Skylight Health Group Inc. (TSXV:SHG; OTCQX:SHGFF) (“Skylight
Health” or the “Company”), one of the largest multi-specialty
healthcare systems in the United States, is pleased to announce
Patrick McNamee as new Skylight Health Chairman of the Board. Mr.
McNamee succeeds Norton Singhavon who will remain involved as an
active member of the Board.
Mr. McNamee has previously acted as EVP and COO of Express
Scripts, where he led all major activities of the $120B+
technology-driven pharmacy benefit management company. He was
instrumental in leading the company’s organic and acquisitive
growth from $3B in revenue to more than $120B achieving an average
of 27% EPS growth over his 9-year tenure. With 33,000 employees, a
$2.9B budget and 120M customers, he led the delivery of 110M mail
order prescriptions while processing 1.5B retail claims annually.
Patrick brought a strategic and operational perspective to this
young company. He led the successful integration of the $4B
WellPoint NextRx acquisition and the $29B Medco acquisition
delivering over $4B in synergies. Leveraging global talent and
technology, combined with strategic innovation and global sourcing,
Patrick built a suite of products and services resulting in market
cap growth from $6B to more than $50B. He also served as CEO for
the $1.3B specialty distribution business growing at 20% annually.
Frequent communication with investors and legislators helped pave
the way for growth and share price appreciation.
Most recently, Mr. McNamee agreed to a turn-around role as
President and CEO, Health Insurance Innovations (NASDAQ:HIIQ), a
health insurance developer and distributor. He led a significant
and fast turnaround of this company after a rough IPO. Share price
increased from $4 to $58 in 23 months.
“I feel very privileged to take on this role during such an
exciting shift in our industry – the needs of patients, doctors,
payors and insurance providers are changing rapidly. Skylight
Health is leading these changes in thoughtful and innovative ways
which will benefit all its stakeholders for years to come,” said
McNamee.
“Patrick has a long history of strategic leadership, and deep
experience and results in healthcare products and equipment
services, global manufacturing and health insurance,” says Prad
Sekar, Co-Founder and CEO. “He has developed products and service
businesses that have resulted in significant value creation. This
leadership appointment is part of a rigorous and comprehensive
nomination and board ratification process, and we feel honored to
have found such an ideal person. We thank Norton for all his
contributions during his time as Chairman and look forward to his
involvement and insight as a board member.”
“It has been an honour to serve as Chairman of Skylight Health
and I am very proud of the work we continue to do as one of the
leading multi-speciality healthcare systems in the United States,”
says Norton Singhavon. “I look forward to watching Skylight thrive
under the strength of Patrick as Chairman and will remain a
committed and active member of the Board under his leadership and
guidance.”
Mr. McNamee recently served on the board of HDSupply (HDS) which
was acquired by The Home Depot (HD) in Jan of 2021. He currently
serves as an Operating Partner for Beecken Petty O’Keefe (BPOC).
With BPOC, he serves on the boards of Maxor National Pharmacy
Services, Zenith American and Health-E Commerce. Mr. McNamee holds
a Master of Science in Electrical Engineering and Computer Sciences
from Marquette University, and a Bachelor of Science in Biomedical
Engineering from Marquette University.
Additionally, the Company has issued 45,900 options to McNamee,
45,900 options to Board Member, Grace Mellis and 220,000 to certain
contactors at yesterday’s closing price of $1.30 as part of its
employee stock option plan.
About Skylight Health Group
Skylight Health Group (TSXV:SHG; OTCQX:SHGFF) is
a healthcare services and technology company, working to positively
impact patient health outcomes. The Company operates a US
multi-state health network that comprises of physical
multi-disciplinary medical clinics providing a range of services
from primary care, sub-specialty, allied health and
laboratory/diagnostic testing. The Company owns and operates a
proprietary electronic health record system that supports the
delivery of care to patients via telemedicine and other remote
monitoring system integrations. With a patient roster of over
155,000 patients, the Company’s operations servicing 16 states and
continues to expand in services and locations both organically and
by way of strategic acquisitions.
The Company primarily operates a traditional
insurable fee-for-service model contracting with Medicare, Medicaid
and other Commercial Payors. The Company also offers a disruptive
subscription-based telemedicine service for the un/under-insured
population who have limited access to urgent care due to cost.
For more information, please visit www.skylighthealthgroup.com
or contact:
Investor Relations:Jackie
Kellyinvestors@skylighthealthgroup.com416-301-2949
Currency Usage, Cautionary and Forward-Looking
Statements
All currency contained in this Press Release represent Canadian
Dollars unless otherwise stated.
Statements in this news release that are forward-looking
statements are subject to various risks and uncertainties
concerning the specific factors disclosed here and elsewhere in
Skylight Health's filings with Canadian securities regulators. When
used in this news release, words such as "will, could, plan,
estimate, expect, intend, may, potential, believe, should," and
similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation,
statements regarding the Company's unaudited financial results and
projected growth.
Financial forecasts in this release are based on the current
revenue run rate of Skylight Health, all of its recently completed
acquisitions, and its pending acquisitions. This forecast is
subject to the closing of any and all pending acquisitions, and
successful integration of all its current and future acquisitions
without any loss or interruptions of revenues during the
integration and transition process. The Company may revise this
forecast from time to time and investors should not solely rely on
this forward-looking guidance when making an investment
decision.
Although Skylight Health has attempted to identify important
factors that could cause actual results, performance or
achievements to differ materially from those contained in the
forward-looking statements, there can be other factors that cause
results, performance or achievements not to be as anticipated,
estimated or intended, including, but not limited to: the ability
of Skylight Health to execute on its business strategy, continued
revenue growth in accordance with management’s expectations,
operating expenses continuing in accordance with management
expectations, dependence on obtaining regulatory approvals;
Skylight Health being able to find, complete and effectively
integrate target acquisitions; change in laws relating to health
care regulation; reliance on management; requirements for
additional financing; competition; hindering market growth or other
factors that may not currently be known by the Company.
There can be no assurance that such information will prove to be
accurate or that management's expectations or estimates of future
developments, circumstances or results will materialize. As a
result of these risks and uncertainties, the results or events
predicted in these forward-looking statements may differ materially
from actual results or events.
Accordingly, readers should not place undue reliance on
forward-looking statements. The forward-looking statements in this
news release are made as of the date of this release. Skylight
Health disclaims any intention or obligation to update or revise
such information, except as required by applicable law, and
Skylight Health does not assume any liability for disclosure
relating to any other company mentioned herein.
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.
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