Centric Health Enters into Consulting Arrangement with CEO and Announces New COO of Specialty Pharmacy Division and National Director of Business Development

Dec 15, 2017

TORONTO, Dec. 15, 2017 /CNW/ - Centric Health Corporation ("Centric Health" or the "Company") (TSX:CHH) today announced that it has entered into a consulting agreement with David Cutler, the President and Chief Executive Officer of the Company, that will take effect on February 1, 2018 following Mr. Cutler's previously announced retirement. Under the consulting agreement, Mr. Cutler's consulting company will provide consulting services relating to investor relations, managing certain key customer accounts, government relations, the procurement of new customers and the implementation of the AceAge Karie device. The consulting agreement will expire on August 1, 2018, unless extended by mutual agreement of the parties.

The Company is also pleased to announce the appointment of Tim Matthews as the new COO of the Specialty Pharmacy division, and also acknowledge the recent appointment of Ryan Stempfle as the National Director of Business Development.

Dr. Jack Shevel, Chairman of the Board, said "We are very pleased that we have reached an agreement with David to continue providing his services in certain key areas for the interim period while we continue to search for, and transition, a new CEO. David has deep relationships in industry and government, and with his pending retirement he will now have the time he needs to focus on these key areas and leverage his relationships. I also want to congratulate Tim and Ryan on their new appointments.  Tim and Ryan have each made tremendous contributions at the regional level, and we look forward to their expanded role on a national basis."

About Centric Health
Centric Health's vision is to be Canada's most respected and recognized provider 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 a "Patient First" model composed of a growing national network of fulfilment centres that deliver high-volume solutions for the cost effective supply of chronic medication and other specialty clinical care services, serving more than 29,000 residents in over 425 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 five 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 goes through a major transformation over the medium to long term. http://www.centrichealth.ca

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, strategies, alternatives, 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. The Company does not undertake to update any forward-looking information contained herein, except as required by applicable Canadian securities legislation.

SOURCE Centric Health Corporation

For further information: Dr. Jack Shevel, Centric Health Corporation, 416-927-8400, info@centrichealth.ca