International Health Partners Inc.

International Health Partners Inc.

November 17, 2006 17:17 ET

International Health Partners Inc.: Sale of Airdrie Dental Clinic Completed

TORONTO, ONTARIO--(CCNMatthews - Nov. 17, 2006) - International Health Partners Inc. (TSX VENTURE:DOC) ("IHP" or the "Corporation") announces that the Corporation has completed a settlement involving the sale of the BrightSmile Dental Centre Airdrie clinic located in Calgary, Alberta. The BrightSmile Dental Centre Airdrie was a clinic purchased by IHP in fiscal 2004. As a result of the parties inability to consummate the business relationship and work collectively under the related agreements that governed the transaction, clinic operations were wound down in the third quarter of fiscal 2005. Settlement discussions were first initiated in October 2004.

The settlement amount was $ 680,000 consisting of the following:

(1) the assumption by the purchaser of $ 500,000 of debt owed by IHP under a Debenture Agreement dated January 23, 2004;

(2) the payment by the purchaser of $ 294,573.31 to an (arm's length equipment finance company) ("FinanceCo") for the purpose of retiring debt owed by IHP to FinanceCo;

(3) the settlement was offset by $ 22,501.37 to IHP for patient accounts receivables that were initially assumed by the purchaser;

(4) the settlement was offset by $ 47,002.26 which represented the repayment of interest payments made by IHP to FinanceCo. on behalf of the purchaser and

(5) the payment by IHP to the purchaser in the amount of $ 45,069.50 to complete the settlement.

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)