First Choice Healthcare Solutions, Inc. (OTCQB: FCHS), 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.
