LAFAYETTE, LOUISIANA--(Marketwired - Oct. 31, 2016) -
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Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a healthcare service company with operations in the US, announced today that it has appointed Al Wallander to the position of Chief Financial Officer. Mr. Wallander's appointment comes as the Company is proposing to split into two companies, one focused on disease management, called Viemed, and one focused on home-based equipment for chronic illness, called Apparo. As part of the appointment, Mr. Wallander will plan to stay on as CFO of Apparo after the proposed split.
Mr. Wallander comes to PHM with significant financial executive experience. Most recently, he served as CFO for Market6 from 2013 until its sale to Kroger in 2016, and as CFO for DotLoop from 2011 until its sale to Zillow in 2015. He was also integral in the development of ScopiaRx, which employs complex computer algorithms applied to FDA drug label and aftermarket case report data and patient clinical characteristics to provide personalized warnings of the most likely risks that could result in patient hospitalization or other serious outcomes.
Previously, Mr. Wallander provided CFO services to several early stage companies since 1997. Prior to that, he was with U.S. Shoe Corporation as VP - Planning and with Applied Power as Director of Financial Reporting. Al started his career at Deloitte and earned his BS and MBA from Marquette University.
"It is extremely exciting to join a company that has the potential for significant growth for many years to come. I feel privileged to have the opportunity to serve our customers, employees, community and shareholders," said Mr. Wallander.
"We are all pleased to have Al join the team to help in the transition to make PHM two separate companies that will be ready to legally split shortly after the shareholder vote," said Michael Dalsin, outgoing Chairman of PHM. "Apparo and Viemed, as separate operating companies, will be in a significantly improved position to compete in the market, support patients and their healthcare providers, and deliver maximum value to all shareholders."
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.
Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to PHM, the completion of the proposed transaction and any transactions associated therewith, the proposed transaction providing each new company with the ability to be positioned for sustained growth under their individual business plans, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect PHM's current views and intentions with respect to future events, and current information available to PHM, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions were applied in providing forward-looking information, including our ability to increase higher margin product sales while continuing to phase out certain product lines. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. These factors include changes in law, the ability to implement business strategies and pursue business opportunities, state of the capital markets, the availability of funds and resources to pursue operations, decline of reimbursement rates, dependence on few payors, possible new drug discoveries, a novel business model, dependence on key suppliers, granting of permits and licenses in a highly regulated business, competition, difficulty integrating newly acquired businesses, low profit market segments as well as general economic, market and business conditions, amongst others. Should any factor affect PHM in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, PHM does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and PHM undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.