental revenue of $7.2 million.
- Partially offsetting these increases was the impact of generic drug price reductions in the Specialty Pharmacy segment and the closure of certain underperforming rehabilitation clinics in the Physiotherapy, Rehabilitation and Assessments segment.
Adjusted EBITDA1 from continuing operations for the three month-period ended December 31, 2014 increased 18.3% to $7.0 million from $5.9 million for the three-month period ended December 31, 2013. Adjusted EBITDA1 margin from continuing operations for the three-month period ended December 31, 2014 increased to 9.0% from 8.2% for the three-month period ended December 31, 2013.
Adjusted EBITDA1 from continuing operations for the year ended December 31, 2014 increased 18.0% to $28.0 million from $23.8 million for the year ended December 31, 2013. Adjusted EBITDA1 margin from continuing operations for the year ended December 31, 2014 increased to 9.1% from 8.5% for the year ended December 31, 2013.
(All amounts in the charts below are in thousands except per share, shares outstanding, and percentage data)
| For the three months ended
|Revenue|| Adjusted EBITDA from continuing
|(in $000)|| 2014
|%|| 2013 4
| Physiotherapy, Rehabilitation and
|Surgical and Medical Centres||9,642||7,588||609||6.3||536||7.1|
| For the years ended
|Revenue|| Adjusted EBITDA from continuing
|(in $000)|| 2014
|%|| 2013 4
| Physiotherapy, Rehabilitation and
|Surgical and Medical Centres||37,356||29,520||3,321||8.9||2,665||9.0|
With services that address growing demand and evolving needs within the Canadian healthcare ecosystem, Centric Health's unparalleled national care delivery platform provides significant potential for future expansion and growth. Following an extensive review of its core competencies, business segment performance and market opportunities, the Company has focused its strategy on its core healthcare service businesses in the pursuit of top-line growth, improved profitability and free cash flow generation. The Company's organic growth initiatives focus on those opportunities with low capital investment that leverage the Company's existing resources and capacity. Acquisitions are expected to be accretive and will be consistent with the Company's focus on its core business segments and on operations that generate high margins and strong cash flow, require low capital expenditures and have low exposure to regulatory or public funding changes.
Physiotherapy, Rehabilitation and Assessments
The Company's Physiotherapy, Rehabilitation and Assessments segment achieved strong growth in 2014, driven by both the rehabilitation clinic network and the assessments business.
The Company anticipates continued growth in the rehabilitation clinic network through organic initiatives such as continued expansion of its preferred provider relationships with employers and other organizations. Specialty programs offered by the Company's network of rehabilitation clinics differentiates Centric Health in a highly competitive industry. The Company is also undertaking expanded local and digital marketing initiatives to drive brand awareness and increase the volume of patient visits.
The Company expanded its clinic network in 2014 through the acquisition of four new clinics. The Company will pursue continued expansion of the national clinic footprint through additional strategically beneficial acquisitions. Growth through acquisition will only occur if the acquisition will be accretive to earnings and complementary to the national network and strategic plan.
Over the longer term, this segment should benefit from growth in Employer Healthcare Management and Wellness contracts, which should contribute to increased volumes at the Company's rehabilitation clinics.
In February 2015, the Company completed the reacquisition of Active Health ("Seniors Wellness") and Community Advantage Rehabilitation ("CAR"). These acquisitions represent a continued focus on meeting the increasing needs of the growing seniors population and overall alignment with the Company's core strategy.
The Specialty Pharmacy segment continued to achieve success with its organic growth strategy focused on maximizing the utilization of existing infrastructure by winning new tenders for contracts with long-term care and retirement homes and retail initiatives. The Company anticipates that revenue and Adjusted EBITDA growth in its Specialty Pharmacy segment will continue for 2015 and beyond, but expects increased competition for new long-term care and retirement home contracts through competitive tendering processes across Ontario. In order to offset the increasing competition, the Specialty Pharmacy segment will continue to pursue operational efficiencies and cost savings from management.
