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Northstar Healthcare Winning Bidder for Surgery Center in Upscale Phoenix Suburb

12/12/2013 | 06:59pm US/Eastern
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HOUSTON, TX--(Marketwired - Dec 12, 2013) - Northstar Healthcare Inc. (TSX: NHC) today announced that it was the winning bidder to acquire the former Brown Hand Center outpatient surgery center near Phoenix, Arizona. Northstar's successful bid was $460,000. The surgery center has four operating rooms and 27,000 square feet of surgical, clinical and office space. The center is located in the upscale town of Scottsdale, Arizona, a suburb of Phoenix, Arizona. The acquisition is subject to the approval of the Bankruptcy court in the Southern District of Texas. A hearing is set for December 18th for the Bankruptcy court judge to sign the order submitted by the Bankruptcy Trustee to approve this transaction, with Northstar's final payment due on or about December 23rd.

Northstar also bid for the assets of the former Brown Hand Center outpatient surgery center in Dallas. The winning bid for those assets was over $1,500,000. "While we had the ability to exceed the winning bid on the Dallas assets, we knew the auction price far exceeded the center's actual value and therefore we passed on the center," said Harry Fleming, Northstar's CFO. 

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.

Forward-looking statements

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.


© Marketwired 2013
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