- Quarter Highlighted by Strong Growth in Core Operations forming part of a Strategic Optimization Plan/Company to Deploy a Minimum of $25 Million of Divestiture Net Proceeds to Debt Repayment -
TORONTO, Aug. 5, 2014 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), Canada's leading diversified healthcare services company, today announced financial results for the second quarter ended June 30, 2014.
The second quarter of 2014 was transformational for Centric Health as it 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 assets, the resolution of a perceived conflict of interest 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 six month periods ended June 30, 2013 and 2014. Continuing operations reflect the Company's focus on its three core segments: Physiotherapy, Rehabilitation and Assessments, Specialty Pharmacy, and Surgical and Medical Centres operations.
Financial and Operating Highlights for the Second Quarter and Year-to-Date
(All comparative figures are for the corresponding period of the prior year)
- Revenue from continuing operations for the second quarter grew 8.8% to $79.1 million from $72.7 million and Adjusted EBITDA1 from continuing operations grew 10.3% to $7.5 million from $6.8 million;
- Revenue from continuing operations for the year-to-date grew 10.5% to $154.2 million from $139.6 million and Adjusted EBITDA1 from continuing operations grew 20.7% to $14.0 million from $11.6 million;
- Revenue, Adjusted EBITDA1 and Adjusted EBITDA1 margin from continuing operations increased from the first quarter of 2014;
- Achieved ninth consecutive quarter of positive cash flow from operations;
- Completed the sales of its Seniors Wellness and Home Care operations, the former of which fully resolved the perceived conflict of interest as determined by the Ontario Ministry of Health and Long Term Care ("MOHLTC"), for an aggregate price of $14.5 million, which was settled by the issuance of secured promissory notes;
- Global Healthcare Investments and Solutions, Inc. ("GHIS"), a significant shareholder of the Company, exercised 18,650,000 common share purchase warrants (the "Warrants") at an exercise price of $0.33 per common share (a 22% premium to the last five-day volume weighted average price);
- Closed its under-performing surgical facility in Sarnia, Ontario;
- Defined the Company's strategy to focus on the core high-margin Physiotherapy, Rehabilitation and Assessments, Specialty Pharmacy and Surgical and Medical Centre operations;
- Consistent with its refined strategy, entered into definitive agreements to divest its retail and home medical equipment operations and its methadone pharmacy operations for gross proceeds of $50 million and $20 million, respectively, both of which are expected to close in the third quarter of 2014.
Highlights Subsequent to Quarter End
- Committed to deploying a minimum of $25 million of the net proceeds from the recent planned non-core business divestitures to debt repayment subject to their completion; and,
- In connection with the planned divestiture of non-core businesses, received a waiver for a financial performance covenant of its Revolving Facility at the September 30, 2014 measurement date and finalized amendments to certain financial performance covenants for the remaining measurement dates to maturity of the Revolving Facility in June 2015.
"The second quarter was highlighted by the execution of a strategic optimization plan, which leverages our core strengths and focuses our business on those operations with high margins, strong cash flows, low capital expenditures and limited exposure to regulatory and funding changes," said David Cutler, President and Chief Executive Officer, Centric Health Corporation. "Our financial results reflect the underlying strength and opportunity inherent in our refined focus with Adjusted EBITDA for our core businesses growing 10% and 21% year-over-year for the second quarter and year-to-date, respectively. Importantly, the divestiture of non-core businesses to focus our platform will provide the capital to take meaningful action to reduce our debt levels. We also intend to re-invest in high margin opportunities, including through accretive acquisitions, to restore our EBITDA base and drive future EBITDA growth."
"Following a number of important steps taken over the past 18 months to strengthen our balance sheet, we are moving forward with the next phase of our plan and have committed to deploying a minimum of $25 million of the net proceeds from the planned divestitures to pay down debt as soon as is reasonably practicable following the finalization of the transaction adjustments post-closing," said Daniel Gagnon, Chief Financial Officer, Centric Health Corporation. "We will evaluate opportunities for the use of additional proceeds for further debt reduction as we continue to execute our broader debt reduction plan intended to reduce our debt to Adjusted EBITDA ratio to over the medium term."
