Centric Health Announces Management Change

May 18, 2016

TORONTO, May 18, 2016 /CNW/ - Centric Health Corporation ("Centric Health" or "the Company") (TSX: CHH), Canada's leading diversified healthcare services company, today announced that, effective June 17, 2016, Mr. Daniel Gagnon, Chief Financial Officer, will be leaving the Company to pursue another business opportunity.

"Since joining Centric Health in 2013, Daniel has been instrumental in the achievement of our top corporate priorities, most notably, the right-sizing of our debt through the divestitures of several non-core business units at very attractive multiples and lender re-financings," said David Cutler, Chief Executive Officer. "On behalf of the Board of Directors, I would like to thank Daniel for his tireless efforts and significant contributions during a transformational period for our Company.  He leaves the Company in a much improved financial position, with a strengthened balance sheet and the financial flexibility to invest in the growth opportunities in our business and an enhanced ability to generate free cash flow.  We wish Daniel every success as pursues his new opportunity."

The Company, in coordination with the Board of Directors, has initiated a search for Mr. Gagnon's successor. Until the appointment of the new CFO, the CEO will assume responsibility for coordinating the functions of the finance team.

Mr. Cutler added, "We have a solid finance team in place and I have the utmost confidence in their experience and expertise to support our business through the transition period to the appointment of Mr. Gagnon's replacement."

About Centric Health

Centric Health's vision is to be Canada's most respected provider and brand in the independent healthcare sectors in which it operates, world renowned for delivering the highest levels of quality care and outcomes, innovative solutions and value to patients, clients and stakeholders. To this end, Centric Health primarily focuses on two core healthcare businesses:

  • The Specialty Pharmacy division is composed of a growing national network of fulfilment centres that offer high-volume solutions for the cost effective supply of chronic medication and other specialty clinical services, serving more than 25,000 residents in over 300 seniors communities (long term care facilities, retirement homes and assisted living facilities) nationally. The Specialty Pharmacy division also provides pharmaceutical dispensing services for employees insured by corporate health plans.
  • The Surgical & Medical Centres division is Canada's largest independent surgical provider operating six facilities across four provinces. It serves a diversified customer base with private paid non-insured surgeries and diagnostics, government outsourcing of insured surgeries and diagnostics and other procedures funded by third-party payors (including Workers Compensation) and is the proud owner of Canada's first Centre of Excellence in Metabolic and Bariatric Surgery.

With national networks of facilities in each of its businesses, deep knowledge and experience of healthcare delivery and extensive, trusted relationships with payers, physicians, and government agencies, the Company is uniquely positioned to address current and future healthcare needs in growing markets as the Canadian healthcare industry continues to evolve over the medium to long term.

This press release contains statements that may constitute "forward-looking statements" within the meaning of applicable Canadian securities legislation.  These forward-looking statements include, among others, statements regarding business strategy, plans and other expectations, beliefs, goals, objectives, information and statements about possible future events. Readers are cautioned not to place undue reliance on such forward-looking statements. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by Centric Health and described in the forward-looking statements contained in this press release. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do so, what benefits Centric Health will derive there-from.

SOURCE Centric Health Corporation

For further information: David Cutler, Chief Executive Officer, Centric Health Corporation, 416-619-9401, david.cutler@centrichealth.ca; Lawrence Chamberlain, Investor Relations, NATIONAL Equicom, 416-848-1457, lchamberlain@national.ca