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CINCINNATI, Feb. 14, 2018 (GLOBE NEWSWIRE) — Patient Home Monitoring Corp. (the “Company”) (TSXV:PHM), a healthcare services company with operations in the U.S., today provided an update on its plan to change its name from Patient Home Monitoring, Corp. as part of the Company’s makeover. Additionally, the Company announced it has appointed Hardik Mehta as its new Chief Financial Officer, in advance of its acquisition (M&A) strategy.
Update on Name Change
“It’s been less than sixty days since we completed the spinoff, and I think it’s now appropriate that we substantiate our commitment to building a brand-new organization, one that’s built on a solid foundation of knowledge, experience and talent,” commented Chairman and CEO Greg Crawford. “We have an entirely new Board of Directors, which has combined more than 60 years of experience in transaction, finance and DME. We are also engaging a firm to assist with preparing our new brand materials that more appropriately demonstrates our future plans and reflects our corporate strategy of utilizing technology to streamline our home medical services. In the coming weeks, we will roll out a new investor website and investor deck, with our new name in advance of our plans to meet with institutional investors. We believe that it is critical for our shareholders to understand our organic growth and acquisition strategies, and how they combine to achieve revenue and profit growth, and in turn, to achieve the scale needed to fully invest in the technology we believe will change the way services are provided in our industry.”
(Any corporate name change would be announced once finalized and is subject to approval by the British Columbia Registry Services and the TSX Venture Exchange.)
As part of preparing for its acquisition strategy, the Company announced it has appointed Hardik Mehta as its new Chief Financial Officer. Mr. Mehta has worked as a finance professional and an investment banker at investment banking and advisory firm, Silverstone Capital Advisors for nearly ten years. Mr. Mehta has significant acquisition, transaction finance, accounting and negotiating experience. Mr. Mehta has been an advisor on more than 30 M&A and funding transactions, including buy-side transactions, in which he oversaw quality of earnings analysis, due diligence and post-transaction integration planning. Additionally, Mr. Mehta has developed a deep understanding and has mastered both financial and operational aspects of the HME/DME industry. He has also worked on multiple M&A transactions in these industries. Mr. Mehta has extensive experience in capital markets and excels in financial planning and analysis. He holds an undergraduate degree in engineering and a MBA in finance from the Lindner Graduate School of Business at the University of Cincinnati.
“Hardik has been a close advisor to Patient Home Monitoring for several years, and been instrumental in assisting in our integration efforts,” continued Mr. Crawford. “He is well prepared to seamlessly take over as CFO and gives us the necessary financial and operating experience to successfully integrate acquisitions and increase shareholder value. I’d like to thank Mr. Wallander for his work in completing the spinoff, and I look forward to introducing Mr. Mehta to our shareholders on our conference call in March to review the first quarter financial results.”
ABOUT PATIENT HOME MONITORING
PHM provides in-home monitoring and disease management services for patients in the United States healthcare market. It seeks to continue to expand its offerings and to use technology to dominant market share in certain regional markets, through both acquisitions and taking market share directly from competitors, by deploying existing advanced logistics technologies that provide faster and more reliable service for the patients.
The primary business objective of PHM is to create shareholder value by offering a broader range of services to patients in need of in-home monitoring and chronic disease management. PHM’s organic growth strategy is to increase market share in its existing locations by making life easier on the patient, the rendering physician, and improving quality of care.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, including: the Company intending on changing its name; the Company having a new CFO; the Company completing and rolling out a new investor website and investor deck; the Company meeting with institutional shareholders; the Company completing accretive acquisitions, which have the byproduct of revenue and profit growth; are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, without limitation: governmental and TSX Venture Exchange approval of the proposed name change; TSX Venture Exchange approval of new CFO; the Company successfully identifying and negotiating definitive documentation with acquisition partners and receiving the necessary regulatory, director and shareholder approvals; and the Company having the capital necessary for acquisitions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Examples of such risk factors include, without limitation: credit; market (including equity, commodity, foreign exchange and interest rate); liquidity; operational (including technology and infrastructure); reputational; insurance; strategic; regulatory; legal; environmental; capital adequacy; the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company’s information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; decline of reimbursement rates; dependence on few payors; possible new drug discoveries; a novel business model; dependence on key suppliers; granting of permits and licenses in a highly regulated business; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company’s disclosure documents filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please visit our website at www.phmcompanies.com, or contact:
Patient Home Monitoring Corp.