COMPREHENSIVE HEALTHCARE SYSTEMS INC. ANNOUNCES APPOINTMENT OF INTERIM CHIEF FINANCIAL OFFICER

CALGARY, AB, May 4, 2023 /CNW/ - Comprehensive Healthcare Systems Inc. (TSXV: CHS) (the "Company" or "CHS"), a leading provider of healthcare benefits administration software and services, announces the resignation of Mr Alex McAulay as the Chief Financial Officer, effective, May 2^nd, 2023, and the appointment of Mr. Kevin Waters as the interim Chief Financial Officer, effective May 4^th, 2023.

Mr. Waters is a seasoned accounting and finance leader with over 25 years of experience in both publicly traded and private-equity-owned companies across multiple industries, including healthcare benefits. He brings extensive M&A experience to CHS, as well as a track record of managing through times of growth and transition. He is a Certified Public Accountant and holds an MBA from Oral Roberts University in Tulsa, Oklahoma.

Mr. McAulay and his firm, Treewalk.com (Formerly ACM Management Inc.), provided professional services, including CFO services to CHS during the go public process that assisted the company to successfully list on the Toronto Venture Exchange (TSXV). Mr. McAulay continued to act as the CFO after CHS started to trade on the TSXV in October 2021. The Company thanks Mr. McAulay for his services during the go public and subsequent transition phase and wishes him well for the future.

The Company also announces the resignation of Mr Mohammad (Mo) S. Fazil from the board of directors, effective May 2^nd, 2023. Mr. Fazil was the Chief Executive Officer of Greenstone Capital Corp., a Capital Pool Company (CPC) that was acquired by CHS through a reverse takeover transaction (RTO) to complete a qualifying transaction and a subsequent listing on the TSXV. Mr. Fazil joined the board of directors of CHS following the go public transaction and assisted the company through its initial phase as a newly listed public company. The Company wishes thanks to Mr. Fazil for his services and wishes him well for his future endeavors.  

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 Healthcare Benefits Administration solutions, providing reliable and high-volume transaction capable systems. The Company's state-of-the-art Novus 360 Healthcare Welfare and Benefits Administration (HWBA) SaaS platform is used by clients for all aspects of healthcare benefits administration (including self-funded employers, providers, and labor unions), providing healthcare administrative software and technology-enabled services.

FORWARD-LOOKING INFORMATION:

The press release contains "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements can be identified by words such as: "anticipate," "intend," "plan," "budget," "believe," "project," "estimate," "expect," "scheduled," "forecast," "strategy," "future," "likely," "may," "to be," "could," "would," "should," "will" and similar references to future periods or the negative or comparable terminology, as well as terms usually used in the future and conditional. An example of a forward-looking statement in this news release is the intended use of the proceeds of the Private Placement. These forward-looking statements are based on assumptions as of the date they are provided. However, there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

Additionally, there are known and unknown risk factors that could cause the Company's actual results and financial conditions to differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important risk factors that could cause actual results and financial conditions to differ materially from those indicated in the forward-looking statements, include among others: general economic, market and business conditions in Canada and globally; market volatility; unforeseen delays in timelines for any of the transactions or events described in this press release; and the risk of regulatory changes that may impact the business of the Company. All forward-looking information is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking statement or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events, or developments, except as required by 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.

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