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Skylight Health Appoints Andrew Elinesky as Chief Financial Officer

Skylight Health Group Inc.
·5-min read

TORONTO, Feb. 26, 2021 (GLOBE NEWSWIRE) -- 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 the appointment of Andrew Elinesky as Chief Financial Officer.

Mr. Elinesky has a long and distinguished career in Finance and has served as CFO for multiple publicly traded companies in Canada and the United States. He comes with strong cross-border market experience and specializes in M&A and consolidation.

  • Former SVP and CFO at McEwen Mining, a SEC registered multinational mining company listed on the NYSE and TSX with properties and operations in Canada, Argentina, Mexico, and the United Sates. Mr. Elinesky developed and implemented all aspects of company financial strategy, including respective disclosures and filings. He managed four equity financings: US$75M of marketed deals and US$25M of flow-through deals and obtained a US$50M secured debt facility after running a comprehensive worldwide bid process. On the M&A front, he led the execution of a $35M asset acquisition and took a lead role in a $40M company acquisition.

  • Earlier in his career, Mr. Elinesky held various progressive Financial Accounting and Treasury Roles at major corporations including Heinz UK, Diageo, and Worldcom UK.

  • Attended Oxford University where he achieved his Bachelor of Science, Applied Accounting. Chartered Professional Accountant (CPA, CGA) and Fellow of Association of Chartered Certified Accountants (FCCA).

  • Treasurer and Board Member of Canadian Network for the Prevention of Elder Abuse

“Andrew is the perfect addition to our leadership team,” said Prad Sekar, CEO and Co-Founder of Skylight Health. “He has executed multi-million-dollar debt and equity financings, and has a depth of knowledge and experience with M&A. His strategic negotiation will be a great asset for us as we continue to consolidate the US primary care market, and his capital markets experience will ensure we remain focused on profitability and shareholder value.”

“I have a high degree of confidence in both our short- and long-term opportunities at Skylight Health,” said Mr. Elinesky. “I look forward to building on this excellent foundation and working closely with the team as we continue to prioritize our growth.”

Additionally, the Company has issued 200,000 options to Elinesky and 75,000 options to employees at yesterday's closing price of $1.59 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 Kelly
investors@skylighthealthgroup.com
416-301-2949

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.