Quantum International Income Corp. Provides Update on Operations and Other Corporate Matters
Toronto, Ontario (FSCwire) - Quantum International Income Corp. (the "Corporation") (TSXV: QIC / QIC.U) is pleased to announce that its subsidiary, Centers for Special Surgery ("CSS"), experienced a substantial increase in the number of patients for the three months ended March 31, 2016 at its ambulatory surgery center in Essex County, New Jersey. CSS is a joint venture between the Corporation and New York City Surgical Associates ("NYCSA").
CSS has realized a 210% increase in patient numbers for the three months ended March 31, 2016 as compared to the same period in 2015. "We are extremely pleased with the progress CSS has made," commented Manu Sekhri, Chief Executive Officer of the Corporation. "and this kind of patient level growth reflects the demand for the skill and expertise of our surgical team."
Separately, the Corporation announces today that Douglas Stuve has resigned from the Board of Directors of the Corporation. Mr. Stuve's service to the Board preceded the reorganization of the Corporation to its current business and he had served as a director since July 2005. His departure leaves Mr. Sekhri, Sheila Ogilvie-Harris and Peter Shippen as the remaining directors of the Corporation.
Mr. Sekhri continued: "We thank Doug for his contribution to Quantum, particularly during the formative phase of its current business strategy, and we wish him well in his other endeavors."
The Corporation also announces that it has entered into a new consulting agreement with an entity controlled by Mr. Sekhri. Prior thereto, Mr. Sekhri had been working for the company on an "at will" basis and without a contractual relationship. The consulting agreement provides for the continuation of the salary currently being paid to Mr. Sekhri, with the potential for an increase thereto as well as certain incentive payments in the event Mr. Sekhri is able to grow the business of the Corporation significantly. The full text of the consulting agreement will be available on SEDAR at www.sedar.com under the Corporation's profile.
The Corporation further announces today that it has entered into separate shares for debt arrangements with each of Roy L. Booth, former Chief Financial Officer of the Corporation, and Richardson GMP Limited. Mr. Booth has agreed to accept, in full satisfaction of an outstanding liability of the Corporation, an issuance of 164,000 common shares of the Corporation, representing an implied price of $0.05 per common share. The liability arose in connection with salary arrangements related to the service provided by Mr. Booth during his tenure as CFO. Richardson GMP Limited has agreed to accept, in full satisfaction of an outstanding liability of the Corporation, an issuance of 781,621 common shares of the Corporation, also representing an implied price of $0.05 per common share. The liability arose in connection with corporate finance services provided by Richardson GMP Limited to the Corporation in 2015. Completion of each of the above shares for debt arrangements is subject to approval of the TSX Venture Exchange.
More information on Quantum International Income Corp. is available at www.quantumincomecorp.com.
For further information please contact Quantum International Income Corp:
Tel. (416) 477-3411
Neither 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.
Cautionary Statement Regarding Forward-Looking Information
This release contains certain information which, as presented, constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking information involves statements that relate to future events and often addresses expected future business and financial performance, containing words such as "expect" and "intend", statements that an action or event "may" or "will" be taken or occur, or other similar expressions. These statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of the Corporation to control or predict, and which may cause Quantum's actual results, performance or achievements to be materially different from those expressed or implied thereby, as well as other factors discussed in the Corporation's annual information form dated July 23, 2015, (the "Annual Information Form") and the Corporation's final short form prospectus supplement dated July 21, 2015, which are available on SEDAR under Quantum's profile at www.sedar.com. Forward-looking information is developed based on assumptions about such risks, uncertainties and other factors set out herein, in the Annual Information and Prospectus, and as otherwise disclosed from time to time on SEDAR under Quantum's profile at www.sedar.com.
Unless otherwise specified in this press release, information contained in this press release is current as of the date of this press release. Unless otherwise specified, all dollar amounts herein refer to Canadian dollars. The Corporation undertakes no obligation to update forward-looking statements except as may be required by applicable Canadian securities laws. Readers are cautioned against attributing undue certainty to forward-looking statements.
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Source: Quantum International Income Corp. (TSX Venture:QIC) http://quantumincomecorp.com/
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