Dec 22 2010
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.
Source:
CENTRIC HEALTH CORPORATION
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