International Health Partners Inc.
TSX VENTURE : IHP

International Health Partners Inc.

January 18, 2006 11:06 ET

International Health Partners Inc. Completes Private Placement

CALGARY, ALBERTA--(CCNMatthews - Jan. 18, 2006) - International Health Partners Inc. (TSX VENTURE:IHP) ("IHP" or the "Corporation") is please to announce the completion of a private placement of a convertible debenture (the "Debenture") in the amount of $100,000 with Altima Dental Canada Inc. ("Altima"). The Debenture bears interest at 9% per annum and is payable upon demand. The Debenture is convertible into common shares of the Corporation at a price of $0.0595 per share at the option of the holder. IHP has the option to force conversion of the Debenture by the holder at any time after June 1, 2006. Altima has the option to acquire an additional $399,800 principal amount of debentures on the same terms. The Debenture and common shares issuable upon the conversion thereof are subject to a 4-month hold period.

Following its purchase of the Debenture, Altima of 1 Yorkdale Road, Suite 320, Toronto, Ontario M6A 3A1, now directly and beneficially owns the Debenture and no other securities of the Corporation. Assuming the conversion of the Debenture, Altima would directly own 1,680,672 common shares, representing approximately 30.9% of the common shares issued and outstanding following such conversion. If Altima purchases the additional $399,800 principal amount of debentures and converts all debentures into shares, Altima would directly own 8,400,000 common shares representing approximately 69.1% of the common shares that would be issued and outstanding following such conversion. The securities acquired by Altima are for investment purposes and Altima and its associates and affiliates may in the future take such actions in respect of their holdings as they deem appropriate in light of the circumstances then existing; including the purchase of additional securities through open market purchases, participation in private placements or public offerings of the Corporation, privately negotiated transactions, or the sale of all or a portion of their holdings in the open market or in privately negotiated transactions to one or more purchasers.

International Health Partners Inc. (www.ihp.ca) is a medical and dental "Practice Management Company" in the business of evaluating and consolidating medical and dental facilities. The Corporation operates a chain of modern health facilities that provide primary medical and dental services in the Province of Alberta.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • International Health Partners Inc.
    Kevin Blanchette
    President and CEO
    (403) 264-7664
    (403) 264-7640 (FAX)
    Email: investor@ihp.ca
    Website: www.ihp.ca