As the majority of the Company's Specialty Pharmacy operations are based in Ontario, the Company seeks to strategically expand this business into key growth markets beyond the province, in particular across Western Canada, and enhance its ability to service clients with national networks. On March 2, 2015, the Company completed the acquisition of 100% of the shares of Pharmacare Fulfillment Center Ltd., an Edmonton-based leading specialty pharmacy business operating under the Care Plus, Pharmacare and Lidia's Pharmacy brands (collectively, the "Care Plus Group") in Western Canada that generated annualized trailing 12-month (period ended December 31, 2014) EBITDA of $5.1 million. The acquisition, which is expected to be immediately accretive, expanded the number of residents serviced by the Company's Specialty Pharmacy segment by almost 25%, provides access to the rapidly growing Western Canadian market and significantly enhances the segment's ability to serve national clients.
The Company is also pursuing organic growth opportunities by establishing co-location pharmacy services within selected existing facilities, having opened the first such pharmacy location during the fourth quarter of 2014 within the Richmond Oval sports medicine complex in Richmond, British Columbia.
Adjusted EBITDA margins, which have returned to historical levels following the implementation of Electronic Medical Administrative Records ("EMAR") for existing long-term care home contracts, are expected to be stable in coming quarters. However, as Centric wins new contracts, margins may be impacted in the short term as EMAR implementation costs may be absorbed.
Longer term, this segment should benefit from growth in Employer Healthcare Management and Wellness contracts, which should contribute to increased volumes.
Surgical and Medical Centres
Growth in the Company's Surgical and Medical Centres segment is expected to be driven primarily by increasing utilization of the existing network capacity through a multi-faceted strategy that includes the introduction of innovative programs and new technologies, partnerships with local physicians and health authorities, marketing and brand development and facilitating medical tourism. Efforts to expand the roster of physicians in order to utilize excess operating room capacity are ongoing at all of the Company's surgical centres.
The financial results of the Surgical and Medical Centres segment improved in 2014 due to growth in the contribution from bariatric procedures following the 75% acquisition of SmartShape, a leader in state-of-the-art bariatric (weight loss) surgical procedures, in the fourth quarter of 2013. The Company expects the number of bariatric procedures to increase based on the roll out of SmartShape's proven business model at each surgical centre location. SmartShape recently added the higher margin gastric sleeve procedure to its offerings at the Don Mills (Toronto) facility (and will do so at other Ontario facilities pending regulatory approval), which is expected to further increase volumes.
The Company continues to seek partnerships with some of Canada's leading surgeons for the future launch of additional specialized surgical Centres of Excellence and other initiatives. In addition, facilitating out of province care presents a growth opportunity for the Company.
During the first quarter of 2014, the Company completed a significant renovation to its facility in Calgary, Alberta and completed a renovation of its Don Mills facility in the third quarter of 2014. In the first quarter of 2015, the Company is planning an expansion and renovation of its False Creek location in Vancouver, British Columbia, which will result in a temporary closure of this facility.
Employer Healthcare Management and Wellness Initiative
The Company recently established a dedicated cross-divisional support team to pursue opportunities in the high growth employer services market by coordinating business development and account-based marketing efforts across multiple entry points. The Company offers clients customizable program options from a broad continuum of services across its platform, including mandatory workplace injury insurance programs, optional wellness programs and corporate health benefits and prescription plans, generating additional revenue in its core segments. In the fourth quarter of 2014, the Company launched an incentives-based wellness pilot program for employees to help test and optimize the offer in advance of a market launch.
Management believes overall profitability can be improved through further optimization of corporate infrastructure. The Company has multiple initiatives underway intended to reduce corporate costs as a proportion of consolidated revenue through consolidation and centralization of functions, rightsizing, achieving unrealized synergies amongst the operating segments and managing discretionary spend and professional fees.