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 month periods ended
| For the six month periods ended
|(in $000)|| 2014
| 2013 3
| 2013 3
|Loss from continuing operations||(84)||(4,735)||(2,876)||(1,409)||(8,653)||(5,909)|
| (Loss) income from continuing operations
before interest expense and income taxes
|EBITDA1 from continuing operations||3,965||1,505||47,386||9,496||15,062||48,426|
| Adjusted EBITDA1 from continuing
|Per share - Basic||$0.05||$0.05||$0.05||$0.10||$0.09||$0.10|
|Per share - Diluted||$0.04||$0.04||$0.04||$0.07||$0.06||$0.08|
| Adjusted EBITDA1
Margin from continuing operations
|Per share - Basic||$0.06||$0.09||$0.11||$0.11||$0.15||$0.22|
|Per share - Diluted||$0.04||$0.06||$0.10||$0.08||$0.10||$0.18|
|Adjusted EBITDA1 Margin||7.2%||9.0%||10.9%||6.7%||8.0%||11.1%|
|Per share - Basic||($0.15)||($0.11)||$0.38||($0.37)||($0.09)||$0.35|
|Per share - Diluted||($0.15)||($0.11)||$0.34||($0.37)||($0.09)||$0.29|
|Cash flow from operations||8,610||6,461||8,003||12,442||6,661||(2,900)|
| Weighted Average Shares Outstanding
|Shares Outstanding, June 30 2||153,074||127,424||112,847||153,074||127,424||112,847|
|1See "Non-IFRS Measures" below.|
|2Excludes contingent escrowed shares and restricted shares.|
|3 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 $2,185 ($1,606 net of income taxes) and $4,100 ($3,014 net of income taxes) were recorded for the three and six month periods ended June 30, 2013 which reduced inventory and increased cost of healthcare services and supplies.|
Consolidated revenue from continuing operations for the three month period ended June 30, 2014 increased 8.8% to $79.1 million from $72.7 million for the three month period ended June 30, 2013. This increase was primarily attributable to:
- Organic growth - growth of $5.5 million, or 7.6%, across all operating segments; and
- Acquisitions - the purchase of SWLC and other start-up initiatives contributed incremental revenue of $1.8 million.
Partially offsetting this increase was an impact of $0.7 million from one less business day in the three month period ended June 30 of 2014 compared to that of 2013.
Consolidated revenue from continuing operations for the six month period ended June 30, 2014 increased 10.5% to $154.2 million from $139.6 million for the six month period ended June 30, 2013. This increase was primarily due to:
- Organic growth - growth of $11.7 million, or 8.4%, across all operating segments; and
- Acquisitions - the purchase of SWLC and other start-up initiatives contributed incremental revenue of $3.7 million.
Adjusted EBITDA1 from continuing operations, which excludes transaction and restructuring costs, the change in fair value of derivative financial instruments, non-cash impairments and the non-cash change in the fair value of the contingent consideration liability, for the three month period ended June 30, 2014 increased 10.3% to $7.5 million from $6.8 million for the three month period ended June 30, 2013. Adjusted EBITDA1 margin from continuing operations for the three month period ended June 30, 2014 marginally improved from the corresponding period in 2013 to 9.4% from 9.3%.
Adjusted EBITDA1 from continuing operations for the six month period ended June 30, 2014 increased 20.7% to $14.0 million from $11.6 million for the six month period ended June 30, 2013. Adjusted EBITDA1 margin from continuing operations for the six month period ended June 30, 2014 increased to 9.1% from 8.3% for the corresponding period in 2013.
(All amounts in the charts below are in thousands except per share, shares outstanding, and percentage data)
| For the three month periods ended
|Revenue|| Adjusted EBITDA from continuing
|(in $000)|| 2014
|Physiotherapy, Rehabilitation and Assessments||45,734||42,957||6,938||15.2||6,601||15.4|
|Surgical and Medical Centres||9,534||7,542||1,105||11.6||863||11.4|
| For the six month periods ended
|Revenue|| Adjusted EBITDA from continuing
|(in $000)|| 2014
|%|| 2013 3
|Physiotherapy, Rehabilitation and Assessments||88,804||82,737||12,946||14.6||11,681||14.1|
|Surgical and Medical Centres||18,381||14,941||2,007||10.9||1,484||9.9|
As at June 30, 2014 and the date of this press release (August 5, 2014), the Company had total shares outstanding of 171,006,008. The outstanding shares include 17,932,470 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. Accordingly, for financial reporting purposes, the Company reported 153,073,538 common shares outstanding as at June 30, 2014 and 133,363,294 shares outstanding at December 31, 2013. The number of options outstanding is 7,671,000 at June 30, 2014 and August 5, 2014. The number of restricted share units outstanding is 3,574,846 at June 30, 2014 and August 5, 2014. The number of warrants outstanding is 12,677,310 at June 30, 2014 and at August 5, 2014. Should all outstanding options and warrants that were exercisable at June 30, 2014 be exercised, the Company would receive proceeds of $19.8 million.
