Centric Health, through Alegro Health Partners, will make a mandatorily convertible loan of $2 million to INTERxVENT Canada during 2010 and 2011 subject to certain terms and milestones. Absent an event of default, conversion will result in Centric Health owning between a minimum of 20% and a maximum of 32% of the fully diluted shares of INTERxVENT Canada linked to it achieving an EBITDA of $2 million for the financial year ending December 31, 2011. As a condition of this alliance, key INTERxVENT Canada management and existing shareholders will invest a further $500,000 on the same terms and conditions. In addition, current INTERxVENT Canada shareholders will be granted a total of one million Centric Health Warrants exercisable over a five year period subject to certain performance criteria. While the organizations are already working together, the effective date of the transaction will be January 4, 2010, subject to certain conditions precedent and milestones being achieved.

"The market for health and wellness programs is currently estimated at $1.2 billion in Canada alone, and is expected to double in the next three to five years," said Dr. Jack Shevel, Interim President and Chief Executive Officer, Centric Health. "This transaction complements and benefits Centric Health's expansion strategy to establish MultiCare Centres and other business units in partnership with healthcare professionals, thereby offering our patients a quality lifestyle."

Source: CENTRIC HEALTH CORPORATION