FINANCING AND DEBT REDUCTION
On August 29, 2014, the Company repaid $10,000 of its Revolving Facility resulting in a permanent reduction in the capacity of the Revolving Facility from $50,000 to $40,000. The Company intends to make a further $15,000 debt reduction through a combination of additional reduction of the Revolving Facility, redemption of second lien senior secured notes and redemption of the preferred partnership units. While the Company evaluates its debt repayment options, on September 19, 2014, the Company made a temporary repayment of an additional $15,000 against the Revolving Facility which further reduced the capacity of the Revolving Facility to $25,000. However, the capacity on the Revolving Facility can be increased to $40,000 with an equivalent return of funds to the escrow cash account for the proceeds of sale from the non-core businesses as long as the Company is not in default under the Revolving Facility. The Company's Revolving Facility matures in June 2015 and the Company is in the process of extending the facility with the lender.
In August 2014, as a result of the pending divestiture of certain non-core operations and subject to the completion of these divestitures, the Company received a waiver from a financial performance covenant at the September 30, 2014 measurement date and amendments to certain financial performance covenants for the remaining measurement dates up to the maturity of the Revolving Facility in June 2015. In December 2014, the Company received a waiver from a financial performance covenant at December 31, 2014 and March 31, 2015. The Company was in compliance with its financial performance covenants at December 31, 2014, except for the one financial covenant for which the Company received a waiver in December 2014.
The Company has at December 31, 2014 $36,302 of restricted cash representing the balance of net proceeds from the sale of the methadone pharmacy operations and the retail and home medical equipment business. In February 2015, the Company obtained approval to use $26,000 of this restricted cash from both the second lien senior secured notes and revolving facility lenders to fund the cash cost of the acquisition of specialty pharmacy business Pharmacare Fulfillment Center Ltd. (the "Care Plus Group") on March 2, 2015.
With the completion of this accretive acquisition and the Company's 2015 projected improved budget from operations over 2014 results through organic growth, operational improvements and cost containment, the Company plans to renegotiate its existing Revolving Facility with its lenders.
The Company intends to use the remaining restricted cash to reinvest in its core businesses through accretive acquisitions or further debt reductions.
As at December 31, 2014 the Company had total shares outstanding of 155,502,902 and as at the date of this press release (March 3, 2015) the Company had total shares outstanding of 159,850,725. The outstanding shares at December 31, 2014 include 2,113,916 shares which are restricted or held in escrow and will be released to certain vendors of previously acquired businesses based on the achievement of certain stated performance targets and at March 3, 2015 include 1,813,916 which are also restricted or held in escrow and will be released to certain vendors of previously acquired businesses based on the achievement of certain stated performance targets. Escrowed and restricted shares are not reflected in the shares reported on the Company's financial statements. Accordingly, for financial reporting purposes, the Company reported 153,388,986 common shares outstanding as at December 31, 2014 and 133,363,294 shares outstanding at December 31, 2013. The number of options outstanding is 6,871,000 at December 31, 2014 and 7,671,000 at March 3, 2014. The number of restricted share units outstanding is 3,414,835 at December 31, 2014 and 3,201,657 at March 3, 2015. The number of warrants outstanding is 12,694,427 at December 31, 2014 and March 3, 2015. Should all outstanding options and warrants that were exercisable at December 31, 2014 be exercised, the Company would receive proceeds of $20.8 million.
This press release includes certain measures which have not been prepared in accordance with IFRS such as EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA per share. These non-IFRS measures are not recognized under IFRS and, accordingly, shareholders are cautioned that these measures should not be construed as alternatives to net income determined in accordance with IFRS. The non-IFRS measures presented are unlikely to be comparable to similar measures presented by other issuers.
The Company defines EBITDA as earnings before depreciation and amortization, interest expense, amortization of lease incentives, and income tax expense (recovery). Adjusted EBITDA is defined as EBITDA before transaction and restructuring costs, changes in the fair value of the contingent consideration liability, impairments, stock based compensation expense, change in fair value of derivative financial instruments and gain on disposal of property and equipment recognized in the statement of income. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. Adjusted EBITDA per share is defined as Adjusted EBITDA divided by the weighted outstanding shares on both a basic and diluted basis. The Company believes that Adjusted EBITDA1 is a meaningful financial metric as it measures cash generated from operations which the Company can use to fund working capital requirements, service interest and principal debt repayments and fund future growth initiatives. The Company's agreements with senior lenders are structured with certain financial performance covenants which include Adjusted EBITDA1 as a key component of the covenant calculations. EBITDA and Adjusted EBITDA1 are not recognized measures under IFRS.
