HOUSTON, TX, Jan. 31, 2012 /CNW/ - Northstar Healthcare Inc. (TSX:NHC) today announced that it has entered into a private placement agreement with Kenneth M. Alo, M.D. Dr. Alo is a recognized leader in interventional pain management who has built a worldwide reputation developing minimally invasive procedures for the treatment of pain. Dr. Alo also serves as a Medical Director of North American Spine, a subsidiary of Athas Health LLC.
Northstar has entered into a relationship North America Spine. North American Spine is a leading patient advocacy and marketing company which partners with world-class physicians and facilities to assist patients in finding solutions to their chronic back or neck pain.
"I am delighted to be collaborating with the relationships that Dr. Alo has developed with North American Spine," said Dr. Kramer. "Dr. Alo's vision for minimally invasive spine surgery is a leading trend in outpatient surgery and the technology that he and North American Spine are offering patients is something that we hope to adopt throughout Northstar's centers. Dr. Alo's substantial equity purchase demonstrates his commitment to Palladium for Surgery -Houston, LLP and its General Partner, Northstar Healthcare," said Dr. Kramer. "Our relationship with North American Spine creates excellent synergy between operational, clinical and marketing know-how which will positively impact revenues."
"We are very excited about our new relationship with Northstar," said Chris Lloyd, CEO of North American Spine. "Northstar's commitment to partnering with world-class physicians couples perfectly with our mission to assist patients in finding the most effective and conservative treatments provided by innovative and patient-centric spine care professionals".
Pending the approval of the Toronto Stock Exchange, Dr. Alo will purchase 2,000,000 Northstar common shares at a price of Cdn $0.20 per share, for a total purchase price of Cdn $405,600.00 (US$400,000.00). Upon the placement's completion there will be 35,385,368 issued and outstanding Northstar common shares.
About Northstar Healthcare Inc.
Northstar partners with physicians in the ownership and management of ambulatory facilities and healthcare services. Northstar owns and manages interests in three ambulatory surgery centers, two in Houston and the third in Dallas.
This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to business of Northstar Healthcare Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. These statements are based on the Company's expectations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's web site at www.Northstar-Healthcare.com or at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.
For further information:
Tel: (713) 355-8614
E-mail: [email protected]