Patient Home Monitoring Corp.

October 24, 2013 09:00 ET

Patient Home Monitoring (PHM) Announces Appointment of Three Members to the Board of Advisors

SAN FRANCISCO, CALIFORNIA--(Marketwired - Oct. 24, 2013) - Patient Home Monitoring (PHM) (TSX VENTURE:PHM), a profitable company focused on rolling-up annuity-based healthcare service companies in the US and Canada, today appointed three highly qualified and experienced members to its newly created Board of Advisors.

PHM is addressing a large and fragmented market of small, profitable businesses providing healthcare products and services to chronically ill patients. PHM plans to acquire these businesses and then offer additional services to its entire patient base, thereby increasing revenue per patient and achieving organic post acquisition growth.

Board of Advisors

Anticipating numerous further acquisitions in the near term, Bob Kusher, PHM's CEO, has appointed several seasoned healthcare business veterans to a Board of Advisors. The main task of this board is to offer advice and guidance to the executive team on matters of acquisition integration and patient cross selling strategies and tactics.

PHM has initially appointed three professionals to the Board of Advisors:

Mark Kohler

Mr. Kohler is a chartered accountant in Canada and an expert in business operations. He has extensive experience in US healthcare services and serves as a member of the Board of Directors for QHR Technologies, Inc. (TSXV:QHR)

Jim Booth

Mr. Booth is a seasoned senior executive with extensive experience in the home health care marketplace. He recently retired from his position as CEO of Comfort Keepers, a multinational provider of non-skilled home health services through more than 600 franchised locations. Jim currently provides consulting services both domestically in the US and internationally.

Dr. Stephen Axelrod, MD

Dr. Axelrod built and directed a number of companies in the geriatric medicine space, including SeniorMed, a specialized pharmacy company acquired by Walgreen's. Stephen is CEO of a medication adherence company with clinical program expertise in the US telehealth market.

PHM plans to issue 100,000 options to each member of the board, vesting over three years.

"Our post acquisition strategy is about revenue expansion," said Mr. Bob Kusher, CEO of PHM. "We have built a nice pipeline of targets, even making a number of offers which I am hopeful we can close. While ultimately we may not close any of the companies we recently made offers to, I have confidence that we will be closing acquisitions sooner than later. By acquiring businesses with core competencies in specific service lines, along with their loyal patient base, we can expand these services to all of our patients at PHM. The result is intended to be significant revenue increases per patient after each acquisition. While it does take time to integrate an acquisition and begin the process of offering additional services to the existing patients, I believe this Advisory Board will help us in that endeavor and, ultimately, make PHM more successful as a result."

About PHM

PHM is a profitable and cash flow positive company servicing patients with chronic heart disease and will act as a platform for acquisitions. 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. Because of the new and highly fragmented nature of the market, PHM is actively working to identify and evaluate profitable, annuity-based companies to acquire their patient databases and technical expertise at favorable prices. 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. The expected result is growing EPS with each acquisition and growing revenue and profits from the cross selling efforts.

Forward-Looking Statements

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Implicit in this information, particularly in respect of the future outlook of PHM and anticipated events or results, are assumptions based on beliefs of PHM's senior management as well as information currently available to it. While these assumptions were considered reasonable by PHM at the time of preparation, they may prove to be incorrect.

Readers are cautioned that actual results are subject to a number of risks and uncertainties, including the availability of funds and resources to pursue operations or acquisitions, 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, availability of qualified senior management, risks from change in ownership or unfamiliarity with new markets, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.

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.

Contact Information

  • Michael Dalsin
    (323) 253-3055