Medical Facilities Corporation positions for growth through changes to executive team

Adding Chief Development Officer and appointing CEO to Board

TORONTO, Sept. 2, 2016 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" "MFC" or the "Corporation") is pleased to announce that it has appointed James Rolfe as Chief Development Officer of the Corporation. Mr. Rolfe will join Medical Facilities on or before September 19, 2016.

"The addition of a Chief Development Officer is a reflection of our stated strategy to grow both through acquisition and through organic enhancements and initiatives at our existing facilities. We're glad that Jim is joining the team," said Britt T. Reynolds, CEO of Medical Facilities. "Jim and I have worked together for over a decade and he brings a vast array of experience at successfully identifying, evaluating, acquiring and integrating healthcare assets of all types, including physician joint ventures in hospitals and outpatient facilities." 

Prior to joining Medical Facilities, Mr. Rolfe was Managing Director of Business Development and Transaction Advisory for one of the largest healthcare valuation and transaction advisory firms in the U.S. and worked with many large proprietary for-profit and not-for-profit health systems. Prior to this role he was Vice President of Acquisitions and Development for one of the largest publicly-traded healthcare systems in the United States. Here, he focused on the acquisition/divestiture of acute care hospitals, outpatient facilities, and physician practices. In total he has over 25 years' experience in the financial services and healthcare sectors and holds a BBA from the University of Mississippi.

"I'm excited to be joining Medical Facilities Corporation at this stage of its development," stated Mr. Rolfe. "In the current market, there are solid opportunities to add quality assets and MFC's reputation as a prudent manager with a sensitivity to physicians and their patients make it the ideal choice for those facilities looking to expand or enhance their current structure. I look forward to deploying my experience and network to identify and execute on acquisitions that will be accretive and augment organic growth in our existing portfolio."

Board appointment
The Board of Medical Facilities Corporation is also pleased to announce that Britt T. Reynolds, the Corporation's Chief Executive Officer ("CEO"), has been appointed as a director of the Corporation.  Mr. Reynolds, who commenced in his new role as CEO on May 1, 2016, is a talented health services executive with over 28 years' experience in the hospital and ambulatory care management industry whose vision and skills position him well as a director to continue Medical Facilities' strong momentum and growth.

About Medical Facilities
Medical Facilities owns controlling interests in four specialty surgical hospitals located in South Dakota, Arkansas and Oklahoma, as well as an ambulatory surgery center in California. The specialty 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 center specializes in outpatient surgical procedures, with patient stays of less than 24 hours. In addition, Medical Facilities owns controlling interest in a diversified healthcare service company located in Oklahoma City that provides third-party business solutions to healthcare entities such as physician practices, facilities, and insurance companies. Medical Facilities is structured so that a majority of its free cash flow from operations is distributed to the holders of its common shares in the form of dividends. For more information, please visit www.medicalfacilitiescorp.ca.

SOURCE Medical Facilities Corporation

Britt T. Reynolds, Chief Executive Officer, Medical Facilities Corp., 615.732.6056, [email protected]; Craig MacPhail, Investor Relations, NATIONAL Equicom, 416.586.1938, [email protected]