Medical Facilities Corporation Announces Change in Leadership

Jason Redman to Lead Healthcare Company

TORONTO, Oct. 21, 2022 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" or the "Company") announced today the appointment of Jason Redman as its Interim President and Chief Executive Officer, replacing Rob Horrar who has stepped down as President and CEO and as a member of the Board of Directors. Mr. Redman joined the Board of Medical Facilities earlier this year and will remain a board member.

Mr. Redman brings over 20 years experience in operations and financial management. 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 is a Canadian Chartered Accountant, Chartered Professional Accountant, and a U.S. Certified Public Accountant-Delaware. He holds a Master of Accounting degree from the University of Waterloo and a Master of Business Administration from the Kellogg School of Management – Northwestern University. He is also the recipient of the Governor General of Canada Medal and a past member of the Young Presidents' Organization – Toronto Chapter.

"The Board of Directors is confident that we have in Jason an extraordinary individual to lead Medical Facilities toward its strategic goals, while maintaining the support of our Hospitals and Centers and continuing the excellence in patient care for which our institutions are so well-known in their communities," said Michael Gisser, Chairman of the Board of Directors at Medical Facilities. "Jason has had a distinguished career in executive leadership in which he has demonstrated an exceptional record of success. With the combination of his deep operational and financial skills and commitment to producing results, we are confident the Company is on the right trajectory as we execute on our announced value-enhancing initiatives."

"I am honored to assume leadership of Medical Facilities during this exciting time," Mr. Redman said. "The Company has consistently met the stringent demands of the U.S. healthcare environment and is in an excellent position to drive financial performance and deliver value to our stakeholders. In tandem with our Hospital and Center leadership and physician partners, we look forward to unlocking additional shareholder value."

Rob Horrar served as President and Chief Executive Officer of Medical Facilities since 2017 and as Chief Operating Officer prior to his appointment as CEO.

"On behalf of the Board, I would like to thank Rob Horrar for his years of dedicated leadership and professionalism as CEO of Medical Facilities and for his significant contributions to the Company. We wish Rob all the best in his future endeavors," Mr. Gisser commented.

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.

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 and include statements about the Company's normal course issuer bid. 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

David Watson, Chief Financial Officer, Medical Facilities Corporation, 1-877-402-7162, [email protected]; Trevor Heisler, Investor Relations, MBC Capital Markets Advisors, [phone], [email protected]