Medical Facilities Corporation Announces Sale of Ambulatory Surgical Center
TORONTO, Jan. 22, 2020 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" or the "Company") announced today that it has sold its interest in Central Arkansas Surgical Center for an undisclosed amount. Medical Facilities had acquired its interest in the ambulatory surgery center ("ASC") through its joint venture formed with NueHealth, LLC in early 2018.
"The sale of our interest in Central Arkansas Surgical Center to local investors is a win-win for all involved," said Robert Horrar, President and CEO of Medical Facilities. "Despite top notch standard of care and high patient satisfaction ratings, the facility was not a long-term strategic fit for MFC. As such, this was an opportunity for us to realign our ASC portfolio. We remain focused on strengthening our foundation, and this transaction is consistent with our objectives of improving profitability and strengthening our balance sheet."
About Medical Facilities Corporation
Medical Facilities, in partnership with physicians, owns surgical facilities in the United States. Medical Facilities' portfolio includes controlling interest in five specialty surgical hospitals located in Arkansas, Indiana, Oklahoma, and South Dakota, and an ambulatory surgery center located in California. In addition, through a partnership with NueHealth LLC, Medical Facilities owns controlling interest in six ambulatory surgery centers located in Michigan, Missouri, Nebraska, Ohio, Oregon, and Pennsylvania. 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 ambulatory surgery centers 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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