Northstar Healthcare Inc. Announces Estimated Revenue of $15 Million for 2nd Quarter, 2014

HOUSTON, TX--(Marketwired - Jul 14, 2014) - Northstar Healthcare Inc. (TSX: NHC) today announced its revenue for the second quarter of 2014. On a consolidated basis, Northstar's estimated revenue for the second quarter was $15.1 million, an increase of $9.2 million from the 2013 second quarter revenue of $5.9 million. 

"This revenue fits within our estimates and keeps us on track to meet our annual revenue projection of $74 million," said Mr. Harry Fleming, Northstar's Chief Financial Officer. "We are particularly happy with these results since they include no material revenue from our Phoenix center as our acquisition from the bankruptcy court was delayed by three months. Additionally, we are just coming on line this month with our MRI centers in which we acquired an interest this past February. We are confident that we are well positioned as we move into the second half of the year where revenues have a natural increase due to seasonality," continued Fleming.

Northstar also announces that Mr. Douglas Samuelson will step down from the board of the company to become General Counsel. Mr. Thomas Foster, currently the company's Chief Tax Officer will resign from this position and rejoin the board to sit as the Chair of the Audit Committee. Mr. James Springfield will resign from the board concurrent with Mr. Thomas' admission.

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 three ambulatory surgery centers, two in Houston and the third in Dallas.

Forward-looking statements

This news release may contain forward-looking statements (within the meaning of applicable securities laws) relating to 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. These statements are based on the Company's expectations, estimates, forecasts and projections. 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. The Company undertakes no obligation to publicly update any such statement or to reflect new information or the occurrence of future events or circumstances.