Futuremed Announces New $1.4 Million Contract
Futuremed Healthcare Income Fund (TSX: FMD.UN) (“Futuremed” or the “Fund”) announced today that it had been awarded a new $1.4 million contract by the Saskatoon Health Region to supply and install the Fund’s specialized furniture and equipment at certain long-term care facilities in Saskatchewan. The contract will be completed in August 2008.
“We are very pleased to have been awarded this contract through a competitive bid process,” commented Raymond Stone, Futuremed’s President and Chief Executive Officer. “While we have demonstrated that our recurring consumable nursing supplies revenues can support our cash distributions on an annual basis, our furniture and equipment business will continue to strengthen our cash flows and our ability to enhance Unitholder value over the long term.”
About Futuremed Healthcare Income Fund
Futuremed Healthcare Income Fund, through its operating entities, is Canada’s leading value-added distributor of consumable nursing home supplies and specialized furniture and equipment to the growing long-term care facilities sector. Futuremed’s Trust Units trade on the Toronto Stock Exchange under the symbol FMD.UN. More information can be found at www.futuremed.ca.
Readers are cautioned that EBITDA, distributable cash and distributable cash per unit are not Generally Accepted Accounting Principles (“GAAP”) measures and should not be construed as an alternative to net earnings and earnings per share determined in accordance with GAAP as an indicator of the Fund’s performance. The Fund’s methods of calculating these measures may differ from other issuers’ methods and accordingly, they may not be comparable to measures used by other issuers.
This document may contain forward-looking statements relating to Futuremed’s operations or to the environment in which it operates, which are based on the Fund’s operations, estimates, forecasts and projections. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict, and/or are beyond the Fund’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. These factors include those set forth in other public filings. In addition, these forward-looking statements relate to the date on which they are made. The Fund disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. More information about these risks and uncertainties can be found in regulatory filings available at www.sedar.com.
Contacts: Futuremed Healthcare Income Fund Daniel Sacks, Chief Financial Officer (905) 761-0068, ext. 2222 Toll-free investor relations: 1-800-387-7025 (905) 761-9929 (FAX) Website: www.futuremed.ca
SOURCE: Futuremed Healthcare Income Fund