International Health Partners Inc.

International Health Partners Inc.

May 03, 2007 14:26 ET

International Health Partners Inc.: Purchase of Shares and Altima Funding Completed

TORONTO, ONTARIO--(CCNMatthews - May 3, 2007) - International Health Partners Inc. (TSX VENTURE:DOC) ("IHP" or the "Corporation") announces that effective January 31, 2007 the Corporation purchased the shares and shareholder loan of the merged Crowfoot Clinic (1255262 Alberta Ltd.) from Altima Dental Canada Inc. ("Altima"), for the amount of $ 4,113.24 and $ 201,658.48 respectively under a promissory note. This promissory note owing to Altima for the amount of $ 205,771.72 was off-set against the debentures pertaining to the Subscription Agreement dated December 22, 2005. This reduced the amount due by Altima to IHP to $ 148,958.78.

IHP has now received the full and final payment of $ 148,958.78 from Altima with respect to the Subscription Agreement dated December 22, 2005. As per this agreement IHP agreed to issue up to $ 499,800 principal amount of convertible debentures bearing interest from the date of issue at 9% per annum. Altima now owns a convertible debenture of $ 499,800 in IHP.

International Health Partners Inc. ( ) 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.
    Dr. George Christodoulou
    President and CEO
    (416) 785-1828 (ext. 201)
    (416) 785-5561 (FAX)