BRAMPTON, ON and KELOWNA, BC, Oct. 11, 2016 /CNW/ - Loblaw Companies Limited (TSX:L) ("Loblaw") and QHR Corporation (TSXV:QHR) ("QHR") today announced that the Supreme Court of British Columbia has issued a final order approving the previously announced transaction pursuant to which Loblaw, through its wholly-owned subsidiary, Shoppers Drug Mart Inc., will acquire all of the issued and outstanding common shares of QHR by way of a plan of arrangement under section 192 of the Canada Business Corporations Act (the "Arrangement").
Completion of the Arrangement remains conditional on certain closing conditions customary in transactions of this nature. Subject to the satisfaction or waiver of all conditions precedent to the Arrangement, it is anticipated that the Arrangement will be completed in October 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.
This news release contains forward-looking statements concerning the expected completion date of the Arrangement. There can be no assurance that the Arrangement will occur or that the anticipated strategic benefits will be realized. The Arrangement is subject to the fulfillment of certain conditions, and there can be no assurance that any such conditions will be met. The Arrangement could be modified, restricted or terminated.
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