TORONTO, May 7, 2015 /CNW/ - Quantum International Income Corp's. ("QIIC", or the "Company") (TSXV: QIC) today announces it has created a new US healthcare marketing and distribution company, Provmark LLC ("Provmark"). Provmark is led by two professionals with deep relationships across the United States and significant healthcare experience and sales track records. Mr. David Perry as President and Mr. Joe Giamichael as CEO will head Provmark's efforts, which will focus on the marketing, distribution and delivery of healthcare products and service solutions to over 400,000 primary care physicians ("Providers") across the United States.
Provmark's value proposition to the Provider market is driven by highly reimbursable ancillary services to better serve patient needs. The Affordable Care Act's underlying concept is to reduce overall healthcare costs by focusing on wellness and prevention and empowering the Provider, as a gatekeeper, to treat increasingly complex diseases formerly referred to an expensive specialist. Providers have therefore become a larger consumer/facilitator of reimbursable healthcare services such as testing, labs, imaging and surgical procedures among many others; Provmark gives Quantum access to the full revenue cycle generated by a Provider practice and the opportunity to monetize these ancillary service revenue streams through owned facilities. Provmark will also provide new source referrals into Quantum's existing Ambulatory Surgical Center ("ASC") to further enhance profitability. The patient sourcing and ASC facilities business model can be replicated across the United States.
Consistent with Quantum's corporate principles of backing strong and experienced management teams with a track record of success, Provmark management will be given an incentive plan to participate in the cash profits it generates.
Mr. Perry's background has focused on medical devices, diagnostic testing and the ASC business models. Mr. Perry began his career at Johnson & Johnson's pharmaceutical division in both management and marketing positions, followed by a sales management position at Pfizer Medical Technology and a sales management and marketing position in the endovascular neurosurgical division of Boston Scientific. In the last decade, Mr. Perry has focused on the startup arena in cardiology, neurosurgery, and ASCs. He helped shepherd Fox Hollow Technology to a sale to Covidian, the sale of Microvention to Terumo, and the movement of Cardiovascular Systems Inc. to the NASDAQ. Mr. Perry has also successfully created new ASCs for Vascular Access Centers of Philadelphia.
Mr. Giamichael has spent twelve years in the banking industry and most recently in the healthcare sector. From 2005 to 2010 Mr. Giamichael was the Director of Research for Rodman and Renshaw and then from 2010 to 2012 served as a Managing Director and Research Analyst at Global Hunter Securities. In 2012 Mr. Giamichael founded and served as CEO of Umbrella Research and Advisory, providing boutique investment banking services to emerging growth companies.
Quantum believes Provmark will provide a tremendous competitive advantage as the company builds an integrated healthcare platform in the rapidly changing US healthcare market. Currently as an ASC company, Quantum partners with surgeons in order to access patient flow. In the future, Quantum intends to develop a more integrated healthcare platform on a national and a regional basis servicing patients' diverse health needs. Having direct access to Providers and understanding their patients' needs will be a key component in ensuring the company's success.
Grant White, Chief Executive Officer of Quantum commented, "We are delighted to add two talented and experienced professionals to the Quantum team with Mr. Perry and Mr. Giamichael. We strongly believe in their ability to grow and build Provmark into a highly profitable company given their strong existing relationships with over 7,500 Providers across the United States. Furthermore, Provmark's deep existing relationships into Management Services Organizations (MSOs), Accountable Care Organizations (ACOs), Healthcare Group Purchasing Organizations (GPOs), and large employer networks will give Quantum tremendous access to patients and synergies with our other healthcare businesses. We will be able to make targeted healthcare investments in facilities and other services in markets where Provmark has the best relationships and cross market all our services to a much broader audience."
