CONCORD, ON, May 21 /CNW/ - Futuremed Healthcare Income Fund (the "Fund") (TSX:FMD.UN) is pleased to announce that on May 20, 2010, it received a final order from the Ontario Superior Court of Justice approving the plan of arrangement under Section 182 of the Business Corporations Act (Ontario) for the proposed conversion of the Fund into Futuremed Healthcare Products Corporation, a corporate entity.
The conversion remains subject to certain conditions and approvals. Management anticipates that the conversion will take effect on December 31, 2010.
The common shares of Futuremed Corporation have been conditionally approved for trading on the Toronto Stock Exchange under the symbol "FMD".
Futuremed is Canada's leading value-added distributor of consumable nursing home supplies and specialized furniture and equipment to the growing long-term care facilities sector.
Certain statements in this press release, including, in particular, statements regarding the proposed conversion may constitute "forward-looking" statements under applicable Canadian securities laws. When used in this press release, such statements use words, including but not limited to, "may", "will", "expect", "believe", "plan", "intend", "anticipate", "future" and other similar terminology. These forward-looking statements reflect the current expectations of the Fund's management regarding future events and operating performance, but involve known and unknown risks, uncertainties and other factors which may cause actual outcomes to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual events could differ materially from those projected herein and depend on a number of factors. These factors include, but are not limited to, the Fund's inability to obtain required consents, permits or approvals, including the final approval of the Toronto Stock Exchange. There can be no assurance that the conversion will be completed on the terms described in this press release or at all. In addition, there are numerous risks associated with an investment in units of the Fund and the Fund's structure, which are described in the "Risks Related to the Business and Industry" and "Risks Related to the Structure of the Fund" sections in the Fund's management's discussion and analysis of financial condition and results of operations dated March 9, 2010, in the "Risk Factors" section of the Fund's annual information form dated March 31, 2010, in the "Risk Factors" section of the Fund's management information circular dated April 13, 2010 and in the Fund's other public filings on SEDAR at www.sedar.com. Material factors or assumptions that were applied to drawing a conclusion or making an estimate set out in the forward-looking information include but are not limited to the Fund obtaining the required consents, permits and approvals required for the conversion and the successful completion of the proposed conversion. Although forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements.
The forward-looking statements in this press release speak only as of the date of this press release. Except as required by applicable securities laws, the Fund does not undertake, and specifically disclaims, any obligation to update or revise any forward looking information, whether as a result of new information, future developments or otherwise, except as required by applicable law.
SOURCE FUTUREMED HEALTHCARE INCOME FUND
For further information: For further information: Daniel Sacks, Chief Financial Officer, (905) 761-0068, ext. 2222, Toll-free investor relations: 1-800-387-7025, www.futuremed.ca