TORONTO, April 7th, 2017 /CNW/ - Syncordia
Technologies and Healthcare Solutions, Corp. (TSXV: SYN)
("Syncordia") is pleased to provide an update on recent business
development contracts, director changes to accompany upcoming
divestitures and an introduction to Syncordia's new Chief Financial
Officer.
We would like to announce the signing of a new book of business
in our behavioral health business segment, which we anticipate will
contribute approximately $900,000 in
EBITDA on an annualized basis. We will pay $250,000 at closing for this book of business
upon successful migration of at least 50% of the customer contracts
with a balloon payment paid on the 16th month anniversary from
closing of up to $750,000 subject to
thresholds of revenue generated during the 12 months immediately
following the date of close ("Earn Out"). A Letter of Intent was
signed on April 4th, 2017.
A further press release will be issued on closing anticipated to be
calendar Q2, 2017.
In preparation for upcoming portfolio asset divestitures,
Syncordia would like to announce a change of directorship to align
the background of the directors with Syncordia's future path of
lower mid-market acquisitions with excellent upside potential. As
part of the next evolution of Syncordia we are in discussions with
new directors who would be very much aligned with our future growth
plans. Our acquisition criteria is to buy assets at less than 5x
trailing-twelve-months EBITDA, assets that are not meeting their
full earnings and free cash flow potential that we think we can
significantly improve in the first 12 months, can use software as
an enabler to drive margins and improve performance and are at an
inflection point whereby the increase in earnings and size of the
business with the addition of software will command a larger
multiple on exit. If available we prefer a partnership approach to
shareholder creation utilizing the seller and their team for
continuity, their respective skills set and industry connections
and expertise. Therefore, Michael
DiMino, James Eaton and
Shaun Francis will depart and make
room for Andrew Blott of Quantum
Capital http://www.quantumcapital.com and two other directors who
we are in active discussions with and will announce shortly.
(all subject to Toronto Stock Exchange approval).
Additionally, Mr. Stephen
Gledhill (CPA, CMA), pending exchange approval, will assume
the role of Chief Financial Officer for Syncordia. Mr. Gledhill is
a founding member and Managing Director and CFO of RG Mining
Investments Inc. and RG Management Services Inc., both of which are
accounting, administrative and corporate secretarial services
companies. In 1992, he formed Keshill Consulting Associates
Inc., a boutique management consulting practice. Mr. Gledhill has
over 25 years of financial-control experience and acts as CFO and
Corporate Secretary for multiple publically-traded companies,
several of which he was instrumental in scaling-up and taking
public. He currently serves as the CFO of Toachi Mining Inc.
(TSXV:TIM), Caracara Silver Inc. (TSXV-Z:CSV); BlueOcean
NutraSciences Inc. (TSXV:BOC); and Rosita Mining Corporation
(TSXV:RST).
About Syncordia Technologies and Healthcare Solutions,
Corp.
We are a technology enhanced revenue cycle management
("RCM") company focused on underserved niche segments of the
healthcare industry. We are focused on using our proprietary
software suite as an accelerator for growth. We are building a
diversified software and services business by consolidating
healthcare billing providers. Our growth strategy is to acquire
revenue cycle management/medical billing businesses with and
without software and improve their profitability by increasing
revenues, operating efficiencies and margins. Syncordia will
leveraging proprietary software to manage scale, drive better
customer experiences and enhance margins while driving a
competitive sustainable profile.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Statements
Certain statements herein may be "forward looking" statements
that involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of Syncordia or the industry to be materially
different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Forward
looking statements involve significant risks and uncertainties,
should not be read as guarantees of future performance or results,
and will not necessarily be accurate indications of whether or not
such results will be achieved. A number of factors could cause
actual results to vary significantly from the results discussed in
the forward looking statements. These forward looking statements
reflect current assumptions and expectations regarding future
events and operating performance and are made as of the date hereof
and we assume no obligation, except as required by law, to update
any forward looking statements to reflect new events or
circumstances.
SOURCE Syncordia Technologies and Healthcare Solutions,
Corp.
