Northstar Healthcare Inc. (TSX:NHC) has entered into a private placement agreement with Dr. Kenneth M. Alo, a recognized leader in interventional pain management who has built a worldwide reputation developing minimally invasive procedures for the treatment of pain. Alo also serves as a medical director of North American Spine, a subsidiary of Athas Health LLC.
Additionally, Northstar has entered into a relationship North America Spine. North American Spine is a patient advocacy and marketing company which partners with world-class physicians and facilities to assist patients in finding solutions to their chronic back or neck pain.
"I am delighted to be collaborating with the relationships that Dr. Alo has developed with North American Spine," says Northstar's CEO Dr. Donald Kramer. "Dr. Alo's vision for minimally invasive spine surgery is a leading trend in outpatient surgery and the technology that he and North American Spine are offering patients is something that we hope to adopt throughout Northstar's centers. Dr. Alo's substantial equity purchase demonstrates his commitment to Palladium for Surgery -Houston, LLP and its general partner, Northstar Healthcare," Kramer states. "Our relationship with North American Spine creates excellent synergy between operational, clinical and marketing know-how which will positively impact revenues."
"We are very excited about our new relationship with Northstar," shares Chris Lloyd, CEO of North American Spine. "Northstar's commitment to partnering with world-class physicians couples perfectly with our mission to assist patients in finding the most effective and conservative treatments provided by innovative and patient-centric spine care professionals".
Pending the approval of the Toronto Stock Exchange, Alo will purchase 2,000,000 Northstar common shares at a price of Cdn $0.20 per share, for a total purchase price of Cdn $405,600.00 (US$400,000.00). Upon the placement's completion there will be 35,385,368 issued and outstanding Northstar common shares.
Northstar partners with physicians in the ownership and management of ambulatory facilities and healthcare services. It owns and manages interests in three ambulatory surgery centers, two in Houston and the third in Dallas.
