MELBOURNE, FL -- (Marketwired) -- 06/02/17 -- First Choice Healthcare Solutions, Inc. (OTCQB: FCHS) ("FCHS," "First Choice" or the "Company"), one of the nation's only non-physician-owned, publicly traded healthcare services companies focused on the delivery of total musculoskeletal solutions with an emphasis on Orthopaedics and spine care, today announced that its Board of Directors unanimously approved a program to repurchase up to one million shares of the company's common stock.
The authorized repurchases will be made from time to time in either the open market, block transactions, or through privately negotiated transactions. The timing, volume and nature of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws, and other factors, and may be suspended or discontinued at any time.
"The stock repurchase plan demonstrates our confidence in the strength of our business and commitment to delivering shareholder value," said Chris Romandetti, President and CEO of First Choice. "We believe our valuation is attractive relative to industry peers and given the company has sufficient cash on hand to support our expansion plans, adding the flexibility to repurchase shares was prudent."
No assurance can be given that any particular amount of common stock will be repurchased. This repurchase program has no expiration date and is subject to the company's blackout periods. The program may be modified or terminated by the Board of Directors at any time. The Company will report the repurchases in its periodic reports filed with the U.S. Securities and Exchange Commission.
As of March 31, 2017, First Choice reported approximately $3.9 million in cash with an additional $1.4 million available on a credit facility. First Choice intends to use available cash and future cash flows from operations to fund the repurchase program.
About First Choice Healthcare Solutions, Inc.
Headquartered in Melbourne, Florida, First Choice Healthcare Solutions (FCHS) is implementing a defined growth strategy aimed at expanding its network of non-physician-owned medical centers of excellence, which concentrate on treating patients in the following specialties: Orthopaedics, Spine Surgery, Neurology, Interventional Pain Management and related diagnostic and ancillary services in key expansion markets throughout the Southeastern U.S. Serving Florida's Space Coast, the Company's flagship integrated platform currently administers over 100,000 patient visits each year and is comprised of First Choice Medical Group, The B.A.C.K. Center and Crane Creek Surgery Center. For more information, please visit www.myfchs.com, www.myfcmg.com, www.thebackcenter.net and www.cranecreeksurgerycenter.com.
Safe Harbor Statement
Certain information set forth in this news announcement may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of First Choice Healthcare Solutions, Inc. Such forward-looking statements are based on current expectations, estimates and projections about the Company's industry, management beliefs and certain assumptions made by its management. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Information concerning factors that could cause the Company's actual results to differ materially from those contained in these forward-looking statements can be found in the Company's periodic reports on Form 10-K and Form 10-Q, and in its Current Reports on Form 8-K, filed with the Securities and Exchange Commission. Unless required by law, the Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise to reflect future events or circumstances or reflect the occurrence of unanticipated events.
Source: First Choice Healthcare Solutions, Inc.
Released June 2, 2017