Medical Facilities Corporation Appoints Jason Redman as its Permanent CEO

TORONTO, Nov. 20, 2023 /CNW/ - Medical Facilities Corporation ("Medical Facilities," "MFC," or the "Corporation") (TSX: DR), today announced that its Board of Directors has appointed Jason Redman to the permanent positions of President and Chief Executive Officer, effective immediately. Mr. Redman had served as Interim President and Chief Executive Officer since October 2022. Mr. Redman will continue to serve on the Corporation's Board.

"We are pleased to name Jason Redman as the permanent CEO of Medical Facilities Corporation," said Michael V. Gisser, Chair of the Board of Directors. "Since he was appointed interim CEO in October 2022, Jason led the execution of MFC's updated corporate strategy, including the successful divestiture of non-core assets, realization of overhead cost reductions, and a significant return of capital to our shareholders. He has proven to be the right person to steer MFC and drive financial performance while ensuring our best-in-class surgical facilities and industry-leading patient satisfaction ratings remain a competitive advantage."

"I am honored to lead Medical Facilities Corporation as its CEO," said Jason Redman, President and CEO of Medical Facilities. "I look forward to working with the dedicated team at MFC to build upon the company's strong foundation and contribute to its ongoing success. Together, we will continue to prioritize the delivery of exceptional healthcare services to our patients and create sustainable value for our shareholders."

Mr. Redman's recent executive leadership experience includes roles as Chief Financial Officer at Newstrike Brands Ltd. (TSX-V:HIP), Chief Financial Officer at SiriusXM Canada (TSE:XSR), and President at Armtec Infrastructure Inc. (TSE:ARF).

About Medical Facilities

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. 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 ASC specializes 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, 1.877.402.7162, [email protected]; Trevor Heisler, Investor Relations, MBC Capital Markets Advisors, [phone], [email protected]