Reconciliation of Non-IFRS Measures
| For the three months ended
| For the years ended
|(in $000)|| 2014
| 2013 3
| 2013 3
|Net loss from continuing operations||(8,821)||(20,320)||(37,593)||(38,401)|
|Depreciation and amortization||6,474||6,407||25,917||26,273|
|Amortization of lease incentives||(10)||(3)||120||118|
|Income tax expense (recovery)||(1,222)||11,746||(1,658)||6,733|
|EBITDA from continuing operations||4,528||6,135||19,695||30,917|
|Transaction and restructuring costs||2,454||1,562||5,381||3,764|
|Change in fair value of contingent consideration liability||113||(2,587)||808||(12,562)|
|Stock-based compensation expense||415||574||1,814||6,520|
|Change in fair value of derivative financial instruments||(505)||229||326||(4,886)|
|Gain on disposal of property and equipment||(1)||7||1||7|
|Adjusted EBITDA from continuing operations||7,004||5,920||28,025||23,760|
|Adjusted EBITDA from discontinued operations||—||(2,352)||1,151||9,841|
|Basic weighted average number of shares||153,331||132,739||145,221||129,032|
| Adjusted EBITDA per share from continuing
|Adjusted EBITDA per share (basic)||$0.05||$0.05||$0.20||$0.26|
|Fully diluted weighted average number of shares||211,199||184,737||200,796||184,984|
| Adjusted EBITDA per share from continuing
|Adjusted EBITDA per share (diluted)||$0.03||$0.03||$0.14||$0.18|
2PRESENTATION OF FINANCIAL RESULTS
In the second quarter of 2014, Centric Health launched a strategic plan to focus on core businesses and divest of non-core businesses. As a result of entering into definitive agreements for the divestiture of non-core businesses in June 2014, which were subsequently closed in September 2014, the sale of other businesses in May 2014 and the closure of an underperforming surgical centre, the Company has segregated its results from operations between continuing and discontinued operations for the three- and twelve-month periods ended December 31, 2014 and 2013. Continuing operations reflect the Company's focus on its three core segments: Physiotherapy, Rehabilitation and Assessments, Specialty Pharmacy, and Surgical and Medical Centres.
Centric Health will host a conference call, including a slide presentation, to discuss its fourth quarter and year-to-date financial results tomorrow, Wednesday, March 4, 2015, at 8:30 a.m. (ET).
Telephone Dial-In Access Information
To access the conference call by telephone, dial 647-427-7450 or 1-888-231-8191. Please connect approximately 10 minutes prior to the beginning of the call to ensure participation. Those participating in the conference call by telephone can view the slide presentation by accessing the online webcast (see instructions below) and choosing the Non-Streaming Audio option.
Webcast Access Information
A live webcast of the conference call, including the slide presentation, will be available on the Events and Presentations page of the Investors section of the Company's web site (http://www.centrichealth.ca/events-presentations.php). Please connect at least 15 minutes prior to the conference call to ensure adequate time for any software download that may be required to join the webcast. To view the webcast presentation with slides, please choose either the Real Streaming Audio or Windows Streaming Audio option.
Archive Access Information
The conference call will be archived for replay by telephone until Wednesday, March 11, 2015 at midnight. To access the archived conference call, dial 1-855-859-2056 or 416-849-0833 and enter the reservation number 85639046.
The webcast with slide presentation will be archived for 90 days on the Events and Presentations page of the Investors section of the Company's web site (http://www.centrichealth.ca/events-presentations.php).
For further information please refer to the Company's complete filings at www.sedar.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, 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.
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
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