Toronto Stock Exchange Symbol: CLC.UN
MISSISSAUGA, ON, Aug. 12 /CNW/ - CML HealthCare Inc. ("CML") and CML HealthCare Income Fund (the "Fund"), (TSX: CLC.UN) today announced the appointment of Mr. Gery J. Barry to CML HealthCare's Board of Directors and the Fund's Board of Trustees.
"Mr. Barry's demonstrated leadership and expertise in public and private health insurance and medical benefit programs will be an important strategic resource for CML HealthCare, particularly in light of the health care reforms currently under consideration in the United States," said Mr. Stephen Wiseman, Chairman of CML HealthCare. "We look forward to benefiting from Mr. Barry's insight and guidance in support of the ongoing development of CML HealthCare's business, both in Canada and the U.S."
"Mr. Barry's appointment further supports CML's commitment to build long term value for stakeholders," said Paul Bristow, President and CEO of CML HealthCare Income Fund. "His extensive knowledge of the health insurance and health care industries will be a valuable resource as we move forward in growing our business."
Mr. Barry is President and CEO of Barry-Global Strategic Services, a firm offering expertise in health insurance and health care quality management. He most recently served as Chief Strategy Officer of Aetna, Inc. (NYSE: AET) a leading U.S. based provider of health care, dental, pharmacy, group life, and disability insurance, and employee benefits, with annual revenues in excess of US$30 billion worldwide. Prior to Aetna, Mr. Barry was President and Chief Executive Officer of Blue Cross and Blue Shield of Louisiana, a not-for-profit agency providing group and individual health and medical benefits to more than one million members. Prior thereto, Mr. Barry was President and Chief Executive Officer of Liberty Health (formerly Ontario Blue Cross). Mr. Barry currently serves on the Louisiana HealthCare Quality Forum Board of Directors, chairing the Quality Measurement Committee; and is a member of the Board of Directors of GroupWorks Inc (TSX-V: GWC). Mr. Barry holds a Bachelor of Science (Honors Mathematics) from the University of Notre Dame, and a Masters Degree (Applied Mathematics) from Rutgers University. He is a Fellow of the Society of Actuaries and a member of the American Academy of Actuaries.
About CML HealthCare Income Fund
CML HealthCare Income Fund is an unincorporated open-ended trust that owns CML HealthCare Inc., one of Canada's largest healthcare services businesses. Based in Mississauga, Ontario, CML HealthCare Inc. is a leading provider of laboratory testing services in Ontario and the largest private provider of medical imaging services in Canada. The Fund also owns American Radiology Services, Inc., a leading provider of fully-integrated diagnostic medical imaging services based in Baltimore, Maryland. CML HealthCare Income Fund is publicly traded on the Toronto Stock Exchange under the symbol "CLC.UN" and has approximately 89.8 million units outstanding. To reach CML HealthCare Income Fund via the worldwide web log on to www.cmlhealthcare.com.
Caution concerning forward-looking statements
Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on such statements, as actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include, but are not limited to: dependence on government-based revenues; pending and proposed legislative or regulatory developments including the impact of changes in laws, regulations and the enforcement thereof; intensifying competition from established competitors and new entrants in the businesses in which we operate; technological change; interest rate fluctuations and general economic conditions; insurance coverage of sufficient scope to satisfy any liability claims; fluctuations in operating results; dependence on our ability to renegotiate the MOH contract on favourable terms; dependence on our operating subsidiary to pay its interest obligations; fluctuations in cash distributions and capital investment; management of credit, market, liquidity and funding and operational risks; judicial judgments and legal proceedings; our ability to complete strategic acquisitions and to integrate our acquisitions successfully; changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates; operational and infrastructure risks including possible equipment failure and performance of information technology systems; fluctuations in total patient referrals; loss of services of key senior management personnel; other factors that may affect future growth and results including, timely development and introduction of new products and services; changes in our estimates relating to reserves and allowances; future sales of units; changes in tax laws; technological changes and obsolescence, natural disasters, the possible impact on our businesses from public health emergencies, international conflicts and other developments including those relating to terrorism; the effect of anyone or more of such events and risks on our stability ratings and any changes thereto; and our success in anticipating and managing the foregoing risks. Additional factors related to the recent acquisition of American Radiology Services, Inc. ("ARS") include, but are not limited to, the Fund's ability to successfully integrate the operations of ARS, additional liabilities or costs attributable to the acquisition of ARS, unknown liabilities of ARS, the ability to retain senior management of ARS, the ability to complete accretive acquisitions in the U.S., the continuation and nature of the relationship with The Johns Hopkins University and The Johns Hopkins Health System Corporation (collectively "Johns Hopkins") and changes in U.S. federal and state healthcare laws and regulations, including with respect to Medicare and Medicaid reimbursements levels.
We caution that the foregoing list of factors is not exhaustive and that when reviewing our forward-looking statements investors and others should refer to the "Risk Factors" section of the Fund's Annual Information Form, the "Risks and Ucertainties" and other sections of our Management's Discussion and Analysis of Operating Results and Financial Position and our other periodic filings with Canadian securities regulatory authorities. All forward-looking statements presented herein should be considered in conjunction with such filings. Except as required by Canadian securities law, we do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf; such statements speak only as of the date made.