During the first quarter of 2014, the Company finalized a suite of amendments to the covenants under its $50 million Revolving Credit Facility for 2014 and beyond. The amendments resulted from the funding reductions in Ontario from the MOHLTC for seniors physiotherapy services and a perceived conflict of interest matter which impacted the profitability of Motion Specialties and the Seniors Wellness operations. As a result of the pending divestitures of non-core businesses announced in the second quarter of 2014, the Company received a waiver for a financial performance covenant of its Revolving Facility at the September 30, 2014 measurement date and finalized amendments to certain financial performance covenants for the remaining measurement dates up to the maturity of the Revolving Facility in June 2015.
During the second quarter, GHIS, a significant shareholder of the Company, exercised 18,650,000 Warrants at an exercise price of $0.33 per common share (a 22% premium to the last five-day volume weighted average price) totaling $6.2 million. A portion of the proceeds from the exercise of the Warrants were used to settle in full the outstanding consulting fees owed to GHIS since June 2011 under GHIS's previous consulting agreement, and which attracted interest at 8% per annum.
Based on its 2014 operating budget and cash flow management initiatives, the Company believes it will be in compliance with the new financial performance covenants for the Revolving Facility at each quarterly measurement date through to the maturity of the Revolving Facility, except for the financial performance covenant for which a waiver was obtained for the September 30, 2014 measurement date. The Company also anticipates that based on meeting its 2014 operating budget, it will generate sufficient cash flow from operations in 2014 to meet its obligations as they come due.
The Company paid $11.8 million in cash interest on its borrowings for the second quarter of 2014.
With services that address growing demand and unmet needs within the Canadian healthcare system, 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 will be focused 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 the first half of 2014, driven by growth in 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. The Company is also undertaking expanded local marketing initiatives to drive brand awareness and increase the volume of patient visits. Growth in the Company's assessments business is targeted through increased market share from successful RFPs.
Centric Health expanded its clinic network in the second quarter of 2014 through the acquisition of three 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 income and complementary to the national network. 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.
The Company anticipates that continued revenue and Adjusted EBITDA growth from its Specialty Pharmacy segment will continue to grow in the balance of 2014 and beyond. This segment continues 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.
As all of the pharmacies are currently located in Ontario, the Company plans to expand beyond the province, in particular into Western Canada, to develop a national network that would both expand its geographical market and strengthen its value proposition to national long-term care and retirement home providers. The Company is also pursuing organic growth opportunities by establishing co-location pharmacy services within selected existing facilities.
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 promoting 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 the first half of 2014 due to growth in the contribution from bariatric procedures following the 75% acquisition of SmartShape Weight Loss Centres ("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 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, inter-provincial and foreign medical tourism presents a significant growth opportunity for the Company.
During the first quarter of 2014, the Company completed a significant renovation to its facility in Calgary, Alberta and is expecting to complete a renovation of its Don Mills facility in the third quarter of 2014.
In the first quarter of 2014, the Company made the decision to close its underperforming facility in Sarnia. The closure is expected to positively contribute to Adjusted EBITDA and cash flow from operations of this segment by the third quarter of 2014.
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.
Management believes overall profitability can be improved through further optimization of corporate infrastructure. The Company has multiple initiatives underway and expects to undertake additional initiatives 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, managing discretionary spend and professional fees and achieving additional tax savings.
Use of Proceeds from Strategic Divestiture of Non-Core Businesses
In the second quarter of 2014, Centric entered into definitive agreements to divest itself of its MEDIchair and Motion Specialties retail operations and its methadone pharmaceutical operations for gross proceeds of $50 million and $20 million, respectively. These transactions are expected to close during the third quarter of 2014. The Company plans to redeploy the net proceeds to both debt repayment (within the parameters of the April 2013 indenture for the Company's second lien senior secured notes) and growth opportunities, including accretive acquisitions.
Management is committed to strengthening the Company's balance sheet and reducing the Company's overall debt level. Management has established a target for total debt to Adjusted EBITDA of less than four-times over the medium term. In early 2013, the Company implemented the first phase of its debt reduction plan provided it with greater financial flexibility in the short term as it moves forward with its refocused growth strategy and begins to incrementally realize the contributions of organic growth initiatives and capital redeployment opportunities.
