CALGARY, AB, May 9, 2022 CALGARY AB, Jan. 25, 2022 /CNW/ – Comprehensive Healthcare Systems Inc. (TSXV: CHS) (the “Company” or “CHS “), an industry leader in Healthcare Benefits Administration software and services, is pleased to announce the appointment of Chris Cosgrove as the Company’s new President and Chief Executive Officer (“CEO“) and to its board of directors effective February 1, 2022. Mr. Cosgrove has 25 years of management and leadership experience in the healthcare technology industry and will replace CHS founder, Dr. Hassan Mohaideen, who will continue in his role as Chairman of the board of directors (the “Board“) and be appointed Chief Medical Officer of the Company.
“With a proven track record of leading and growing healthcare technology businesses, Chris is uniquely qualified to carry on our mission to streamline the way consumers navigate their healthcare,” said Dr. Mohaideen. “He shares our values and vision and will continue to build upon everything that sets CHS apart. It’s been an honor founding and building CHS, and I’m looking forward to working with Chris as we scale the company and grow the impact of CHS’s NOVUS platform across the care continuum.”
The board of directors believe that the appointment of Mr. Cosgrove is a pivotal step towards building an institutional-grade sales focused commercial organization to ramp up sales and add new clients. A key focus area for the incoming CEO will be to target federal, state, and local governments in providing solutions to rising healthcare costs and to facilitate transparency in costs and administration. CHS’s management and the board of directors believe that organic revenue growth, launching new telehealth solutions (such as for the mental health space) and focusing on strategic acquisitions will be key priority areas for CHS during 2022.
Chris Cosgrove
Mr. Cosgrove has been a leader and innovator in healthcare IT for over 30 years. Having worked at both Fortune 100 and early-stage companies, he has extensive experience driving company growth, product value and building high performing teams.
Mr. Cosgrove’s most recent role was Market President of Welltok’s Provider Business, a leading healthcare consumer engagement company. Mr. Cosgrove and the team focused on growth and product innovation that ultimately positioned Welltok as a leader in the healthcare data analytics and patient engagement space. Prior to Welltok, he also served as EVP/GM of Vitals, a company focused on patient engagement and transparency, where he led the growth and development of new solutions into the Provider Healthcare Market. Prior to Vitals, Mr. Cosgrove held leadership positions at McKesson Provider Technologies (NYSE:MCK), Cerner Corporation (NASDAQ:CERN) and GE Healthcare (NYSE:GE).
“With what’s going on in the world today, it’s never been more important to help consumers understand, navigate and manage their healthcare,” Cosgrove said. “I’m honored to be named CHS’s CEO as we work to deliver innovation and value for our customers, helping to streamline the management of benefits for consumers, employers and providers. CHS has the ideal combination of compelling cloud-based offerings, with proven client deployments and a great experienced team. I believe that CHS’s core product can be the industry leader. It is flexible, cost effective, efficient and can be sold to a far wider market. The growth and enhancement of the sales capabilities will be my key priority and I’m excited about what we can accomplish, building off tremendous market growth.”
Pursuant to the employment agreement entered into between Mr. Cosgrove and the Company, CHS has granted Mr. Cosgrove options to acquire up to 500,000 common shares in the capital of CHS (each a “Share“), at an exercise price of $0.45 per Share, and vesting schedule of three years. (the “Stock Options“).
About Comprehensive Healthcare Systems Inc.
Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta and is the parent company of Comprehensive Healthcare Systems Inc. (Delaware). The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare with Telehealth and Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company’s state of the art HPS Novus Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefit administration (including insurance companies, hospitals, doctors and labor unions, through various corporation in which the majority shareholder has controlling ownership), providing healthcare administrative software, licensing and maintenance services.
Forward-Looking Statements
Forward-Looking Information
This news release contains certain “forward-looking information” and “forward-looking statements” (collectively referred to as “forward-looking statements“). These forward-looking statements relate to future events or the Company’s future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “continues”, “forecasts”, “projects”, “predicts”, “intends”, “anticipates” or “believes”, or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved. Particularly, information regarding our expectations of future results, targets, performance achievements, prospects or opportunities is forward-looking information. Forward-looking statements in this news release include, but may not be limited to, statements about the potential growth of the Company’s product to become a future leader.
Forward-looking statements are based on management’s assumptions as at the date the forward-looking statements are provided, including assumptions regarding: the Company’s management ability to execute its business strategy. Though management believes that its assumptions are reasonable in the circumstances, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance, or achievements to differ materially from all or any of the future results, performance or achievements expressed or implied by forward-looking statements. Risk factors that could cause the Company’s actual results, performance, or achievements to differ from the forward-looking statements in this news release include but may not be limited to: the inability of the Company’s management to execute its business strategy, adverse or unexpected changes to regulatory regimes related to the medical industry, and general market and economic risks. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Comprehensive Healthcare Systems Inc. /CNW/ – Comprehensive Healthcare Systems Inc. (TSXV: CHS) (the “Company“) announces that, on May 6, 2022, the Alberta Securities Commission (the “ASC“), as principal regulator, and the Ontario Securities Commission (the “OSC“), have issued a Failure-to-File Cease Trade Order (“FFCTO“) against the Company as a result of the Company not having filed, on or before May 2, 2022, the annual audited financial statements, annual management’s discussion and analysis and certification of the annual filings for the year ended December 31, 2021 (collectively, the “2021 Financials“).The 2021 Financials have already been filed on SEDAR on May 6, 2022. The Company’s management is working expeditiously with the ASC and the OSC to have the FFCTO revoked.Upon revocation of the FFCTO, trading of the Company’s securities will recommence. Members are prohibited from trading in the securities of the Company during the period of the suspension or until further notice.
About Comprehensive Healthcare Systems Inc.
Comprehensive Healthcare Systems Inc. is a corporation incorporated under the laws of the Province of Alberta and is the parent company of Comprehensive Healthcare Systems Inc. (Delaware). The Company is a vertically integrated software as a services (SaaS) company focused on digitizing healthcare with Telehealth and Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company’s state of the art HPS Novus Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefit administration (including insurance companies, hospitals, doctors and labor unions, through various corporation in which the majority shareholder has controlling ownership), providing healthcare administrative software, licensing and maintenance services.SOURCE Comprehensive Healthcare Systems Inc.