NUTEX HEALTH ANNOUNCES CHANGES TO ITS BOARD OF DIRECTORS

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Nutex Health Inc. announces changes to its Board of Directors, appointing Scott J. Saunders and Dr. Kelvin Spears, MD, to replace outgoing members. Mr. Saunders brings extensive experience in healthcare advisory services, while Dr. Spears has a background in emergency medicine. The company believes their qualifications make them well-suited for the roles. The appointment of these new Board members aims to strengthen the leadership and expertise within Nutex Health Inc.

HOUSTON, April 22, 2024 /PRNewswire/ -- Nutex Health Inc. ("Nutex Health" or the "Company") (NASDAQ: NUTX), a physician-led, technology-enabled integrated healthcare delivery system comprised of 21 state-of-the-art micro hospitals in 9 states and primary care-centric, risk-bearing physician networks, today announced the appointment of Scott J. Saunders, and Kelvin Spears, MD, to its Board of Directors.  They replace John Waters, who recently passed away, and Dr. Daniel Stites, who fulfilled his one-year term Board commitment.

The Board has determined that Mr. Saunders satisfies the current independent director standards established by the rules of The Nasdaq Stock Market. Mr. Saunders will serve as a Director of the Company for a term commencing on April 11, 2024, and expiring at the Annual Meeting of Stockholders of the Company in 2025 or until his successor is duly elected and qualifies.

Mr. Saunders is head of health care advisory services and has been a Managing Director of Farlie Turner Gilbert & Co., LLC, a boutique middle market investment bank based in Fort Lauderdale, Florida, since 2006. Since 1992, he has served as a financial and strategic advisor to middle market companies across a variety of industries, including companies primarily in the healthcare industry.

In addition, he has advised companies in the media and communications, business services, industrial, and consumer products industries. The majority of transactions consummated during this period have been corporate divestitures but have also included debt and equity private placements and buy-side advisory work.

Mr. Saunders has been a guest lecturer at the University of Miami and Florida International University. In addition, he co-taught a class in management consulting to undergraduates and graduate students in the Management Department at the University of Miami. He is a frequent panelist at industry conferences on topics in healthcare M&A and financing. Throughout his career, he has developed relationships with key representatives of leading middle market private equity and private credit firms, as well as mezzanine capital firms, BDCs, and selected hedge funds.

Mr. Saunders received his B.A. degree from Wesleyan University and his MPPM degree from the Yale University School of Management.  The Company believes that Mr. Saunders's background and experience in healthcare advisory roles make him well qualified to serve as a Director.

Dr. Spears completed his emergency medicine residency followed by a fellowship in Critical Care at Martin Luther King Jr., Charles Richard Drew University Health Sciences, in Los Angeles, California. Prior to his residency, he earned his medical degree from Meharry Medical College. Prior to this, he received a B.S. in Chemistry from Dillard University.

Dr. Spears is board certified in Emergency Medicine by the American Board of Emergency Medicine and is a Fellow of the American College of Emergency Physicians. Dr. Spears has been a practicing emergency medicine physician for over 32 years.

Since 2017, Dr. Spears has been a Physician Partner, Chief Medical Director, and ED Director at Alexandria Emergency Hospital in Alexandria, LA, a hospital affiliate of the Company. Dr. Spears also serves as the EMS Medical Director for Alexandria Fire Department, Pineville Fire Department, Cotile Fire Department, Central Louisiana Bureau EMS, Kisatchie Forest/US Forest Service and Rapides Parish School.

Additionally, from 2014 to 2017 he served as Emergency Department Director at Christus St. Frances Cabrini Hospital in Alexandria, Louisiana, Contract Management Group SMD, Envision Healthcare, and Sound Physicians, servicing a 45,000 patient per year Emergency Department. Dr. Spears' dedication to providing quality healthcare in the most efficient and effective methods, along with his extensive EMS background and wealth of experience, make him well-qualified to serve as a director.

"We are extremely excited about having both Scott Saunders and Dr. Kelvin Spears on our Board. Each brings a unique set of skills that will add value to our corporate governance," said Tom Vo, M.D., MBA, Chief Executive Officer and Chairman of Nutex Health.

"I'm looking forward to contributing to Nutex Health's Board.  While the Company has encountered some headwinds in the past two years, I believe its recently-adopted cost-cutting initiatives will position it well for long term profitability and growth," said Mr. Saunders.

"I believe micro hospitals and the kind of value-based care represented by Nutex Health's primary care networks are important ingredients in the future of healthcare.  Nutex Health is a leader in this micro hospital sector and I'm glad to be a part of the Company," said Dr. Spears.

About Nutex Health Inc.

Headquartered in Houston, Texas and founded in 2011, Nutex Health Inc. (NASDAQ: NUTX) is a physician-led, technology-enabled integrated healthcare delivery system comprised of 21 state-of-the-art micro hospitals in nine states and primary care-centric, risk-bearing physician networks with two divisions: a Hospital Division and a Population Health Management Division.

The Hospital Division owns, develops and operates innovative health care models, including micro-hospitals, specialty hospitals, and hospital outpatient departments (HOPDs). This division owns and operates 21 facilities in nine states.

The Population Health Management division owns and operates provider networks such as Independent Physician Associations (IPAs). Through our Management Services Organization (MSO), we provide management, administrative and other support services to our affiliated hospitals and physician groups. Our cloud-based proprietary technology platform aggregates clinical and claims data across multiple settings, information systems and sources to create a holistic view of patients and providers, allowing us to deliver greater quality care more efficiently.

Forward-Looking Statements

Certain statements and information included in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. When used in this press release, the words or phrases "will", "will likely result," "expected to," "will continue," "anticipated," "estimate," "projected," "intend," "goal," or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, many of which are beyond the control of the Company. Such uncertainties and risks include, but are not limited to, our ability to successfully execute our growth strategy, changes in laws or regulations, including the interim final and final rules implemented under the No Surprises Act, economic conditions, dependence on management, dilution to stockholders, lack of capital, the effects of rapid growth upon the Company and the ability of management to effectively respond to the growth and demand for products and services of the Company, newly developing technologies, the Company's ability to compete, conflicts of interest in related party transactions, regulatory matters, protection of technology, lack of industry standards, the effects of competition and the ability of the Company to obtain future financing. An extensive list of factors that can affect future results are discussed in our Annual Report on Form 10-K for the year ended December 31, 2023 under the heading "Risk Factors" in Part I, Item IA thereof, and other documents filed from time to time with the Securities and Exchange Commission. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release.

 

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SOURCE Nutex Health, Inc.

FAQ

Who are the new members appointed to Nutex Health Inc.'s Board of Directors?

The new members appointed to Nutex Health Inc.'s Board of Directors are Scott J. Saunders and Dr. Kelvin Spears, MD.

What is Mr. Saunders' background and experience?

Mr. Saunders is head of health care advisory services and has been a Managing Director of Farlie Turner Gilbert & Co., , a boutique middle market investment bank based in Fort Lauderdale, Florida, since 2006. He has extensive experience in financial and strategic advisory roles in various industries, including healthcare.

What is Dr. Spears' medical background?

Dr. Spears completed his emergency medicine residency followed by a fellowship in Critical Care at Martin Luther King Jr., Charles Richard Drew University Health Sciences, in Los Angeles, California. He is board certified in Emergency Medicine and has been a practicing emergency medicine physician for over 32 years.

What are Dr. Spears' current roles and responsibilities?

Dr. Spears currently serves as a Physician Partner, Chief Medical Director, and ED Director at Alexandria Emergency Hospital in Alexandria, LA, and also holds the position of EMS Medical Director for multiple departments and organizations.