Moving forward, management intends to demonstrate its continued commitment by implementing the second phase of its debt reduction plan by applying a minimum of $25 million of net proceeds from the pending divestitures of non-core businesses towards debt repayment. Debt repayment will be undertaken within the parameters of the trust indenture for the Company's second lien senior secured notes as described above. As soon as is reasonably practicable following the close of both the retail home medical equipment and the methadone pharmacy transactions, the Company intends to repay $10 million of its Revolving Facility, which will permanently reduce capacity of the Facility to $40 million. As soon as is reasonably practicable following working capital adjustment processes related to the transactions (expected to be within 90 days of the latter closing), the Company intends to apply an additional $15 million to debt reduction through some combination of additional permanent reduction of the Revolving Facility, redemption of second lien senior secured notes (of which up to $10 million can be redeemed at the prevailing market price without accrued interest) and redemption of the preferred partnership units. The Company will continue to evaluate options for the potential use of some additional net proceeds from the divestiture of the non-core businesses announced in the second quarter of 2014.
The Company expects to generate additional EBITDA and free cash flow from operations through both organic and acquisitive growth, as well as additional corporate cost savings and working capital improvements. The Company will continue to evaluate additional opportunities to strengthen its balance sheet and will pursue such opportunities within the context of strategic rationale and prevailing market conditions. Such opportunities may include refinancing certain debt arrangements to achieve more favourable terms, an equity offering, subject to favorable market conditions, that could be used to further reduce debt and early conversion of its convertible debt offerings (all of which can be settled in common shares at the discretion of the Company except the loan with Jamon Investments LLC, which is a related party).
The Company expects the remainder of the net proceeds from the pending divestitures of non-core businesses announced in the second quarter of 2014 that are not applied to debt to be reinvested in growth opportunities, including accretive acquisitions that will contribute to increased EBITDA and free cash flow from operations. Acquisitions are expected to be consistent with the Company's focus on core business segments and operations that generate high margins and strong cash flow, require low capital expenditures and have low exposure to regulatory or public funding changes. The Company will seek to complete acquisitions using a structure that may be settled in a combination of cash and the issuance of common shares that are contingent on the future performance of the underlying business.
The Company intends to only undertake an acquisition or growth initiative following completion of a comprehensive analysis to ensure it is accretive to the Company within a reasonable period. Acquisitions should provide an appropriate return relative to any investments which the Company incurs to complete the acquisition and the return is expected to be in excess of the Company's risk adjusted weighted average cost of capital.
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 EBITDA is a meaningful financial metric as it assists in the ability to measure cash generated from operations. The Company's agreements with senior lenders are structured with certain financial performance covenants which includes Adjusted EBITDA as a key component of the covenant calculations. EBITDA and Adjusted EBITDA are not recognized measures under IFRS.
Reconciliation of Non-IFRS Measures
| For the three month periods
ended June 30,
| For the six month periods
ended June 30,
|(in $000)|| 2014
| 2013 3
| 2013 3
|Net loss from continuing operations||(12,884)||(14,751)||(21,647)||(12,673)|
|Depreciation and amortization||6,323||6,666||12,750||13,323|
|Amortization of lease incentives||84||(47)||103||(60)|
|Income tax expense (recovery)||2,273||(2,931)||1,850||(5,014)|
|EBITDA from continuing operations||3,965||1,505||9,496||15,062|
|Transaction and restructuring costs||646||1,419||1,646||1,722|
| Change in fair value of contingent
|Stock-based compensation expense||487||3,475||910||5,222|
| Change in fair value of derivative
| Gain on disposal of property and
| Adjusted EBITDA from continuing
|Adjusted EBITDA from discontinued operations||776||4,249||947||7,302|
| Basic weighted average number of
| Adjusted EBITDA per share from
continuing operations (basic)
|Adjusted EBITDA per share (basic)||$0.06||$0.09||$0.11||$0.15|
| Fully diluted weighted average number
| Adjusted EBITDA per share from
continuing operations (diluted)
|Adjusted EBITDA per share (diluted)||$0.04||$0.06||$0.08||$0.10|
Centric Health will host a conference call, including a slide presentation, to discuss its second quarter and year-to-date financial results tomorrow, Wednesday, August 6, 2014, at 8:30 a.m. (ET).
Telephone Dial-In Access Information
To access the conference call by telephone, dial 416-764-8688 or 1-888-390-0546. 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, August 13, 2014 at midnight. To access the archived conference call, dial 1-888-390-0541 or 416-764-8677 and enter the reservation number 358999.
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
For further information:
Chief Financial Officer
416-815-0700 ext. 257