TORONTO, Nov. 28, 2024 /CNW/ - Medical
Facilities Corporation ("MFC" or the "Corporation") (TSX: DR),
today announced certain governance changes following its previously
announced sale of Black Hills Surgical Hospital, LLP ("Black
Hills") to Sanford Health. In order to compensate the
individuals who made significant contributions to the successful
sale of Black Hills, the Board of Directors of MFC (the "Board")
determined to pay transaction bonuses to Jason Redman, CEO, and Michael Gisser, Chair of the Board, in addition
to bonus allocations to other members of the management team.
As a result of the transaction bonus paid to Mr. Gisser, the Board
determined that Mr. Gisser no longer satisfies the independence
requirements set forth in National Instrument 52-110, and
accordingly, Mr. Gisser stepped down as a member of the Audit
Committee and as Chair of the Board so that a Chair may be
appointed who is independent for purposes of National Instrument
52-110 in furtherance of corporate governance best practices. The
Board has appointed Adina Storch as the new independent Chair
of the Board.
"I am very proud to have led the Board over the past two years
through a successful management transition and during the course of
its change in strategic direction," said Mr. Gisser. "I look
forward to continuing to serve on the Board and supporting the
Corporation's execution of its business strategy."
Jason Redman, CEO, noted,
"Michael was an extremely effective Chair of the Board. We thank
him for his service over the past two years, and in particular, for
his recent contributions to the Black Hills transaction. I
look forward to working with Adina as our new Chair and I am
confident that her excellent leadership qualities, including
financial acumen and executive decision-making, will be
instrumental to MFC's ongoing success."
"I am honoured for the confidence that the Board has placed in
me to lead it as its new Chair," said Ms. Storch. "I know that the
Board and executive team, with Jason at the helm, will continue to
execute on the Corporation's strategy and focus on further value
creation for our shareholders."
About Medical Facilities
Medical Facilities, in partnership with physicians, owns a
portfolio of highly rated, high-quality surgical facilities in
the United States. MFC's ownership
includes controlling interests in three specialty surgical
hospitals located in Arkansas,
Oklahoma, and South Dakota, and an ambulatory surgery center
("ASC") located in California. The
specialty surgical hospitals perform scheduled surgical, imaging,
diagnostic and other procedures, including primary and urgent care,
and derive their revenue from the fees charged for the use of their
facilities. The ASC specializes in outpatient surgical procedures,
with patient stays of less than 24 hours. For more information,
please visit www.medicalfacilitiescorp.ca.
Caution concerning forward-looking
statements
Statements made in this news release, other
than those concerning historical financial information, may be
forward-looking and therefore subject to various risks and
uncertainties. Some forward-looking statements may be
identified by words like "may", "will", "anticipate", "estimate",
"expect", "intend", or "continue" or the negative thereof or
similar variations and include statements about the Company's
normal course issuer bid and any future transactions. Certain
material factors or assumptions are applied in making
forward-looking statements and actual results may differ materially
from those expressed or implied in such statements. Factors
that could cause results to vary include those identified in
Medical Facilities' filings with Canadian securities regulatory
authorities such as legislative or regulatory developments,
intensifying competition, technological change and general economic
conditions. All forward-looking statements presented herein
should be considered in conjunction with such filings.
Medical Facilities does not undertake to update any forward-looking
statements; such statements speak only as of the date made.
SOURCE Medical Facilities Corporation