Graymark Healthcare seeks merger to stave off financial problems

The Oklahoma City-based sleep diagnostic company Graymark Healthcare has reported that without the merger, it may have to scale back or shut down its operations.
by Brianna Bailey Modified: June 18, 2013 at 8:50 pm •  Published: June 18, 2013

Oklahoma City businessman Roy Oliver, one of Graymark's largest shareholders, has loaned Graymark $2.4 million over the past year to help the company make debt service, the company has said in regulatory filings. A call to Oliver's office was not returned on Tuesday.

Foundation owns and operates 21 outpatient surgery centers and surgical hospitals in seven states. Graymark and Foundation signed a letter of intent to merge in August, but have pushed back the closing date several times.

The reverse merger with Graymark would allow the privately held Foundation to become .

In the proposed deal's latest terms, Graymark would give Foundation 98.5 million shares of stock to purchase Foundation. The new company would be called Foundation/Graymark and primarily focus on Foundation's surgical business.

A call to Foundation's Oklahoma City headquarters was not returned on Tuesday.

Graymark had 104 sleep clinics in 10 states as of January. Graymark has about 55 employees in Oklahoma City, Royer said Tuesday.

The Nasdaq Stock Market delisted Graymark's stock in November for failing to meet minimum stock price requirements.

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by Brianna Bailey
Business Writer
Brianna Bailey has lived in Idaho, Germany and Southern California, but Oklahoma is her adopted home. She has a bachelor's degree in Journalism from the Univerisity of Oklahoma and has worked at several newspapers in Oklahoma and Southern...
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Like any business transaction of this nature, there are significant steps to get us there and it's just a matter of timing.”

Daryl Royer,
Graymark's Chief Operating Officer

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