Press release from CNW Group
Medical Facilities Corporation Announces Transition of Dr. Larry Teuber to Consulting Role
Monday, July 29, 2013
Medical Facilities Corporation Announces Transition of Dr. Larry Teuber to Consulting Role17:00 EDT Monday, July 29, 2013
TORONTO, July 29, 2013 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" or the "Corporation") announced today that Dr. Larry Teuber will transition from his position as President to a consulting role with the Corporation. He will act as a consultant to the Corporation for a term of 12 months. The role of President has been eliminated, and the responsibilities of that office will be assumed by members of the Corporation's senior management team. Dr. Teuber has also stepped down as a Director of the Corporation.
"Dr. Teuber was central to the creation and development of Medical Facilities and his vision, energy and talent contributed significantly to the establishment and growth of the company," said, Seymour Temkin, Chairman of the Board of Directors of Medical Facilities. "We are grateful to Larry for his dedication and contributions to the Corporation, as well as for his continuing support."
The Company also announced that Mr. John T. Perri, a director of Medical Facilities since May 2012, will assume the role of Chairman of the Corporation's Acquisition Committee. Mr. Perri will assist the Corporation's CEO and CFO in the identification of acquisition opportunities. Mr. Perri has an extensive background and experience in U.S. healthcare sector, including acquisitions and development of specialty hospitals and surgery centers.
About Medical Facilities
Medical Facilities owns controlling interests in five 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. Medical Facilities is structured so that a majority of its available 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
For further information:
Chief Financial Officer
Medical Facilities Corp.
(416) 848-7380 or 1-877-402-7162
(416) 815-0700 or 1-800-385-5451 ext. 257
(416) 815-0700 or 1-800-385-5451 ext. 258