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CENTRIC HEALTH REPORTS ACQUISITION SUBJECT TO COURT APPROVAL

^{Published on 2010-12-22 04:11:28 - Market Wire}
 

TORONTO, Dec. 22 /CNW/ - Centric Health Corporation ("Centric Health") (TSX: CHH), Canada's leading diversified healthcare services company, today announced that it has entered into an agreement ("APA") to acquire certain assets of Dedicated National Pharmacies Inc., Methadrug Clinic Limited and Union Medical Pharmacy Inc. ("DNPI Group") from the court-appointed receiver of the DNPI Group, Grant Thornton Limited (the "Receiver").  

The terms of the APA are to be kept confidential pending closing. The closing of the transaction is contingent upon the Receiver obtaining an order from the Ontario Superior Court of Justice ("Court") approving the transaction and vesting the purchased assets in Centric Health. The Receiver has served materials in support of its motion for Court approval in which it has identified Centric Health as the purchaser.  

The motion for Court approval of the transaction is presently scheduled to be heard by the Court on January 12, 2011. In addition to approval of the transaction and vesting of the purchased assets in Centric Health, the Receiver has requested that the Court order that details of the transaction be kept confidential pending closing and that confidential information filed by the Receiver be sealed in the Court file until that time.  There can be no assurance that Court approval will be obtained.  If Court approval is obtained, Centric Health will provide a further update.

About Centric Health
Centric Health's vision is to be Canada's premier healthcare company, providing innovative solutions centered on patients and healthcare professionals. As a diversified healthcare company with investments in several niche service areas, Centric Health currently has operations in medical assessments, disability and rehabilitation management, physiotherapy and hospital services and wellness and prevention. With knowledge and experience of healthcare delivery in international markets and extensive and trusted relationships with payers, physicians, and government agencies, Centric Health is pursuing expansion opportunities into other healthcare sectors to create value for all stakeholders with an unwavering commitment to the highest quality of care. Centric Health is listed on the TSX under the symbol CHH. For further information, please visit [ www.centrichealth.ca ]. Centric Health's strategic advisor is Global Healthcare Investments & Solutions, Inc. ([ www.ghis.us ]). GHIS and entities controlled by shareholders of GHIS are currently the majority shareholders of Centric Health.

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation.  These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from.