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Medical Facilities Corporation Appoints David Watson as New Chief Financial Officer

June 24, 2019

TORONTO, June 24, 2019 /CNW/ - Medical Facilities Corporation ("Medical Facilities," "MFC," or the "Corporation") (TSX: DR), is pleased to announce the appointment of David Watson as Chief Financial Officer, effective immediately.

"We are pleased to welcome David Watson as our new Chief Financial Officer," said Robert O. Horrar, President and CEO of Medical Facilities. "David has built an impressive record throughout his career as a leader in finance and healthcare settings. Importantly, he has helped lead the growth and expansion of multi-site and multi-state operations, has significant experience working with physician partners, and he understands the complexities of the payor landscape. We believe David is an excellent fit for MFC and we look forward to his involvement our continued growth."

Mr. Watson has 30 years of financial and accounting experience, mostly with multi-site and multi-state U.S. healthcare and institutional operations. Prior to joining Medical Facilities, he was Chief Financial Officer for the Florida-based Clearway Pain Solutions Institute. From 2011 to 2015, Mr. Watson served as Senior Vice President and Chief Financial Officer for National Surgical Hospitals – a leading owner and manager of physician-partnered surgical hospitals and ambulatory surgical centers. His valued depth of industry experience spans key areas of accounting and financial reporting, mergers and acquisitions, scaling organizations for growth, and navigating capital markets. Mr. Watson holds a Bachelor of Arts degree in Economics from the University of Virginia and an MBA in Accounting from Rutgers – The State University of New Jersey.

Mr. Watson is replacing Tyler Murphy, who is leaving MFC to pursue other opportunities.

"Tyler played a significant role in the expansion of our facilities portfolio and diversifying our revenue stream over the past few years," said Mr. Horrar. "On behalf of the entire MFC team, we wish Tyler all the best in his future endeavours."

About Medical Facilities

Medical Facilities, in partnership with physicians, owns surgical facilities in the United States. Medical Facilities' portfolio includes controlling interest in five specialty surgical hospitals located in Arkansas, Indiana, Oklahoma, and South Dakota, and an ambulatory surgery center located in California. In addition, through a partnership with NueHealth LLC, Medical Facilities owns controlling interest in seven ambulatory surgery centers located in Arkansas, Michigan, Missouri, Nebraska, Ohio, Oregon, and Pennsylvania. The specialty surgical hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ambulatory surgery centers specialize in outpatient surgical procedures, with patient stays of less than 24 hours. Medical Facilities is structured so that a majority of its free cash flow from operations is distributed to the holders of its common shares in the form of dividends. For more information, please visit www.medicalfacilitiescorp.ca.

SOURCE Medical Facilities Corporation

Robert Horrar, Chief Executive Officer, Medical Facilities Corporation, 416.848.7380 or 615.610.3700, investors@medicalfc.com; Trevor Heisler, Investor Relations, NATIONAL Capital Markets, 416.848.1434, theisler@national.ca