TORONTO, March 16, 2023 (GLOBE NEWSWIRE) — Skylight Health Group Inc. (TSXV:SLHG; OTCQX:SLHGF) (“Skylight Health” or the “Company”); a healthcare platform combining technology, and analytics focused on transitioning patients into value-based care to drive better health outcomes and experiences in the United States, today announced that its Board of Directors has suspended the payment of dividends on the Company’s 9.25% Series A Cumulative Redeemable Perpetual Preferred Shares (the “Series A Preferred Shares”) until further notice. The Series A Preferred Shares trade under the “SLHGP” stock ticker symbol.
The Company has decided to cancel the monthly dividend scheduled for payment on March 20, 2023, as previously announced on February 9, 2023. The Company believes cancelling the dividend is in the best interests of the Company and its stakeholders as a capital preservations strategy while maintaining flexibility during a critical phase as the global capital markets have significantly pulled back in recent months.
In accordance with the terms of the Series A Preferred Stock, dividends on the Series A Preferred Stock will accrue until such dividends are authorized or declared. The Board intends to revisit the resumption of its monthly dividend in the future when appropriate.
About Skylight Health Group
Skylight Health Group (TSXV:SLHG: OTCQX:SLHGF) is a healthcare services and technology company, working to positively impact patient health outcomes. The Company operates a US multi-state primary care health network comprised of physical practices providing a range of services from primary care, sub-specialty, allied health, and laboratory/diagnostic testing. The Company is focused on helping small and independent practices shift from a traditional fee-for-service (FFS) model to value-based care (VBC) through tools including proprietary technology, data analytics and infrastructure. In an FFS model, payors (commercial and government insurers) reimburse on an encounter-based approach. This puts a focus on volume of patients per day. In a VBC model, the providers offer care that is aimed at keeping patients healthy and minimize unnecessary health expenditures that are not proven to maintain the patient’s well-being. This places an emphasis on quality over volume. VBC will lead to improved patient outcomes, reduced cost of delivery and drive stronger financial performance from existing practices.
Forward Looking Statements
This press release may include predictions, estimates or other information that might be considered forward-looking within the meaning of applicable securities laws. While these forward-looking statements represent our current judgments, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this release. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. When used herein, words such as “look forward,” “believe,” “continue,” “building,” or variations of such words and similar expressions are intended to identify forward-looking statements. Factors that could cause actual results to differ materially from those contemplated in any forward-looking statements made by us herein are often discussed in filings we make with the Canadian and United States securities regulators, including the Securities and Exchange Commission, available at: www.sec.gov, and Canadian Securities Administrators, available at www.sedar.com, and on our website, at skylighthealthgroup.com.
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