BRAMPTON, ON and KELOWNA, BC, Oct. 13, 2016 /CNW/ - Loblaw Companies Limited (TSX:L) ("Loblaw") and QHR Corporation (TSXV:QHR) ("QHR") today announced that Loblaw, through its wholly-owned subsidiary, Shoppers Drug Mart Inc. ("SDMI"), has completed its acquisition of all of the issued and outstanding common shares of QHR for $3.10 in cash per share by way of a plan of arrangement under section 192 of the Canada Business Corporations Act (the "Arrangement"). As a result of the Arrangement, QHR is now a wholly-owned subsidiary of SDMI.
With the completion of the Arrangement, QHR's common shares are expected to cease trading and be de-listed from the TSX Venture Exchange following the close of trading on October 13, 2016.
About Loblaw Companies Limited: With more than 2,400 independent and corporate-owned grocery stores and pharmacies, Loblaw is a Canadian retail leader, dedicated to advancing the health and wellness of Canadians. Its company purpose – Live Life Well – is supported by its 5,000 healthcare professionals, including pharmacists, opticians, dietitians, and nurses, offering a range of services like prescriptions, med checks, flu shots, minor-ailment diagnoses, and nutrition consultations. Each week, 17 million Canadians interact with Loblaw in stores or online.
About QHR: QHR is a leader in healthcare technology, empowering providers and connecting patients. With a 12-year track record offering what is now the single leading electronic medical records platform in Canada, QHR has a suite of complementary offerings that empower health professionals. The company's technologies and services enable secure medical records management for clinical environments, empowering health providers with tools for virtual care, including secure video and messaging, as well as tools for clinic management including scheduling, billing, and patient management. Health providers choose QHR to drive efficiencies within their practice and improve the quality of care delivered to patients.
This news release contains forward-looking statements about the proposed acquisition by Loblaw of all of the outstanding common shares of QHR. Forward-looking statements are typically identified by words such as "expect", "anticipate", "believe", "foresee", "could", "estimate", "goal", "intend", "plan", "seek", "strive", "will", "may" and "should" and similar expressions.
Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect Loblaw's and QHR's expectations only as of the date of this news release. Loblaw and QHR disclaim any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.
SOURCE Loblaw Companies Limited