Quipt Home Medical Announces New Independent Board Member
February 03 2022 - 7:30AM
Quipt Home Medical Corp. (“
Quipt” or the
“
Company”) (NASDAQ: QIPT; TSXV:QIPT), a U.S. based
leader in the home medical equipment industry, focused on
end-to-end respiratory care, announced today that Mr. Brian J.
Wessel has joined the Board of Directors of the Company as an
Independent Director and Chair of the Audit Committee.
Mr. Wessel is a senior business executive with
over 34 years of global client service, operational and financial
expertise. As a former senior partner at Ernst & Young
(“EY”), Mr. Wessel provided audit and advisory
services to public, private, and private-equity-owned companies
across multiple industry sectors. Additionally, Mr. Wessel led EY’s
Capital Markets practice group in Mexico overseeing various foreign
private issuers listed on the U.S., European and Japanese stock
exchanges. Mr. Wessel has a compelling executive track record of
successfully leading through complex business transactions and
advising companies on accounting, auditing and financial reporting
matters. Mr. Wessel adds significant knowledge and practical
experience in complex accounting and financial reporting matters,
SEC registration statements, business combinations, audits of
internal control over financial reporting and carve-out audits.
Furthermore, Mr. Wessel has deep experience with various types of
transactions including business acquisitions and divestitures.
Prior to retiring from EY in 2021, Mr. Wessel
served in a variety of leadership roles during the transformation
and growth of EY into a $37 billion professional services firm that
has been recognized on Fortune 100 Best Companies to Work For® list
for over 20 years in a row. With extensive international experience
working with various multinational corporations and living in the
U.S., Latin America and Australia, Mr. Wessel has a deep
understanding of cultural diversity and how to cultivate
international business relationships and empower teams.
Mr. Wessel is a graduate of Bellarmine
University in Louisville, Kentucky, receiving his BA in Accounting.
Mr. Wessel holds his CPA certification in Kentucky, Texas and
Tennessee.
“The board is excited to welcome Mr. Wessel to
serve as an independent director, and serve as its Audit Committee
Chair during a substantial period of growth for Quipt; Mr. Wessel’s
vast global experience, combined with his financial and accounting
expertise, immediately positions Mr. Wessel well to contribute to
our strategic growth plan. Furthermore, Mr. Wessel will add
significant value with his expertise in financial reporting
oversight, adding clear, strategic, and thoughtful insights for the
team to utilize. Mr. Wessel’s wealth of experience will be
invaluable to us as we continue our aggressive expansion as an
emerging leader in at home clinical respiratory care across the
United States,” commented Greg Crawford, CEO and Chairman of Quipt.
“This strategic appointment reflects our firm stance to building a
robust and diverse board of directors to help the Company execute
on its long-term growth strategy.”
Mr. Brian J. Wessel added, “The opportunity to
join Quipt’s Board of Directors and serve as its Audit Committee
Chair to provide oversight through the Company’s ambitious growth
plans at a time where the importance for at home care is so vital
in our country is extremely exciting and motivating. I look forward
to providing my expertise and strategic direction on accounting,
financial reporting, audit and internal control matters. I believe
Quipt has the team, infrastructure, and vision to be an industry
leader and I look forward to helping in every way possible to drive
the vision forward.”
The appointment of Mr. Wessel expands the
Company’s board of directors to four members, three of whom are
independent.
In addition, the board of directors of the
Company has approved the grant of 175,000 stock options and 81,340
restricted stock units under its 2021 Equity Incentive Plan to
eligible officers, directors and employees of the Company,
including, amongst others, Mr. Wessel. The options are exercisable
at CAD$6.75 per share vest over a period of two to three years and
expire in ten years. The restricted stock units vest over one year
and will be settled in Common Shares. The options and underlying
shares issued to officers and directors are subject to a TSX
Venture Exchange four-month hold.
The Company also announces that it has received
a letter from the Nasdaq Listing Qualifications department advising
that as a result of filing its Form F-40 related to its fiscal year
ended September 30, 2021, the Company has regained compliance with
Nasdaq’s Listing Rules for continued listing.
ABOUT QUIPT
HOME MEDICAL
CORP.
The Company provides in-home monitoring and
disease management services including end-to-end respiratory
solutions for patients in the United States healthcare market. It
seeks to continue to expand its offerings to include the management
of several chronic disease states focusing on patients with heart
or pulmonary disease, sleep disorders, reduced mobility, and other
chronic health conditions. The primary business objective of the
Company is to create shareholder value by offering a broader range
of services to patients in need of in-home monitoring and chronic
disease management. The Company’s organic growth strategy is to
increase annual revenue per patient by offering multiple services
to the same patient, consolidating the patient’s services, and
making life easier for the patient.
Reader Advisories
Unless otherwise specified, all dollar amounts
in this press release are expressed in U.S. dollars.
Neither the 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.
For further information please visit our website at
www.Quipthomemedical.com, or contact:
Cole StevensVP of Corporate Development
859-300-6455cole.stevens@myquipt.com
Gregory CrawfordChief Executive OfficerQuipt Home Medical
Corp.859-300-6455investorinfo@myquipt.com
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