May 3, 2011 (Canada NewsWire Group) --
Toronto Stock Exchange Symbol: CLC
MISSISSAUGA, ON, May 3 /CNW/ - CML HealthCare Inc. (the "Corporation" or "CML"), (TSX:CLC) today announced that Paul J. Bristow, President and Chief Executive Officer of the Corporation, and Kent Nicholson, Chief Operating Officer, have left to pursue other interests and opportunities. Patrice E. Merrin, Chairman of the Board of Directors of the Corporation, has been appointed interim Chief Executive Officer, effective immediately. CML is commencing a search for a new Chief Executive Officer.
Ms. Merrin stated, "The Board of Directors of CML wishes to thank Paul for his efforts on behalf of CML, including while the business was an income fund and for guiding the conversion back to the corporate form. The Board also thanks Kent for his efforts on behalf of CML. The Board would like to wish Paul and Kent all the best in their future endeavours."
Patrice Merrin has been a director/trustee of CML since March 2008. Ms. Merrin was previously Chief Executive Officer of Luscar Ltd. and was Executive Vice President and Chief Operating Officer of Sherritt International Corporation. In serving as the interim Chief Executive Officer of CML, Ms. Merrin will have the support of the Corporation's senior executives in both Canada and the United States. Ms. Merrin went on to say that, "We have full confidence in the leadership structure in place on an interim basis and with the full support of the Board of Directors and our employees, CML will continue to execute on its strategic and operational priorities and initiatives. Results for the first quarter of 2011 will be announced in the normal course on May 19, 2011. We look forward to seeing shareholders at our annual meeting in Toronto on that same date."
About CML HealthCare Inc.
CML HealthCare Inc. is one of North America's largest community-based healthcare services provider. Based in Mississauga, Ontario, CML HealthCare Inc. is a leading provider of laboratory testing services in Ontario, the largest provider of medical imaging services in Canada and is a leading provider of medical imaging services in the U.S. Northeast. CML HealthCare Inc. is publicly-traded on the Toronto Stock Exchange under the symbol "CLC" and has approximately 89.8 million common shares outstanding. To reach CML HealthCare Inc. via the worldwide web, log on to www.cmlhealthcare.com.
Caution concerning forward-looking statements
This document includes forward-looking statements within the meaning of certain securities laws, including the "safe harbour" provisions of the Securities Act (Ontario) and other provincial securities law in Canada. These forward-looking statements include, among others, statements with respect to our objectives, goals and strategies to achieve those objectives and goals, as well as statements with respect to our beliefs, plans, objectives, expectations, anticipations, estimates and intentions. The words "may", "will", "could", "should", "would", "suspect", "outlook", "believe", "plan", "anticipate", "estimate", "expect", "intend", "forecast", "objective" and "continue" (or the negative thereof), and words and expressions of similar import, are intended to identify forward-looking statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, which give rise to the possibility that predictions, forecasts, projections and other forward-looking statements will not be achieved. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. We caution readers not to place undue reliance on these statements, as a number of important factors, many of which are beyond our control, could cause our actual results to differ materially from the beliefs, plans, objectives, expectations, anticipations, estimates and intentions expressed in such forward-looking statements. These factors include, but are not limited to: dependence on government-based revenues in Canada; general economic conditions; pending and proposed legislative or regulatory developments in Canada including the impact of changes in laws, regulations and the enforcement thereof; reliance on funding models in Canada; intensifying competition, resulting from established competitors and new entrants in the businesses in which we operate; our ability to complete strategic acquisitions and to integrate our acquisitions successfully; insurance coverage of sufficient scope to satisfy any liability claims; operational and infrastructure risks including possible equipment failure and performance of information technology systems; fluctuations in total patient referrals; technological change and obsolescence; loss of services of key senior management personnel; privacy laws; ability to pay dividends in the future; structural subordination of common shares; leverage and restrictive covenants; fluctuations in cash timing and amount of capital expenditures; tax-related risks; unpredictability and volatility of the price of common shares; dilution; future sales of common shares. Additional factors related to business operations in the U.S. imaging market include, but are not limited to: potential termination of the arrangements with contracted radiology practices; fluctuations in total patient referrals; changes in third-party reimbursement rates or methodology; increased pressure to control healthcare costs; increased competition; technological change; exposure to professional malpractice liability; potential termination of relationship with Johns Hopkins; currency fluctuations; ability to grow business in the United States; U.S. income tax matters; different regulatory environment characterized by extensive regulation; penalties arising from failure to comply with all regulations; federal and state fraud and abuse laws; loss of licensing, certification or accreditation; Certificate of Need regulations; privacy legislation; legislative change affecting prices that physicians or suppliers can charge; avoidance of fee-splitting; environmental health and safety laws; and the uncertainty of, and changes in, the U.S. healthcare regulatory environment.
We caution that the foregoing list of important factors that may affect
future results is not exhaustive. When reviewing our forward-looking
statements, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
Additional information about factors that may cause actual results to
differ materially from expectations, and about material factors or
assumptions applied in making forward-looking statements, may be found
in the "Risk Factors" section of our Annual Information Form, under
"Business Risks" and elsewhere in our Management's Discussion and
Analysis of Operating Results and Financial Position for the year ended
December 31, 2010 and elsewhere in our filings with Canadian securities
regulators. 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.
Director, Corporate Communications
CML HealthCare Inc.
(905) 565-0043 ext.3472
(905) 565-2844 fax