THE VAUGHAN HEALTH CARE FOUNDATION DIRECTORS UNANIMOUSLY DECIDE TO DISSOLVE FOUNDATION

May 2, 2012, Vaughan ON

– The Board of Directors of the Vaughan Health Care Foundation met last evening and unanimously decided to dissolve the Foundation and surrender the corporate charter.

The Board also approved a resolution to place all Foundation funds into a trust (the “Vaughan Hospital Building and Equipment Trust Fund”) whose purposes and funds shall be used only for the purpose of assisting York Central Hospital or its successors in either building the Vaughan Hospital or for buying equipment for the Vaughan Hospital. The funds would also be in keeping with the intent of any outstanding donor agreements.

Since its inception on January 16, 2004, the Corporation has raised funds for the establishment of a new hospital and related health care facilities in the City of Vaughan through various events including, among others, galas, runs, bike rides and walks.

York Central Hospital has been given responsibility by the Ontario Ministry of Health and Long-Term Care to oversee and manage the construction of the Vaughan Hospital. They have indicated that they wish to incorporate a new foundation for the purposes of raising funds for the Vaughan Hospital Development Project. To assist in moving the project forward the Vaughan Health Care Foundation Board of Directors had earlier approved a funding request from York Central Hospital for $1.67 million for the planning and design costs of the Vaughan Hospital Development Project.

Foundation Chair Sam Ciccolini stated, “In light of the pending incorporation of the new Foundation and in order to minimize any confusion that may occur in our community as a result, the Vaughan Health Care Foundation Directors believe that the Corporation is no longer required for fundraising. It is for these reasons that we have unanimously resolved to voluntarily dissolve the Vaughan Health Care Foundation.”

The Vaughan Health Care Foundation Board of Directors would like to thank all the donors and volunteers that have made the Foundation such a success for almost a decade and wish everyone continued success in our efforts to bring a hospital to Vaughan to serve the people of Vaughan.

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For Immediate Release

For more information, please contact:

Melinda Gorgenyi

[T] 905.303.1998 x 222

[F] 905.303.3805 [E] mgorgenyi@vaughanhealthcare.com

[W] http://vaughanhealthcare.com/vhcf/

9401 Jane Street, Suite 328, Vaughan, Ontario L6A 4H7

About the Vaughan Health Care Foundation:

The Vaughan Health Care Foundation’s mandate is to raise funds for health care facilities and services in Vaughan, including a hospital. The Foundation’s primary focus is to mobilize the community to raise $200 million by way of a community Capital Campaign to construct and to purchase equipment for the new Vaughan Hospital.