SOURCE: Northstar Healthcare Inc.

Northstar Healthcare Inc.

January 21, 2014 07:00 ET

Northstar Healthcare Acquiring Ownership Interests in 2 Imaging Centers and 1 Urgent Care Clinic

HOUSTON, TX--(Marketwired - Jan 21, 2014) - Northstar Healthcare Inc. (TSX: NHC) today announced that it has closed an acquisition of ownership interests in two imaging centers and one urgent care clinic in Houston, for a total purchase price of US$1.4 million. The purchase price is comprised of US$0.9 million in cash and 431,711 shares of NHC stock representing a combined value of US$1.4 million based on the five day weighted average stock price ending on January 13, 2014.

"Northstar is excited to work with the 19 physician partners in these facilities," stated Dr. Donald Kramer, Northstar Healthcare's CEO. "We believe this presents a great opportunity for Northstar to provide its core services to the patients of these physicians."

"This additional network of ancillary services will help Northstar diversify our revenue streams," said Harry Fleming, Northstar Healthcare's CFO. "We continue to look for innovative ways to create a unique revenue generation platform in the healthcare industry."

The acquisition was effected through Northstar's newly created subsidiary Northstar Healthcare Northwest Management, LLC by way of a direct purchase in Spring Northwest Management, LLC, Spring Northwest Operating, LLC and Willowbrook Imaging, LLC and a minority interest in KIRPA Holdings, LLC and GRIP Medical Diagnostics, LLC.

About Northstar Healthcare Inc.

Northstar partners with physicians in the ownership and management of ambulatory facilities and healthcare services. Northstar owns and manages interests in four ambulatory surgery centers, two in Houston, one in Dallas, and the fourth in Scottsdale, Arizona.

Forward-looking statements

This news release contains forward-looking statements (within the meaning of applicable securities laws) and financial outlooks relating to the business of Northstar Healthcare Inc. (the "Company") and the environment in which it operates. Forward-looking statements are identified by words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions and may discuss future expectations, contain projections of future results of operations or of financial condition, or state other forward-looking information. These statements are based on the Company's expectations, estimates, forecasts and projections and while the Company considers these to be reasonable based on information currently available, they may prove to be incorrect. They are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. These risks and uncertainties are discussed in the Company's regulatory filings available on the Company's web site at www.Northstar-Healthcare.com or at www.sedar.com. There can be no assurance that forward-looking statements will prove to be accurate as actual outcomes and results may differ materially from those expressed in these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements. Further, a forward-looking statement speaks only as of the date on which such statement is made. Other than as required by law, the Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.

Contact Information

  • For more information, contact:
    Harry Fleming
    Chief Financial Officer
    Tel: (713) 840-5157
    E-mail: Email Contact