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MONTREAL, June 3, 2013 /CNW Telbec/ - OPMEDIC GROUP Inc. ("OPMEDIC Group") (TSX: OMG), a healthcare-related company in fertility, laboratories and surgeries providing services and facilities to patients and surgeons, announces that it has agreed to sell the land and building of the South Shore medical center.
The South Shore medical center is owned by 4531582 Canada Inc., a corporation in which OPMEDIC Group owns 50% of the voting and economic interest with the remaining 50% being held, directly or indirectly, by health professionals dealing at arm's length with the company. This real property is located outside of OPMEDIC Group's core operating areas and its sale will not affect the company's operations. OPMEDIC Group will continue to operate its endoscopic facilities and fertility clinic located in the South Shore medical center under its current lease having an initial term ending in October 2021.
Net cash proceeds for OPMEDIC Group from this divestiture of non-core real property assets will be approximately $1.3 million. OPMEDIC Group intends to use to net cash proceeds from this sale for general corporate purposes.
OPMEDIC Group's President and CEO, Dr. Pierre St-Michel, commented, "I am pleased to announce this non-core asset sale, which will further streamline the company's operations and allow management to focus more attention on growth opportunities, including growth opportunities in the private healthcare and medical sector outside the Province of Québec."
About OPMEDIC GROUP
OPMEDIC GROUP is a company incorporated under the laws of the Province of Quebec which provides healthcare-related services including surgical and endoscopic facilities and services to patients and surgeons (with its OPMEDIC division), fertility treatments, medical imaging, laboratory services and diagnostic procedures (with its PROCREA Cliniques division and a joint venture 7667264 Canada Inc.) and sperm banking services (with its PROCREA Cryopreservation Centre subsidiary). OPMEDIC GROUP's Common Shares trade on the Toronto Stock Exchange under the symbol "OMG".
This news release does not constitute an offer to sell or to solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. This news release contains certain forward-looking statements that reflect the current views and/or expectations of OPMEDIC GROUP with respect to its performance, business and future events. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.
The Content of this press release has not been approved by nor submitted to the TSX which assumes no liability therefore.
SOURCE: OPMEDIC GROUP INC.
For further information:
Vice President Finance and Chief Financial Officer
(514) 345-8535, x 2260