SAN FRANCISCO, CALIFORNIA--(Marketwired - April 22, 2014) - 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 announced that it has appointed Chairman Michael Dalsin to the concurrent position of Chief Executive Officer effective immediately. Mr. Andrew Folmer will remain as President and CFO of PHM and continue to lead the company's day-to-day operations.
Mr. Dalsin is a merger and acquisition expert with a 15-year career as an investment banker with international experience. He has a significant personal shareholding in PHM and has co-led the acquisition strategy for PHM since June 2013.
"I look forward to being more directly involved in PHM," said Michael Dalsin, Chairman and CEO of PHM. "With our growing acquisition pipeline of over a dozen potential target companies and the development of critical mass in revenue and profit, the board believes I can serve more effectively as a leader in the overall management of the business. While Andrew Folmer is doing a fantastic job focusing on our profitability on a day-to-day basis, I believe we could increase attention around capital markets and organic growth efforts. These will be my two main areas of focus in addition to mergers and acquisitions."
PHM also announced that all resolutions from its Annual General and Special Meeting of Shareholders on April 11, 2014 were passed.
PHM is currently a positive cash flow and profitable company that serves patients with heart disease and other chronic health conditions, 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.
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.
This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S. Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of PHM. The securities of PHM have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.
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, 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, low profit market segments as well as general economic, market and business conditions, and could differ materially from what is currently expected.