TORONTO, April 23 /CNW/ - Medical Facilities Corporation ("Medical
Facilities" or the "Company") (TSX: DR.UN), announced today that the Toronto
Stock Exchange (the "TSX") has approved its notice of intention to make a
normal course issuer bid for up to 1,420,049 of its Income Participating
Securities ("IPS units"), or approximately 5% of its 28,400,975 outstanding
IPS units as of April 8, 2009. The Company may purchase IPS units at
prevailing market prices during the period from April 25, 2009 to April 24,
2010. Purchases will be made at market prices in accordance with the rules and
policies of the TSX. In accordance with the rules of the TSX, and excluding
other block purchase exceptions, the maximum daily purchase on the TSX under
this bid will be 12,172 IPS units, representing 25% of the average daily
traded volume for the Company's IPS units, net of issuer bid purchases for the
six months ending March 31, 2009. All IPS units purchased by Medical
Facilities under the normal course issuer bid will be cancelled.
During the period of April 25, 2008 to April 1, 2009, the Company
purchased 699,700 IPS units under a prior normal course issuer bid, for an
aggregate consideration of Cdn $5,071,348.
Medical Facilities believes that from time to time, the market price of
its IPS units may not reflect their underlying value and that the purchase of
its IPS units may represent an appropriate and desirable use of Company funds.
Medical Facilities intends to fund the purchases out of available cash.
About Medical Facilities
Medical Facilities owns controlling interests in four specialty surgical
hospitals, located in South Dakota and Oklahoma, as well as two ambulatory
surgery centers in California. The specialty hospitals perform scheduled
surgical, imaging and diagnostic procedures and derive their revenue from the
fees charged for the use of their facilities. The ambulatory surgery centers
specialize in outpatient surgical procedures, with patient stays of less than
24 hours. Medical Facilities is structured so that a majority of its free cash
flow from operations is distributed to holders of its IPS units, of which a
portion is interest on subordinated debt and a portion is dividend. For more
information, please visit www.medicalfacilitiescorp.ca.
For further information:
For further information: Michael Salter, Chief Financial Officer,
Medical Facilities Corp., (416) 848-7980 or 1-877-402-7162; Bruce Wigle or
Adriana Braczek, Investor Relations, The Equicom Group Inc., (416) 815-0700
ext. 228 or 1-800-385-5451 ext. 228 or 240, Email: firstname.lastname@example.org or