TORONTO, Oct. 13, 2022 /CNW/ - Medical Facilities Corporation (TSX: DR) ("Medical Facilities" or the "Company") announced today that, in connection with the Company's ongoing substantial issuer bid (the "Offer"), the Ontario Securities Commission (the "OSC") has granted an order (the "Relief Order") permitting Medical Facilities to extend the Offer, if it determines to do so, without first taking up any common shares (the "Common Shares") previously deposited. For technical reasons the Offer could not be extended without the Relief Order.

At this time, Medical Facilities has not yet determined if it will extend the Offer, and the expiration of the Offer remains 5:00 PM (Eastern time) on October 24, 2022. In the event the Offer is extended, the Company will provide a further news release disclosing the details of such extension.

Medical Facilities will fund purchases of Common Shares pursuant to the Offer from cash on hand and/or from a drawdown on the revolving credit facility available under the amended and restated credit agreement dated as of August 31, 2022, between, among others, the Company and National Bank Financial Markets, as lead arranger and bookrunner. A copy of the agreement, which includes the terms of that facility, and detailed descriptions of those terms, are included in Medical Facilities' public disclosure materials, all of which are available on SEDAR at www.sedar.com.

Details of the Offer, including instructions for tendering Common Shares, are included in the Circular, letter of transmittal and the notice of guaranteed delivery (collectively, the "Offer Documents"). The Offer Documents are available on SEDAR at www.sedar.com, as well as on the Company's website at www.medicalfacilitiescorp.ca. Shareholders should carefully read the Offer Documents prior to making a decision with respect to the Offer.

This press release is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Medical Facilities' Common Shares. The solicitation and the offer to buy the Common Shares will only be made pursuant to the Offer Documents.

Medical Facilities, in partnership with physicians, owns a diverse portfolio of highly rated, high-quality surgical facilities in the United States. MFC's ownership includes controlling interest in four specialty surgical hospitals located in Arkansas, Oklahoma, and South Dakota, and an ambulatory surgery center ("ASC") located in California. In addition, through a partnership with NueHealth LLC, Medical Facilities owns a controlling interest in five ambulatory surgery centers located in Michigan, Missouri, Nebraska, Ohio, and Pennsylvania. MFC also owns non-controlling interests in a specialty surgical hospital in Indiana and an ASC in Missouri. The specialty surgical hospitals perform scheduled surgical, imaging, diagnostic and other procedures, including primary and urgent care, and derive their revenue from the fees charged for the use of their facilities. The ASCs specialize in outpatient surgical procedures, with patient stays of less than 24 hours. For more information, please visit www.medicalfacilitiescorp.ca.

Caution concerning forward-looking statements

Statements made in this news release, other than those concerning historical financial information, may be forward-looking and therefore subject to various risks and uncertainties. Some forward-looking statements may be identified by words like "may", "will", "anticipate", "estimate", "expect", "intend", or "continue" or the negative thereof or similar variations and include statements about the Company's normal course issuer bid. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Factors that could cause results to vary include those identified in Medical Facilities' filings with Canadian securities regulatory authorities such as legislative or regulatory developments, intensifying competition, technological change and general economic conditions. All forward-looking statements presented herein should be considered in conjunction with such filings. Medical Facilities does not undertake to update any forward-looking statements; such statements speak only as of the date made.

SOURCE Medical Facilities Corporation

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