Centric Health Closes Sale of Grande Prairie Retail Pharmacy

Jun 24, 2019
8:00am

TORONTO, June 24, 2019 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), one of Canada's leading healthcare services companies, announced today that it has divested its retail pharmacy location in Grande Prairie, Alberta.

The total purchase price for the sale was $2.0 million, plus the value of inventory at closing. The Company intends to utilize the net proceeds from the sale towards repaying a portion of its outstanding credit facilities and for working capital purposes.

"The divestiture of our Grande Prairie retail pharmacy represents another step in our deleveraging efforts and better positions us to execute on our new strategic direction of establishing Centric Health as the leading provider of pharmacy and other healthcare services to Canadian seniors," said David Murphy, President and Chief Executive Officer of Centric Health.

ABOUT CENTRIC HEALTH

Centric Health's vision is to be the leading provider of pharmacy and other healthcare services to Canadian seniors. The Company is one of Canada's leading, and most trusted providers of comprehensive Specialty Pharmacy services and solutions to seniors. We operate a large national network of pharmacy fulfilment centres that deliver high-volume solutions for the cost-effective supply of chronic medication and other specialty clinical pharmacy services, serving more than 31,000 residents in over 450 seniors communities (long-term care, retirement homes, and assisted living facilities) nationally.

With services that address the growing demand within the Canadian healthcare system, Centric Health's unparalleled national care delivery platform provides significant potential for future expansion and growth.

FORWARD-LOOKING STATEMENTS

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation.  These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events, including the expected use of proceeds. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from.

SOURCE Centric Health Corporation

For further information: David Murphy, President and Chief Executive Officer, Centric Health Corporation, 416-927-8400; Andrew Mok, Interim Chief Financial Officer, Centric Health Corporation, 416-927-8400