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Medical Facilities Corporation Appoints Two New Independent Directors

May 09, 2022

TORONTO, May 9, 2022 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" or the "Corporation") today announced changes to the Board of Directors (the "Board") of the Corporation, including the appointments of Michael Gisser and Jason Redman as independent directors, effective immediately. Mr. Gisser and Mr. Redman will stand for election at the Corporation's upcoming annual meeting of shareholders (the "Meeting"), which will be held on June 21, 2022. Bios for both Mr. Gisser and Mr. Redman are included later in this release.

The appointments follow a recruitment process the Board initiated after learning that Jeffrey Lozon and Dale Lawr had decided not to stand for re-election as directors at the Meeting. Mr. Lozon will retire from the Board following the Meeting and Ms. Lawr will retire as of May 13, 2022.

Mr. Lozon joined the Board as an independent director in 2015 and was appointed Chair in 2019. Mr. Lozon is currently a member of the Audit Committee, Corporate Governance, Nominating and Compensation ("CGNC") Committee, and the Investment Committee. Following the Meeting, Mr. Stephen Dineley will be appointed as the new Chair of the Board. Mr. Dineley has been an independent director since 2016 and is currently the Chair of the Audit Committee and a member of the Investment Committee.  

Ms. Lawr has been an independent member of the Board since 2014 and has served on both the Audit Committee and the CGNC Committee, the latter of which she co-chaired from May 2016 to May 2019 and chaired from May 2019 to May 2021.

"We are pleased to welcome Michael and Jason to the Board. Together, they bring decades of varied experience spanning corporate governance, operations, finance and accounting, and legal, adding to our Board's depth and diversity of expertise," Robert O. Horrar, President and CEO of Medical Facilities commented. "On behalf of Medical Facilities and its Board, I would like to thank both Jeff Lozon and Dale Lawr for their dedicated service and significant contributions to the Corporation. I am fortunate to have had the opportunity to work with Jeff and Dale over the past five years and have benefited from their advice and direction. We wish them all the best in their future endeavours."

Jeffrey Lozon, Chair of the Board, commented: "It has been an honour to serve on the Board of Medical Facilities these past seven years. With both Dale and I deciding to step down for various personal reasons, the Board was able to take advantage of natural turnover, helping to facilitate fresh and diverse perspectives and ideas. The addition of Michael and Jason ensure that the Board composition continues to exhibit a balance of tenure, skills, experiences, and backgrounds. Medical Facilities has a solid business plan and an even brighter future. I look forward to following the Corporation's progress."

New Independent Director Bios

Mr. Gisser is an experienced executive, board member and advisor. He currently serves as Chairman of the Compensation Committee and a member of the Audit Committee at Continental General Insurance (a regulated underwriter of long-term care insurance), a Senior Advisor at Atomico (Europe's largest venture capital firm), Advisor at Cognitive Leap (a digital medicine company) and teaches international corporate law classes at Stanford Law School and NYU Law School. As a lawyer, Mr. Gisser led the development of the Asia Pacific region for Skadden over twenty years as the firm's senior M&A partner in Greater China. Mr. Gisser spearheaded legal representations in M&A deals involving billion dollar-plus transactions on four continents. He is a leader in global change of control transactions and fundraising, as well as an advisor on financial and governance matters.

Mr. Redman brings over 20 years experience in operations and financial management as well as a proven ability to execute growth strategies and complete complex M&A transactions across numerous sectors. He is an experienced C-suite executive who has served as Chief Financial Officer at Newstrike Brands Ltd; Chief Financial Officer at SiriusXM Canada and President at Armtec Infrastructure Inc.  Mr. Redman holds a Master of Accounting from the University of Waterloo in addition to an MBA from the Kellogg School of Management at Northwestern University. He is a Canadian Chartered Accountant, Chartered Professional Accountant, and a U.S. Certified Public Accountant-Delaware.

About Medical Facilities Corporation

Medical Facilities, in partnership with physicians, owns a diverse portfolio of highly rated, high-quality surgical facilities in the United States. MFC's ownership includes controlling interest in four specialty surgical hospitals located in Arkansas, Oklahoma, and South Dakota, and an ambulatory surgery center ("ASC") located in California. In addition, through a partnership with NueHealth LLC, Medical Facilities owns a controlling interest in five ambulatory surgery centers located in Michigan, Missouri, Nebraska, Ohio, and Pennsylvania. MFC also owns non-controlling interests in a specialty surgical hospital in Indiana and an ASC in Missouri. 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 ASCs specialize in outpatient surgical procedures, with patient stays of less than 24 hours. For more information, please visit www.medicalfacilitiescorp.ca.

SOURCE Medical Facilities Corporation

David Watson, Chief Financial Officer, Medical Facilities Corporation, (416) 848-7380 or 1-877-402-7162, investors@medicalfc.com; Trevor Heisler, Investor Relations, NATIONAL Capital Markets, (416) 848-1434, theisler@national.ca