HOUSTON, TX, Nov. 20, 2012 /CNW/ - Northstar Healthcare Inc.'s management feels it is appropriate to further clarify the details of TSX's review of Northstar's compliance with TSX Continued Listing Requirements and to inform the public of Northstar's anticipated response to TSX's review. Earlier this month the Toronto Stock Exchange (the "TSX") announced that it had automatically initiated a Remedial Review Process per TSX Company Manual's 7.12(b) because the Market Value of publicly held Northstar securities fell below $2.0 million (CAD) for thirty consecutive days. Under the Remedial Review Process TSX has granted Northstar 120 days to comply with TSX Continued Listing Requirement. A hearing before the Continued Listing Committee of TSX is scheduled for February 28, 2013.
Northstar's management intends to maintain its current listing on TSX and will work with TSX throughout the Remedial Review Process. Management remains focused on current operations and future business plans as it believes that continued profitability during the Review will increase the likelihood of Northstar's compliance with Company Manual Section 7.12(b). However, Northstar cannot guarantee that it will be able to achieve compliance with all TSX listing requirements within the 120-day review period. If Northstar is ultimately unable to maintain its current listing on TSX, it may explore an alternate listing, possibly on the Venture Exchange or NEX.
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.
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.
SOURCE Northstar Healthcare Inc.