TORONTO, Nov. 21, 2016 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" "MFC" or the "Corporation") is pleased to announced that it has appointed Tyler Murphy as Executive Vice President, Finance of the Corporation. Mr. Murphy will report to Michael Salter, the Chief Financial Officer of MFC and is expected to assume the role of CFO on Mr. Salter's retirement on December 31, 2016. Mr. Murphy joins Medical Facilities today, November 21, 2016.
"With his experience working at large U.S. publicly-listed healthcare companies, we are very pleased that Tyler is joining us, particularly at this phase of our evolution," said Britt T. Reynolds, CEO of Medical Facilities. "He brings robust financial management skills, keen business insight and expertise in the healthcare sector, and direct working knowledge of capital markets and investor relations."
Mr. Murphy has over 15 years' experience in senior financial management in the healthcare industry and most recently served as Vice President and Treasurer with one of the largest publicly-traded healthcare companies in the United States. Prior to this he was with another large investor-owned organization as Senior Vice-President, responsible for treasury, risk management and investor relations. He holds a Bachelor of Science degree in Business Administration from Auburn University and an MBA from the University of Alabama at Birmingham.
"Tyler and I have worked together for several years previously and I have observed his skill at integrating acquisitions," added Mr. Reynolds. "We are extremely excited to have him on board, both for his financial management and oversight as well as the contributions he will make to our growth strategy. We expect him to make a smooth transition into the role of CFO on January 1, 2017."
Michael Salter retirement
Michael Salter, the current Chief Financial Officer of Medical Facilities Corporation has previously announced his retirement effective December 31, 2016. Mr. Salter has served as CFO of the Corporation since its inception in 2004.
"We thank Michael for his years of dedication," said Marilynne Day-Linton, the Chair of Medical Facilities Corporation. "He played a key role in the formation and initial public offering of MFC and the establishment of a solid financial foundation that has generated value for our shareholders, including reliable cash flows and the payment of 151 consecutive monthly dividends."
About Medical Facilities
Medical Facilities owns controlling interests in five specialty surgical hospitals located in Arkansas, Indiana, Oklahoma and South Dakota, as well as an ambulatory surgery center in California. The specialty 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 ambulatory surgery center specializes in outpatient surgical procedures, with patient stays of less than 24 hours. In addition, Medical Facilities owns controlling interest in a diversified healthcare service company located in Oklahoma City that provides third-party business solutions to healthcare entities such as physician practices, facilities, and insurance companies. Medical Facilities is structured so that a majority of its free cash flow from operations is distributed to the holders of its common shares in the form of dividends. For more information, please visit www.medicalfacilitiescorp.ca.
SOURCE Medical Facilities Corporation
For further information: Britt T. Reynolds, Chief Executive Officer, Medical Facilities Corp., 615.732.6052, [email protected]; Craig MacPhail, Investor Relations, NATIONAL Equicom, 416.586.1938, [email protected]