TORONTO, Oct. 20,
2023 /CNW/ - Greenbrook TMS Inc. (NASDAQ: GBNH)
("Greenbrook" or the "Company") today announced the
appointment of Mr. Peter Willett as
Interim Chief Financial Officer, effective immediately.
Over the past six years, Peter has been a key player on the
Greenbrook finance team, serving as its senior vice president of
finance. Peter brings over 11 years of finance experience,
providing a broad base of experience and specialized knowledge
about the financial and accounting matters that are unique to the
mental health services industry.
Peter has been instrumental in developing and implementing the
financial strategies that have been successful in improving
reporting functions and cost controls for Greenbrook. Peter has a
proven track record of identifying effective processes and
procedures to improve quality, accuracy, and efficiency in
accounting and financial operations.
Peter assumes responsibilities from Erns Loubser as he pursues
new opportunities. While welcoming Peter as interim CFO, the entire
team at Greenbrook would like to thank Erns for his contributions
as CFO and we wish him all the best in his future pursuits.
Greenbrook has retained an executive search firm and will
consider Peter and other candidates as part of its process to
identify the Company's next permanent Chief Financial Officer.
About Greenbrook TMS
Inc.
Operating through 133 Company-operated treatment centers,
Greenbrook is a leading provider of Transcranial Magnetic
Stimulation ("TMS") and Spravato® (esketamine nasal spray),
FDA-cleared, non-invasive therapies for the treatment of Major
Depressive Disorder ("MDD") and other mental health
disorders, in the United States.
TMS therapy provides local electromagnetic stimulation to specific
brain regions known to be directly associated with mood regulation.
Spravato® is offered to treat adults with treatment-resistant
depression and depressive symptoms in adults with MDD with suicidal
thoughts or actions. Greenbrook has provided more than 1.2 million
treatments to over 38,000 patients struggling with depression.
Cautionary Note Regarding
Forward-Looking Information
Certain information in this press release constitutes
forward-looking information within the meaning of applicable
securities laws in Canada and
the United States, including the
United States Private Securities Litigation Reform Act of 1995. In
some cases, but not necessarily in all cases, forward-looking
information can be identified by the use of forward-looking
terminology such as "plans", "targets", "expects" or "does not
expect", "is expected", "an opportunity exists", "is positioned",
"estimates", "intends", "assumes", "anticipates" or "does not
anticipate" or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might", "will" or "will be taken", "occur" or "be
achieved". In addition, any statements that refer to expectations,
projections or other characterizations of future events or
circumstances contain forward-looking information. Statements
containing forward-looking information are not historical facts but
instead represent management's expectations, estimates and
projections regarding future events.
Forward-looking information is necessarily based on a number of
opinions, assumptions and estimates that, while considered
reasonable by the Company as of the date of this press release, are
subject to known and unknown risks, uncertainties, assumptions and
other factors that may cause the actual results, level of activity,
performance or achievements or future events or developments to
differ materially from those expressed or implied by the
forward-looking statements, including, without limitation:
macroeconomic factors such as inflation and recessionary
conditions, substantial doubt regarding the Company's ability to
continue as a going concern due to recurring losses from
operations; inability to increase cash flow and/or raise sufficient
capital to support the Company's operating activities and fund its
cash obligations, repay indebtedness and satisfy the Company's
working capital needs and debt obligations; prolonged decline in
the price of the Common Shares reducing the Company's ability to
raise capital; inability to satisfy debt covenants under the
Company's credit facility and the potential acceleration of
indebtedness; including as a result of an unfavorable decision in
respect of the litigation with Benjamin
Klein; risks related to the ability to continue to negotiate
amendments to the Company's credit facility to prevent a default;
risks relating to the Company's ability to deliver and execute on
the previously-announced restructuring plan (the "Restructuring
Plan") and the possible failure to complete the Restructuring
Plan on terms acceptable to the Company or its suppliers (including
Neuronetics, Inc.), or at all; risks relating to maintaining an
active, liquid and orderly trading market for Common Shares as a
result of the Company's potential inability to regain compliance
with the Nasdaq Stock Market's listing rules; risks relating to the
Company's ability to realize expected cost-savings and other
anticipated benefits from the Restructuring Plan; risks related to
the Company's negative cash flows, liquidity and its ability to
secure additional financing; increases in indebtedness levels
causing a reduction in financial flexibility; inability to achieve
or sustain profitability in the future; inability to secure
additional financing to fund losses from operations and satisfy the
Company's debt obligations; risks relating to strategic
alternatives, including restructuring or refinancing of the
Company's debt, seeking additional debt or equity capital, reducing
or delaying the Company's business activities and strategic
initiatives, or selling assets, other strategic transactions and/or
other measures, including obtaining bankruptcy protection, and the
terms, value and timing of any transaction resulting from that
process; claims made by or against the Company, which may be
resolved unfavorably to us; risks relating to the Company's
dependence on Neuronetics, Inc. as its exclusive supplier of TMS
devices. Additional risks and uncertainties are discussed in the
Company's materials filed with the Canadian securities regulatory
authorities and the United States Securities and Exchange
Commission from time to time, available at
www.sedarplus.com and www.sec.gov, respectively. These factors
are not intended to represent a complete list of the factors that
could affect the Company; however, these factors should be
considered carefully. There can be no assurance that such estimates
and assumptions will prove to be correct. The forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company expressly disclaims any
obligation to update or alter statements containing any
forward-looking information, or the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law.
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SOURCE Greenbrook TMS Inc.