Toronto Stock Exchange Symbol: CLC.UN
MISSISSAUGA, ON, Nov. 2 /CNW/ - CML Healthcare Inc. and CML HealthCare Income Fund (the "Fund"), (TSX: CLC.UN) today announced the appointment of Kent B. Nicholson as Chief Operating Officer. In this newly created executive position, Mr. Nicholson will be responsible for the development and execution of CML HealthCare's operational business plans, procedures and objectives, in support of advancing corporate strategy.
"Mr. Nicholson is a proven business leader with a strong background in managing large, customer-service oriented enterprises and driving superior business performance," said Paul Bristow, President and CEO of CML HealthCare Income Fund. "We look forward to Kent joining our executive team to oversee our laboratory services and medical imaging patient clinic operations, and driving continued service enhancements to both patients and referring physicians."
Mr. Nicholson is a seasoned business executive with more than 20 years of senior management experience in regulated industries, with expertise in: strategic and operational planning, organizational development, process re-engineering, sales and marketing, acquisitions and divestitures, and financial forecasting and analysis. He was formerly Divisional Vice President, Petroleum Operations and Business Development, of Canadian Tire Corporation, Canada's largest independent retailer of gasoline. Providing executive leadership to regional directors and managers for Canadian Tire's retail petroleum network, Mr. Nicholson administered a multi-million dollar annual capital improvements and expansions budget, championing customer service excellence, enhanced retail branding and marketing, and played a key role in growing the petroleum retail network from 195 to 270 locations. Prior to Canadian Tire, Mr. Nicholson held a number of progressive management positions at Imperial Oil Ltd., culminating in responsibility for managing the $200 million, 400-employee, Ontario Home Comfort operation, delivering heating oil, gas and diesel fuel to residential and commercial customers throughout Ontario. In this role, he negotiated the acquisition of a number of independent home heat companies to protect market share and grow the operational business base. Mr. Nicholson also served as President of Mr. Lube Canada where he oversaw the successful $25 million divestiture of 140 franchises and corporate locations across Canada. Mr. Nicholson holds a Bachelor of Science, Engineering, from the University of New Brunswick.
Caution concerning forward-looking statements
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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 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; and our success in anticipating and managing the foregoing risks.
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 "Business Risks" 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. The Fund does not undertake to update any forward-looking statements; such statements speak only as of the date made.
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. CML is a leading provider of laboratory testing services in Ontario and the largest private provider of medical imaging services in Canada. CML HealthCare Income Fund is publicly traded on the Toronto Stock Exchange under the symbol "CLC.UN" and has approximately 86.6 million units outstanding. To reach CML HealthCare Income Fund via the worldwide web log on to www.cmlhealthcare.com.
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