Medical Facilities Corporation Announces Sale of Ambulatory Surgery Center
TORONTO, Oct. 1, 2020 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" or the "Company") today announced a definitive agreement to sell its interest in Two Rivers Surgical Center to two of the managing physicians for an undisclosed amount. Medical Facilities acquired interest in this ambulatory surgery center ("ASC") through a joint venture with NueHealth, LLC in early 2018.
"The sale of our interest in Two Rivers Surgical Center allows us to focus our attention and capital on our current strategic initiatives," said Robert Horrar, President and CEO of Medical Facilities. "The overall direction of this ASC had changed considerably since our initial investment and we believe our focus should be directed at other growth opportunities we see in the ASC space, including de novo ASC development, like the recently opened St. Luke's Surgery Center of Chesterfield."
About Medical Facilities
Medical Facilities Corporation ("MFC"), 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 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. 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, (416) 848-7380 or 1-877-402-7162, [email protected]; Trevor Heisler, Investor Relations, NATIONAL Capital Markets, (416) 848-1434, [email protected]
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