Patricia
Ferrari and Carol Flaton to
Enhance the Board's and Management's Ongoing Strategic, Operational
and Financing Initiatives
MIAMI, Dec. 18,
2023 /PRNewswire/ -- Cano Health, Inc. ("Cano Health"
or the "Company") (NYSE: CANO), a leading value-based primary care
provider and population health company, today announced the
appointment of Patricia Ferrari and
Carol Flaton to its Board of
Directors. Ms. Ferrari and Ms. Flaton bring broad business
experience and deep financial expertise, with proven track records
of advising companies on strategies to improve operations and
financial performance, as well as strengthening their capital
structures.
Solomon Trujillo, non-executive
Chairman of the Board, said: "The Board has been focused on
ensuring we have the right mix of skills and insights to create
value for our stakeholders as we reposition the Company and address
our challenges. We look forward to benefitting from Trish and
Carol's significant expertise, fresh perspectives, and broad range
of operational, financial, and business transformation experience
as we advance our ongoing efforts to enhance liquidity, strengthen
our balance sheet, and unlock Cano Health's full potential."
Additionally, the Board has established a Finance Committee to
oversee the Company's ongoing comprehensive exploration of a range
of financing initiatives and evaluation of strategic alternatives.
As detailed in the Company's financial results for the third
quarter ended September 30, 2023,
ongoing efforts to generate additional liquidity and strengthen the
Company's balance sheet include, but are not limited to:
- streamlining and simplifying the organization to improve
efficiency and reduce costs;
- considering a sale of the Company or all or substantially all
of its assets; and/or
- exploring the sale of certain lines of its business.
The Board has appointed Ms. Ferrari and Ms. Flaton, along with
current director Angel Morales, to
serve on the Finance Committee, with Ms. Flaton serving as Chair.
The Board also appointed Ms. Flaton as a member of the Board's
Audit Committee and Ms. Ferrari to serve on the Compensation
Committee.
About Carol Flaton
Ms. Flaton has provided financial advisory services and served
as an independent director for both public and private companies
since 2019. From 2014 to 2019, Ms. Flaton was a Managing Director
at AlixPartners LP. Prior to that, Ms. Flaton was a Managing
Director at Lazard Freres & Co. LLC, a Managing Director at
Citigroup Inc. and a Managing Director at Credit Suisse First
Boston. Ms. Flaton currently serves as a member of the Board of
Directors of Genesis Care Finance Pty, Ltd., Hornblower Holdings
LLC, Resolute Investment Managers, Inc., and as Independent Manager
of Matterhorn Parent, LLC (d/b/a Hearthside Food Solutions).
Ms. Flaton earned her Bachelor of Science and Bachelor of Arts
degree from the University of Delaware
and her M.B.A. from the International Institute of Management
Development.
About Patricia Ferrari
Ms. Ferrari is a consultant to corporate executives and boards
of directors. Previously, she was a Managing Director at MBIA Inc.,
serving as its Head of Restructuring and Remediation since 2014.
Prior to this, she served as one of the founding partners of the
New York office of King &
Spalding, a U.S.-based international
corporate law firm headquartered in Atlanta.
Ms. Ferrari earned her Bachelor of Arts degree from Southern Illinois University and her Juris Doctor
degree from Vanderbilt University.
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) the Company's expected benefits from appointing Mses.
Ferrari and Flaton to the Board of Directors and creating the
Finance Committee, including, without limitation, that Mses.
Ferrari and Flaton will enhance the board's and management's
ongoing strategic, operational, and financing initiatives and
advance the Company's ongoing efforts to enhance liquidity,
strengthen its balance sheet and unlock the Company's full
potential; (ii) the Company's plans to focus on ensuring it has the
right mix of skills and insights to create value for its
stakeholders as it repositions the Company and address its
challenges; (iii) the Company's plans and expectations from the
Finance Committee overseeing the Company's ongoing comprehensive
exploration of a range of financing initiatives and evaluation of
strategic alternatives; and (iv) the Company's expectations from
its ongoing efforts to generate additional liquidity and strengthen
the balance sheet, including, but not limited to, streamlining and
simplifying the organization to improve efficiency and reduce
costs, considering a sale of the Company or all or substantially
all of its assets and/or exploring the sale of certain lines of its
business. 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; our ability to predict and control our medical
cost ratio; 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 will file with the SEC
during 2023 and 2024 (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 (i)
appointing Mses. Ferrari and Flaton to the Board of Directors
and creating the Finance Committee, such as due to the Company's
inability, in whole or in part, to enhance its ongoing strategic,
operational, and financing initiatives and/or advance its ongoing
efforts to enhance liquidity, strengthen its balance sheet and
unlock the Company's full potential, whether due to higher costs,
less than expected liquidity and/or other adverse factors; (ii) its
efforts to create value for its stakeholders by repositioning the
Company and addressing its challenges, whether due to higher costs,
less than expected liquidity and/or other adverse factors; (iii)
the Finance Committee overseeing the Company's ongoing
comprehensive exploration of a range of financing initiatives and
evaluation of strategic alternatives, such as delays in and/or its
inability, in whole or in part, to consummate one or more financing
transactions and/or sale transactions, whether due to adverse
market conditions, higher costs, less than expected liquidity
and/or other adverse factors; and/or (iv) its ongoing efforts to
generate additional liquidity and strengthen its balance sheet by
streamlining and simplifying the organization to improve efficiency
and reduce costs, considering a sale of the Company or all or
substantially all of its assets and/or exploring the sale of
certain lines of its business, such as due to delays in realizing
sequential operating performance improvement and/or our inability,
in whole or in part, to optimize our operations to improve patient
outcomes and lower medical costs by improving payor relations and
affiliate partnerships, reducing high-cost emergency room visits,
improving our generic dispensing rate, enhancing our arrangements
with specialty networks, and/or strengthening our patient
engagement programs and/or delays in and/or the Company's
inability, in whole or in part, to consummate one or more financing
transactions and/or sales transactions. 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 press 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 press release.
Additionally, the business and financial materials and any other
statement or disclosure on or made available through our websites
or other websites referenced in this press release shall not be
incorporated by reference into this press release.
About Cano Health
Cano Health (NYSE: CANO) is a high-touch,
technology-powered healthcare company delivering personalized,
value-based primary care to approximately 310,000 members. Founded
in 2009, 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 through its primary care medical centers and
supporting affiliated providers. For more information, visit
canohealth.com or investors.canohealth.com.
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SOURCE Cano Health, Inc.