VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 18, 2011) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Premier Diagnostic Health Services Inc. ("PDH") (CNSX:PDH) is very pleased to announce the signing of a Letter of Intent with Chang'an Industry Group, owner of Jiangling Hospital in Chongqing, China, building on the previously announced Memorandum of Understanding with Chang'an Industry Group.
The Letter of Intent defines in broad terms the intended structure for a joint venture partnership between Chang'an, Jiangling Hospital employees, and Premier, by which to deliver the Hospital's Master Plan for expansion, infrastructure improvement, and future management.
Chang'an plans to transfer its current ownership of Hospital land and buildings to the new joint venture partnership, proposed to be owned 50% to 55% by Premier, 35% to 42% by Chang'an, and 8% to 10% by Hospital management and staff.
The tentative launch date for major new construction and build-out is June 2012, with the total project expected to take up to three years to complete at a cost of approximately RMB200,000,000. On successful completion, this project could significantly deepen and broaden Premier's commitment to, and participation in, the health care delivery industry in China.
"During the frank and open discussions and deliberations leading to signing this Letter of Intent, Premier and its future partners developed a rapport and mutual respect that should serve us all well in the coming years of collaboration. It is a rare honour to work with partners who enjoy the high values, depth of technical skills, and business capabilities demonstrated by Chang'an Industries and Jiangling Hospital," said Denis Tusar, President and CEO of PDH.
Please visit the company's website www.premierdiagnostics.ca, or you can contact us at 604-678-9115 for more information.
Except for historical information contained herein, this news release contains forward-looking statements that involve risks and uncertainties. Actual results may differ materially. More detailed information about potential factors that could affect financial results is included in the documents filed from time to time with the Canadian securities regulatory authorities by Premier.
About Chang'an Industry Group
Chang'an Industry Group is the top backbone enterprise of China State-Owned Assets Supervision and Administration Commission. Please visit www.globalchana.com for more information.
About Jiangling Hospital in Chongqing
Jiangling Hospital has proudly served the community of Chongqing for over forty years as a highly respected Level 2 hospital. With the rapid growth in the immediate population and the increasing value placed on more and better health care, the Hospital and its J.V. partners plan to build a new, 950-bed hospital tower on the site to meet both current and future needs.
About Premier Diagnostic Health Services Inc. ("PDH")
Premier designs, builds, finances, and manages diagnostic clinics, such as PET-CT and MRI facilities in Canada and abroad. From our "Concept Centre" in Burnaby BC Canada, we offer partnerships in Joint Ventures to hospitals seeking enhancement of their existing diagnostic facilities and patient services. We model our activities on our PDH designed joint venture MRI clinic at the No. 3 Military Police Hospital in Beijing, PRC and our PET-CT cancer imaging clinic in our Burnaby head office.
The Canadian National Stock Exchange has neither approved nor disapproved the contents of this press release.