TORONTO, Aug. 15, 2011 /CNW/ - With reference to the press release dated June 27, 2011, Centric Health Corporation ("Centric Health") (TSX: CHH), Canada's leading diversified healthcare company, today announced that all of the required Court approvals and closing conditions have been satisfied, and it has completed the acquisition of certain assets from the Receiver of Dedicated National Pharmacies Inc., Methadrug Clinic Limited and Union Medical Pharmacy Inc. ("DNPI Group").  The assets acquired include a network of 10 specialty pharmacies servicing 33 treatment centres across Ontario which provide access to appropriate treatment and care for patients undergoing Methadone Maintenance Treatment (MMT).

The total consideration paid for the DNPI Group assets is $9.7 million which is comprised of $9.24 million in cash and 200,000 Centric Health common shares.  The Company expects the acquisition to generate revenue of approximately $19 million with EBITDA of approximately $3.0 million over the next 12 months.

There have been significant increases in the demand for MMT across Canada in recent years, and Health Canada estimates that there are as many as 120,000 people with some form of opiate addiction.  In Ontario, it is estimated that there are approximately 30,000 patients currently receiving MMT.  The provision of MMT in Canada is highly fragmented and wait times for patients can be long.

"The acquisition of DNPI represents a key growth opportunity for our specialty pharmacy division as we look to expand these specialized services into other provinces," said Daniel Carriere, CEO of Centric Health Corporation.  "We are committed to providing the best possible standard of care for all patients requiring Methadone Maintenance Treatment through a treatment program that has helped thousands of people worldwide."

About DNPI
DNPI is a network of specialty pharmacies with multiple locations across Ontario serving over 4,000 patients annually.  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, surgical and medical centres, homecare, home medical equipment, 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 / www.lifemark.ca / www.medichair.com. 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.

⁽¹⁾The Company defines EBITDA as earnings before interest expenses, income taxes, and amortization and excludes stock-based compensation expense. EBITDA is not a recognized measure under IFRS. Management believes that EBITDA is a useful financial metric as it assists in determining the ability to generate cash from operations. Investors should be cautioned that EBITDA should not be construed as an alternative to net income as determined in accordance with IFRS.