Date:  December 9, 2021


Re: Change is Inevitable, Growth is Optional

Dear Shareholders:

Stephen Covey, author of “The 7 Habits of Highly Effective People”, said that “Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall.”

The last few months have been an honor for me serving as your President & Chief Executive Officer. As I have taken the helm of this exciting opportunity, I am also cautious of ensuring the path we are on will be a successful one. But like many companies, successful achievements come with hard work and dedication, and the courage to ask the right questions - questions which ensure that targeted acquisitions are the right fit for the long-term vision and stability of the company.

The healthcare industry is changing substantially as consumers, employers, and payors embrace new trends, habits, and lifestyles. We see a reshaping of the competitive environment. We are on the brink of a revolution; a transformation of healthcare that will be unlike anything we have experienced before, presenting us with challenges but also great opportunities. We are responding by sharpening our focus and strengthening our efforts to create value in healthcare for all stakeholders. We want to be 100% sure we are leaning against the right wall; the wall that will secure the company’s long-term success while at the same time delivering the sustainable, profitable growth you expect from us.

I woke up today feeling grateful for the support of our shareholders as we make these tough decisions and continue with our journey, and although I am disappointed that some planned acquisitions will not take place, I am excited for the opportunities we are engaged in. We have always assumed that not all our acquisition prospects would materialize, which is why we build in redundancy among the companies we are prospecting. Our acquisition strategy remains positive and firmly in place, and I look forward to helping Puget become an important force for progress in the healthcare industry.

I also wanted to thank our Board of Directors, who took steps to ensure Puget’s continued success. Their support has demonstrated their dedication to excellence and transparency as Puget implements its ambitious growth goals.

With warmest personal regards and best wishes in this season that has been historically sacred to so many cultures, I am,


Very truly yours,


Karen Fordham

President & CEO