Oxbridge Ventures, Inc., a New York based private investment group, today announced that it will arrange up to $50,000,000 in equity and debt capital for Carestation Health Centres Ltd. and certain related companies. Major financial institutions have already committed nearly $5 million in funding, with another $5 million in funding expected to be made available in 2009 alone.
Carestation is the largest full service multi-specialty practice group in the Province of British Columbia, with some 160 family doctors, specialists and others who service upwards of 500,000 patient visits annually.
Oxbridge will lead a syndicate of international investors, banks and other financial institutions that will make up to $50 million in equity and debt capital available for approved projects over the next 60 months. The funds are to be made available in one or more funding tranches to support projects in the following healthcare related sectors:
1) Senior Care Facilities — Between $10 million and $20 million for senior care/age restricted/skilled nursing facilities in Canada and the Western United States;
2) Medical Buildings and Clinics – Between $10 million and $20 million for medically anchored commercial real-estate, including medical buildings and owner occupied structures in Canada and the Western United States (including Texas);
3) Practice Acquisitions – Between $5 million and $10 million to support practice acquisitions and related costs in Canada and the Western United States, including a continent wide roll out strategy and catalytic funding for EMR and patient portal technologies.
“We are extremely pleased to have partnered with Oxbridge as we begin implementation of our national growth strategy,” said Mr. Andy Rizvi, Director of Operations for Carestation. “In the face of the worst economic crisis since the Great Depression, the funding commitment announced today constitutes important market validation of our business model, management team and growth strategy.”
“In just 36 short months, Carestation has developed an insurmountable lead in certain local markets in Canada in respect of the provision of medical services by physicians, and we are determined that it should have the financial and human resources needed to replicate its strategy and business model in other key markets across North America,” said Mr. Karim Rajani, the managing principal of Oxbridge Ventures. “We are very pleased to be associated with Carestation as it executes on it corporate mission to improve care, enhance life and advance science.”
Contacts: Carestation Health Centres Ltd. Andy Rizvi Director of Operations (604) 638-1554 (604) 638-1555 (FAX) Email: [email protected] Website: www.carestation.ca Oxbridge Ventures, Inc. Karim Rajani Chief Executive Officer (646) 233-0685 (646) 530-8509 (FAX) Email: [email protected] Website: www.oxbridgeventures.com
SOURCE: Carestation Health Centres Ltd. and Oxbridge Ventures, Inc.
Comments