TORONTO, June 29, 2015 /CNW/ - Medical Facilities Corporation ("Medical Facilities" or the "Company") (TSX: DR), announced today that Dr. Donald Schellpfeffer, Chief Executive Officer, has decided to retire after 11 years of service. Dr. Schellpfeffer's retirement will become effective at the end of December 2015.
The Board of Directors is undertaking a comprehensive search to choose Dr. Schellpfeffer's successor and will consider internal and external candidates for the role.
"As a founding member of Medical Facilities Corporation, Dr. Donald Schellpfeffer has been instrumental in the inception, growth and success of the Company over the past 11 years," said Seymour Temkin, Chairman of the Board. "The Board is grateful for all of his contributions and dedication during his tenure as CEO. We wish him the very best in his retirement."
In addition, Michael Salter, the Company's Chief Financial Officer, has agreed to extend his tenure through to the end of fiscal year 2016.
About Medical Facilities
Medical Facilities owns controlling interests in five specialty surgical hospitals located in Arkansas, 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 urgent and primary 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. 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.
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. 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
For further information: Michael Salter, Chief Financial Officer, Medical Facilities Corporation, 416.848.7380 or 1.877.402.7162, email@example.com; Renée Lam, Investor Relations, TMX Equicom, 416.815.0700 or 1.800.385.5451 ext. 258, firstname.lastname@example.org