- Dental company Smiles Inclusive (SIL) has responded to a troubling incident involving one of its dentists, Dr John Camacho
- Dr Camacho sent the company a letter, claiming that he represented 16 dentists who wished to terminate their service agreements
- So far, most of those dentists have pleaded ignorance about the letter, denying claims about seeking service agreement terminations
- The company is in the process of contacting the remaining dentists, in hopes of clarifying the situation
- The news comes just three days after Smiles underwent significant leadership changes, appointing Michelle Aquilina to the role of CEO
- Smiles Inclusive shares are still locked up at 3.5 cents per share
Dental company Smiles Inclusive (SIL) has responded to a troubling incident involving one of its dentists, Dr John Camacho.
Today, the company received a letter from Dr Camacho. In the letter, he claimed to be representing 16 Totally Smiles dentists, who were seeking to terminate their service agreements.
Most of Smiles Inclusive’s dentistry practices operate under the Totally Smiles banner. Totally Smiles currently employs approximately 98 dentists under that name.
Since receiving the letter, the company has started contacting the dentists named by Dr Camacho. However, in the process of doing so, the company has been met with confusion and denial.
The majority of the dentists listed by Dr Camacho have informed Smiles Inclusive that they knew nothing about the letter. Furthermore, they have emphatically stated that they have no desire or intention to terminate their service agreements.
The company is still in the process of contacting the remaining dentists who are mentioned in the letter. However, Dr Camacho’s puzzling actions are still troubling and require further clarification.
Smiles Inclusive is currently going through a transition period, as it welcomes a new CEO and deals with COVID-19. Only a few days ago, the company announced the appointment of Michelle Aquilina as the new Chief Executive Officer.
Michelle has inherited the company in the midst of a health crisis, with all practices bar a skeleton crew shut down. The only exceptions during the COVID-19 pandemic are for emergency dental procedures, as advised by public health authorities.
However, Smiles Inclusive says it’s working on a recovery plan and looking at other ways to grow. The company has now confirmed that it is in advanced negotiations about a potential transaction.
If completed, the transaction would “materially improve” the company’s financial position, and provide it with capital. This capital would assist Smiles Inclusive to continue through the rest of the shutdown period.
Smiles Inclusive shares are still locked up at 3.5 cents per share.