Patient Home Monitoring Corp.

June 29, 2016 09:00 ET

Patient Home Monitoring Announces Appointment of New Chief Financial Officer; Overhead Reduction and Staff Realignment; Updates Regulatory BAR Requirement

LAFAYETTE, LOUISIANA--(Marketwired - June 29, 2016) -


Patient Home Monitoring Corp. (the "Company" or "PHM") (TSX VENTURE:PHM), a healthcare services company with operations in the US, announced today that it has appointed Steve Lazarus to the position of Chief Financial Officer. Mr. Lazarus' appointment comes as the Board of Directors and Management have taken steps to reduce overhead and realign staff to better reflect recent reimbursement rate changes.

Mr. Lazarus has an extensive background in both healthcare finance and analytical methods. Mr. Lazarus was previously employed by Deloitte, the Visiting Nurse Service of New York, and served as CFO of a Federally Qualified Health Center system. Mr. Lazarus earned his MPH at Columbia University's Mailman School of Public Health, his MBA from Seton Hall University, and his bachelor's degree from Emory University. Additionally, Mr. Lazarus is an alumnus of the Colorado Outward Bound School.

"I am pleased to have Steve join our management team as we continue the integration and optimization of the companies that we have rolled up over the last two years," said Casey Hoyt, CEO of PHM. "We have recently finalized our staff realignment plans and reduced overheard as a result. With Steve's experience in both finance and analytics, it will help us improve efficiencies in the delivery of healthcare services, improving patient experience and our profitability. He is well suited to help us build on the success that we have realized to date and also help us with our organic growth strategy that we have been working towards. The addition of a seasoned finance team member is another step in the right direction for our Company."

The British Columbia Securities Commission ("BCSC") recently issued a decision exempting the Company from the requirement to file a Business Acquisition Report ("BAR") for the Sleep Management, LLC and Home Sleep Delivered, LLC acquisition made during 2015. As a result of the decision, no BAR is necessary and PHM is no longer on the BCSC's Issuer in Default list.

About PHM

The explosive growth in the number of elderly patients in the US healthcare market is creating pressure to provide more efficient delivery systems. Healthcare providers, such as hospitals, physicians and pharmacies, are seeking partners that can offer a range of products and services that improve outcomes, reduce hospital readmissions, and help control costs. PHM fills this need by delivering a growing number of specialized products and services to achieve these goals. PHM is company that serves patients with heart disease and other chronic health conditions, this operation is a platform for acquisitions and organic growth. PHM is focused on a highly fragmented and developing market of small privately-held companies servicing chronically ill patients with multiple disease states caused mainly by age and obesity. PHM's post acquisition organic growth strategy is to increase annual revenue per patient by offering multiple services to the same patient, consolidating the patient's services and making life easier for the patient.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The appointment of Mr. Lazarus as the Chief Financial Officer of PHM is subject to the approval of the TSXV. PHM undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

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