About Quantum International Income Corp (QIIC)
QIIC has a portfolio of operating companies and continues to seek to expand through acquisitions. QIIC currently indirectly holds a 50% interest in Centers for Special Surgery LLC., a U.S. ambulatory surgery center companyand a 67% interest in Multiple Media Entertainment Inc., a Canadian film and television distribution company. QIIC seeks opportunities to acquire and grow businesses in order to generate stable distributions for its shareholders, as well as to achieve overall capital appreciation. The Company will seek to acquire operating businesses with a proven track record, an opportunity for growth and whose management wishes to continue to operate the business going forward. Potential acquisition targets may be private or public companies in a variety of industries, thereby allowing for diversification.
For more information on Quantum International Corp please visit http://quantumincomecorp.com/
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements and forward-looking information (collectively, "Forward-Looking Statements") and QIIC cautions investors about important factors that could cause QIIC's actual results to differ materially from those expressed, implied or projected in any Forward-Looking Statements included in this press release. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "may", "could", "believes", "estimates", "intends", "plans", "forecast", "projection" and "outlook") are not historical facts and may be Forward-Looking Statements that involve projections, estimates, assumptions, known and unknown risks and uncertainties which could cause actual results or outcomes to differ materially from those expressed in such Forward-Looking Statements or otherwise materially inaccurate. No assurance can be given that these expectations or assumptions will prove to be correct and such Forward-Looking Statements included in this press release should not be unduly relied upon. These Forward-Looking Statements speak only as of management's beliefs and expectations as of the date of this press release. In addition, this press release may contain Forward-Looking Statements drawn from or attributed to third party sources. Accordingly, any such statements are qualified in their entirety by reference to the information discussed throughout this press release.
In particular, this press release contains Forward-Looking Statements regarding anticipated future financial, structural, growth and operating performance of QIIC, including as it pertains to the operations detailed in this press release and the deployment of capital into new acquisitions.
Actual results may differ materially due to a number of risks and uncertainties faced by QIIC, including, but not limited to: general economic and business conditions; global financial conditions; the failure of QIIC to identify future acquisition targets; third parties honouring their contractual obligations with QIIC and its subsidiaries; relationships with operating and/or joint venture partners; inaccuracy, incompleteness or omissions in any of the financial and other information upon which management bases its analysis of potential acquisitions; the failure to realize the anticipated benefits of QIIC's current and future acquisitions; factors relating to the healthcare industry, including reliance on third-party payors for revenue; licensing, certification and accreditation risk; healthcare regulatory requirements; dependence on physician relationships; litigation, professional liability claims; insurance coverage limitations and uninsured risks; dependence on key personnel at the QIIC and operations level; competition from other healthcare providers; factors relating to the media content generation and distribution industry, including ability to deliver services in a timely manner; changes in technology, consumer markets or demand for media services; changes in federal, provincial and foreign content laws and regulations; dependence on third party content producers; competition for, among other things, capital, equipment and skilled personnel; the inability to generate sufficient cash flow from operations to meet future obligations; the inability to obtain required debt and/or equity financing for future acquisitions on suitable terms; competition for acquisition targets; seasonality and fluctuations in results; and limited diversification of QIIC's business industries, structures and operations.
QIIC cautions that the list and description of Forward-Looking Statements, risks, assumptions and uncertainties set out above is not exhaustive. QIIC will update the Forward-Looking Statements as required be securities law. All Forward-Looking Statements contained in this press release are qualified by these cautionary statements.
Unless otherwise specified in this press release, information contained in this press release is current as of the date of this press release. Unless otherwise specified, all dollar amounts herein refer to Canadian dollars. Additional information on these and other factors that could affect the operations or financial results of QIIC and its subsidiaries are included in disclosure documents filed by QIIC with the securities regulatory authorities, available under QIIC's profile on SEDAR at www.sedar.com.
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SOURCE Quantum International Income Corp
For further information: Grant White, Chief Executive Officer, 416.477.3410; Manu K. Sekhri, President, 416.477.3424; Investor Relations: Kin Communications, Joel Kitsul - Sr. VP Investor Relations, 1-866-684-6730, QIC@kincommunications.com