TORONTO, June 27, 2011 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), Canada's leading diversified healthcare company, today announced that it has entered into a definitive asset purchase agreement ("APA") through a wholly owned subsidiary to acquire certain assets of Dedicated National Pharmacies Inc., Methadrug Clinic Limited and Union Medical Pharmacy Inc. ("DNPI Group") from the court-appointed receiver of the DNPI Group, Grant Thornton Limited (the "Receiver").  The assets to be acquired include a network of 10 specialty pharmacies servicing 33 treatment centers across Ontario which provide access to appropriate treatment and care for patients undergoing Methadone Maintenance Treatment (MMT).   The terms of the APA are to be kept confidential pending closing.  The closing of the transaction is subject to Court and TSX approval. If all the closing conditions are satisfied, the closing is expected to occur in July 2011.

In a press release dated December 22, 2010, the Company announced its intention to acquire DNPI Group subject to Court approval.  In a press release dated March 4, 2011, the Company announced that it had terminated discussions to acquire DNPI Group from the Receiver.  Thereafter, discussions resumed and Centric Health has since renegotiated the terms of the transaction with key stakeholders. The closing of the transaction is contingent upon obtaining a vesting order from the Ontario Superior Court of Justice ("Court") approving the transaction and vesting the purchased assets in the purchasers subsidiary.

It is currently contemplated that the motion for court approval will be heard by the Court in July 2011.  In addition to approval of the transaction and vesting of the purchased assets, the Receiver has requested that the Court order that details of the transaction be kept confidential pending closing and that confidential information filed by the Receiver be sealed in the Court file until that time. If Court approval is obtained, Centric Health will provide a further update.

"We believe the acquisition of DNPI is an excellent addition to our specialty pharmacy division and represents a key growth opportunity for Centric Health as we look to expand these services into other provinces," said Daniel Carriere, CEO of Centric Health Corporation. "This form of treatment is an opportunity to provide an important component of medical and public healthcare that has helped thousands of people worldwide.  We are committed to working within the National Regulatory Framework for Methadone treatment in collaboration with qualified healthcare practitioners, to provide the best possible standard of care for all patients."

About DNPI
DNPI is a network of specialty pharmacies with multiple locations across Ontario.  The Pharmacies provide appropriate and high quality care to patients undergoing Methadone Maintenance Treatment.  DNPI's services are delivered through its network of pharmacists in collaboration with highly skilled health care practitioners.

About Centric Health
Centric Health's vision is to be Canada's premier healthcare company, providing innovative solutions centered on patients and healthcare professionals. As a diversified healthcare company with investments in several niche service areas, Centric Health currently has operations in medical assessments, disability and rehabilitation management, physiotherapy and surgical centres, homecare, specialty pharmacy and wellness and prevention. With knowledge and experience of healthcare delivery in international markets and extensive and trusted relationships with payers, physicians, and government agencies, Centric Health is pursuing expansion opportunities into other healthcare sectors to create value for all stakeholders with an unwavering commitment to the highest quality of care. Centric Health is listed on the TSX under the symbol CHH. For further information, please visit www.centrichealth.ca. Centric Health's strategic advisor is Global Healthcare Investments & Solutions, Inc. ("GHIS") (www.ghis.us). GHIS and entities controlled by shareholders of GHIS are currently the largest shareholders of Centric Health.

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 completion of the transaction referred to herein, business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. 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.