YFMC Healthcare expanding in Alberta
YFMC Healthcare Inc YFM
Shares issued 10,078,000 Jun 24 close $0.34
Mon 28 Jun 99 News Release
Mr. Donald Wilson reports
YFMC Healthcare has completed numerous acquisitions of medical centres and
created a health care partnership in the province of Alberta.
Purchase of medical centres
YFMC has recently completed the purchase of three medical centres in the
province of Alberta. The first two medical centres, both in the city of
Calgary, operate under the names of McKnight Village Medical Centre and
Martindale Medical Centre. These two medical centres, which have been
operating for many years, will establish YFMC's presence in Alberta's
economic hub. The third purchase is in the city of Edmonton and operates
under the name West Edmonton Mall Medical Centre. It is located in the West
Edmonton Mall, a major destination for visitors and native Edmontonians.
The mall, which includes numerous retail stores, a hotel, ice rink,
amusement centre and an operating submarine, has over 10,000 people working
in the complex seven days a week. Management expects that these three
medical centres will generate gross revenues in excess of $1,350,000.
New health care partnership
Dr. Donald Wilson and Fred Johnston, president of Equity Office
Condominiums, announce that YFMC will operate the new primary care clinics
in seven Calgary-based health centres currently being developed by Equity.
The announcement was made during an event to celebrate the construction of
the first facility, Douglasdale Health Centre.
Mr. Ed Belanger, vice-president of YFMC stated, "Our clinics are unique
because they offer extended hour medical care in a family practice setting.
That means patients who require immediate care can be helped by their
family doctor close to home."
The primary care clinics will provide patients with extended hours medical
care in a family practice setting. The appointment-based family practice
will also provide immediate care treatment for acute illness and minor
emergencies. The clinic will operate extended hours seven days a week.
"We're pleased to be working with YFMC to uniquely meet the needs of
families and health providers in Calgary," stated Mr. Johnston. "Both
doctors and patients will benefit from having a variety of health care
services, specialists, and a clinic all under one roof."
Equity plans to build six more health centres over the next three years in
Arbour Lake, Sundance, Country Hills, Westhills, east Calgary and downtown.
Other major centres throughout the province are being considered for
similar facilities.
As previously announced in Stockwatch June 22, 1999, YFMC expects to merge
its operations with Med-Emerg International, Inc. (MEII), a publicly listed
company on Nasdaq, specializing in the co-ordination and delivery of
emergency and primary health care related services in Canada. By merging
both YFMC and MEII, management believes that it will create a larger
platform for growth, achieving significant synergies, savings and benefits.
The combined YFMC-MEII operations will include over 30 medical facilities
with total revenues in excess of $28-million. The transaction, subject to
the requisite due diligence, regulatory approval, and a definitive
agreement, is scheduled to be completed in mid-August 1999. An information
circular describing the terms of the proposed merger is currently being
prepared and shall be forwarded to the shareholders shortly. |
