TORONTO, June 4, 2018 /CNW/ - Medical Facilities
Corporation ("Medical Facilities" or the "Corporation") (TSX: DR)
announced today that it has completed the sale of Integrated
Medical Delivery, LLC (IMD) to N. Harris Computer Corporation ("N.
Harris"). IMD was 51 percent owned by Medical Facilities and
generated $5.0 million of revenue in
2017. N. Harris is a wholly-owned subsidiary of Constellation
Software Inc. that provides software solutions to the public
sector, schools, utility, and healthcare agencies.
"Divesting IMD allows us to focus our efforts on growing our
core business of partnering with physicians to own and operate high
quality healthcare facilities," said Robert
O. Horrar, President and CEO of Medical Facilities. "IMD
will continue to be a key service provider to Oklahoma Spine
Hospital and we expect to maintain a strong working
relationship."
"We are pleased to become part of the Harris family of companies
and look forward to incorporating its broad expertise in the
healthcare sector into innovative solutions for our clients," added
Debra Z. Nussbaum, Chief Operating
Officer of IMD.
About Medical Facilities
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 majority
interest in seven ambulatory surgery centers located in
Arkansas, 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.
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.
About Integrated Medical Delivery
IMD provides
outsourced business solutions to healthcare entities in a
centralized off-site location. Based in Oklahoma, IMD is a diversified healthcare
service company that looks to support healthcare entities in
providing effective and efficient delivery of business office
services through networks and centralized administrative support
services. For more information, please visit
www.imdelivery.com.
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