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LAFAYETTE, La., Nov. 02, 2017 (GLOBE NEWSWIRE) -- Patient Home Monitoring Corp. (the “Company”) (TSXV:PHM), a healthcare services company with operations in the U.S., announced today that it has set December 15, 2017 as the date of its shareholders meeting to seek approval for the Company’s proposed split into two separate companies. The record date for the meeting has been set at November 13, 2017. Additional information relating to the proposed split will be included in the management information circular of the Company to be mailed to shareholders on or about November 20, 2017, which will also be available on SEDAR at www.sedar.com.
Viemed, which will comprise PHM’s market-leading provider of equipment and home therapy to service a wide array of respiratory diseases including patients that suffer from Chronic Obstructive Pulmonary Disorder (“COPD”), Chronic Respiratory Failure (“CRF”) among other neuromuscular diseases.
Patient Home Monitoring which will comprise PHM’s market-leading Durable Medical Equipment (DME) company that specializes in delivering and servicing home-based medical equipment, including oxygen therapy, sleep apnea treatment and mobility equipment.
“We are pleased that we have finalized the regulatory approvals needed to support our two companies,” said Casey Hoyt, CEO of PHM. “While this process has taken longer than any of our teams considered at inception, we have remained committed to an infrastructure that has been supporting growth over the last few quarters. We all remain positive as we move towards our shareholder meeting and look forward to finalizing the process that will put us in a better position to increase shareholder value as two of the most successful healthcare companies in the U.S. listed on the TSX.”
About Patient Home Monitoring Corp.
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. The Company fills this need by delivering a growing number of specialized products and services to achieve these goals. The Company serves patients with heart disease and other chronic health conditions, this operation is a platform for acquisitions and organic growth. The Company 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. The Company'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.
Forward-Looking Statements
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 the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company's current views and intentions with respect to future events, and current information available to the Company, and are subject to certain risks, uncertainties and assumptions, including, our ability to increase higher margin product sales while continuing to phase out certain product lines, and our reduction of G&A expenses and bad debt expenses. 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 credit, market (including equity, commodity, foreign exchange, and interest rate), liquidity, operational (including technology and infrastructure), reputational, insurance, strategic, regulatory, legal, environmental, capital adequacy, and other risks. Examples of such risk factors include the general business and economic conditions in the regions in which the Company operates; the ability of the Company to execute on key priorities, including the successful completion of acquisitions, business retention, and strategic plans and to attract, develop and retain key executives; difficulty integrating newly acquired businesses; the ability to implement business strategies and pursue business opportunities; low profit market segments; disruptions in or attacks (including cyber-attacks) on the Company's information technology, internet, network access or other voice or data communications systems or services; the evolution of various types of fraud or other criminal behavior to which the Company is exposed; the failure of third parties to comply with their obligations to the Company or its affiliates; the impact of new and changes to, or application of, current laws and regulations; 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; the overall difficult litigation environment, including in the U.S.; increased competition; changes in foreign currency rates; increased funding costs and market volatility due to market illiquidity and competition for funding; the availability of funds and resources to pursue operations; critical accounting estimates and changes to accounting standards, policies, and methods used by the Company; and the occurrence of natural and unnatural catastrophic events and claims resulting from such events; as well as those risk factors discussed or referred to in the Company's annual Management's Discussion and Analysis for the year ended September 30, 2016, filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedar.com. Should any factor affect the Company 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, the Company 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 the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.
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
Patient Home Monitoring Corp.
Todd Zehnder
Chief Strategy Officer & Investor Relations
(337) 504-3802
Investorinfo@myphm.com
www.phmcompanies.com
Patient Home Monitoring Corp.
Allan Wallander
Chief Financial Officer
(859) 202-3085
Investorinfo@myphm.com
www.phmcompanies.com