Medical Facilities Corporation announces change in leadership

TORONTO, June 12, 2017 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" "MFC," the "Company," or the "Corporation") today announced that President and CEO Britt T. Reynolds has left the Corporation and resigned as a member of the board.

Jeffrey Lozon CM, a member of the board, has been appointed interim CEO and will work with the Corporation's senior management team including Chief Financial Officer, Tyler Murphy, Chief Development Officer, James Rolfe and newly appointed Chief Operating Officer, Rob Horrar.

Mr. Lozon has more than 30 years' experience in leading healthcare organizations in both Canada and the U.S. This experience includes serving as CEO of St. Michael's Hospital, a University of Toronto teaching hospital, and CEO of Revera Living Inc., a leading provider of seniors' care and accommodation in Canada and the United States. He has also served as Deputy Minister of Health for the Province of Ontario. On the MFC board, he served as co-chair of the Corporate Governance, Nominating and Compensation Committee and as a member of the Business Development and Acquisition Committee. Jeff will remain a director of the Corporation.

"We are pleased that Jeff is stepping into this role," stated Marilynne Day-Linton, Chair of the Board. "His leadership experience in both the U.S. and Canadian healthcare markets, as well as his knowledge of MFC's business and strategy, make him well-suited to direct the Corporation through this transition. The Company's growth strategy and the strong expertise in both the senior management team and leadership at the centers securely positions MFC for continued success."

"Medical Facilities Corporation has a track record of delivering shareholder value, and is well-positioned to take advantage of the opportunities for accretive growth in the U.S. healthcare market," said Jeff Lozon. "I am committed to working with our senior management and our local leadership teams to ensure that we successfully execute on our strategy to capture these opportunities."

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: Craig MacPhail, Investor Relations, 416.586.1938, cmacphail@national.ca


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