Dr. Alan Muney
and Kim Rivera re-elected to Board
of Directors
MIAMI, June 15,
2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health"
or the "Company"), a leading value-based primary care provider and
population health company, today announced the results of its
Annual Stockholders' Meeting (the "Annual Meeting"). Based on the
vote tabulation by the Company's proxy solicitor, Cano Health's two
director nominees, Dr. Alan Muney
and Kim Rivera, have been re-elected
to the Company's Board of Directors.
"We take seriously the input we have received from our
stockholders and they can expect us to take further action to
ensure we unlock the substantial value that is embedded in Cano
Health's unique platform," said Solomon
Trujillo, Chairman of the Board. "With the election now
concluded, our Board is focusing all our energy and attention on
executing our plan to drive sustainable long-term growth and
profitability by sharpening our focus on Medicare Advantage,
unlocking embedded medical center profitability, streamlining
operations, strengthening cash flows, and optimizing our management
team and governance. We are poised to capitalize on the significant
opportunities in front of us and will not be distracted by the
former directors' continued misrepresentations of events and
self-serving agenda."
Mr. Trujillo added, "While we acknowledge there was a
significant withhold vote, we believe that the two world-class
directors who have been re-elected to our Board will continue to
benefit the Company and our stockholders through their significant
executive leadership experience and healthcare expertise, as the
Board collectively works to realize Cano Health's enormous
potential."
The preliminary vote count following the Annual Meeting also
indicated that stockholders voted to ratify the Audit Committee's
appointment of E&Y as the Company's independent registered
public accounting firm; did not approve the advisory vote on its
2022 executive compensation; and did not approve the Company's
reverse stock split amendment.
Cano Health will file the voting results of the Annual Meeting
with the SEC on a Form 8-K as soon as they are available.
About Cano Health
Cano Health (NYSE: CANO) is a high-touch, technology-powered
healthcare company delivering personalized, value-based primary
care to approximately 390,000 members. With its headquarters in
Miami, Florida, Cano Health is
transforming healthcare by delivering primary care that measurably
improves the health, wellness, and quality of life of its patients
and the communities it serves. Founded in 2009, Cano Health has
more than 4,000 employees, and operates primary care medical
centers and supports affiliated providers in nine states and
Puerto Rico. For more information,
visit canohealth.com or investors.canohealth.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements relate to future events and
involve known and unknown risks, uncertainties and other factors
which are, in some cases, beyond our control and could materially
affect actual results, performance or achievements. These
forward-looking statements generally can be identified by phrases
such as "will," "expects," "anticipates," "foresees," "forecasts,"
"estimates" or other words or phrases of similar import, including,
without limitation, (i) our plans and expectations to unlock the
substantial value that we believe is embedded in Cano Health's
unique platform; (ii) our plans and expectations to focus all our
energy and attention on improving Cano Health's profitability and
delivering the long-term value our stockholders rightly expect; and
(iii) our plans and expectations to realize Cano Health's enormous
potential. These forward-looking statements are based on
information available to us at the time of this release and our
current expectations, forecasts and assumptions, and involve a
number of judgments, risks and uncertainties. We derive many of our
forward-looking statements from our operating budgets and
forecasts, which are based on many detailed assumptions. While we
believe that our assumptions are reasonable, we caution that it is
very difficult to predict the impact of known or unknown factors,
and it is impossible for us to anticipate all factors that could
affect our actual results. It is uncertain whether any of the
events anticipated by our forward-looking statements will transpire
or occur, or if any of them do, what impact they will have on our
results of operations and financial condition. Important risks and
uncertainties that could cause our actual results and financial
condition to differ materially from those indicated in our
forward-looking statements include, among others, changes in market
or industry conditions, changes in the regulatory environment,
competitive conditions, and/or consumer receptivity to our
services; changes in our strategy, future operations, prospects and
plans; developments and uncertainties related to the Direct
Contracting Entity program; our ability to realize expected
financial results, including with respect to patient membership,
total revenue and earnings; our ability to predict and control our
medical cost ratio; our ability to grow market share in existing
markets and continue our growth; our ability to integrate our
acquisitions and achieve desired synergies; our ability to maintain
our relationships with health plans and other key payors; our
future capital requirements and sources and uses of cash, including
funds to satisfy our liquidity needs; our ability to attract and
retain members of management and our Board of Directors; and/or our
ability to recruit and retain qualified team members and
independent physicians.
Actual results may also differ materially from such
forward-looking statements for a number of other reasons, including
those set forth in our filings with the SEC, including, without
limitation, the risk factors identified in our Annual Report on
Form 10-K for the fiscal year ended December
31, 2022, filed with the SEC on March
15, 2023, as amended by our Annual Report on Form 10-K/A,
filed with the SEC on April 7, 2023
(the "2022 Form 10-K"), as well as our Quarterly Reports on Form
10-Q and Current Reports on Form 8-K that we have filed or expect
to file with the SEC during 2023 (which may be viewed on the SEC's
website at http://www.sec.gov or on our website at
http://www.investors.canohealth.com/ir-home), as well as reasons
including, without limitation, delays or difficulties in, and/or
unexpected or less than anticipated results from our efforts to:
(i) unlock Cano Health's substantial value, such as due to higher
interest rates, a broad recessionary economic environment, higher
than expected costs and/or greater than anticipated competitive
factors; (ii) improve Cano Health's profitability and/or deliver
long-term value, such as due to lower than expected revenues, lower
than expected patient utilization rates and/or higher than expected
operating costs; and/or (iii) realize Cano Health's enormous
potential, such as due to less than anticipated sources of
liquidity and/or tightness in the credit markets and/or M&A
markets. For a detailed discussion of the risks and uncertainties
that could cause our actual results to differ materially from those
expressed or implied by the forward-looking statements, please
refer to our risk factor disclosure included in our filings with
the SEC, including, without limitation, our 2022 Form 10-K.
Investors should evaluate all forward-looking statements made in
this release in the context of these risks and uncertainties.
Factors other than those listed above could also cause our results
to differ materially from expected results. Forward-looking
statements speak only as of the date they are made and, except as
required by law, we undertake no obligation or duty to publicly
update or revise any forward-looking statement, whether to reflect
actual results of operations; changes in financial condition;
changes in general U.S. or international economic, industry
conditions; changes in estimates, expectations or assumptions; or
other circumstances, conditions, developments or events arising
after the issuance of this release. Additionally, the business and
financial materials and any other statement or disclosure on or
made available through our websites or other websites referenced
herein shall not be incorporated by reference into this
release.
Media Contact
Kekst CNC
Anntal Silver / Nick Capuano
anntal.silver@kekstcnc.com / nicholas.capuano@kekstcnc.com
Investor Contact
Cano Health IR
investors@canohealth.com
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SOURCE Cano Health, Inc.