MADISON HEIGHTS, Mich.,
May 18, 2017 /PRNewswire/ --
InfuSystem Holdings, Inc. (NYSE MKT: INFU) ("InfuSystem" or
the "Company"), a leading national provider of infusion pumps and
related services for the healthcare industry in the United States and Canada, announced today that Eric Steen, director, President and Chief
Executive Officer, has left the Company and resigned from the
Company's Board of Directors effective immediately. The Board has
appointed current Chairman of the Board, Gregg Lehman, Ph.D. as Executive Chairman to
lead an "Office of the President," consisting of two directors and
three senior management team members, to ensure a seamless
transition until a new Chief Executive Officer has been appointed.
The Board has retained the services of an executive management
search firm to conduct a nationwide search for a permanent Chief
Executive Officer.
Gregg Lehman, Executive Chairman
of InfuSystem, said, "The ambulatory infusion market in which
InfuSystem operates is undergoing a period of change necessitated
by the effects of CMS ruling SE1609 announced in 2016. The
Board strongly believes InfuSystem remains a financially strong
company with employees possessing industry leading expertise that
make it the best in the business. With the appropriate vision and
leadership, we will be able to continue to grow this business, and
drive shareholder value, in the years to come. While it is
difficult to make changes, it is a sign of the vitality of the
InfuSystem organization to move forward and break new ground that
can lead to even greater rewards."
Dr. Lehman continued, "I would like to extend my thanks and
appreciation to Eric Steen for his
contributions to InfuSystem during his tenure. He has provided us a
strong and diversified base to grow our business into the future.
We wish him well in his future endeavors."
Members of the "Office of the President"
Gregg Lehman (Director;
Executive Chairman of the Board). Dr. Lehman has been a member
of the Company's Board of Directors since May 8, 2014. Dr. Lehman's experience
includes serving as Chief Executive Officer of two public
companies, Health Fitness Corporation from 2006 to 2010 and MGC
Diagnostics Corporation from 2010 to 2014. Dr. Lehman is a
nationally recognized leader in population health management and
has more than 28 years' experience in the health care industry. Dr.
Lehman has a Doctorate and a Master of Science degree in higher
education administration, with a minor in finance and economics
from Purdue University and a Bachelor
of Science in business management and marketing from Indiana University.
David Dreyer (Director).
Mr. Dreyer has been a member of the Company's Board of Directors
since April 2008. Mr. Dreyer brings
to the Company and the Board of Directors almost 30 years of
accounting, financial, compliance and operating experience and
expertise in the pharmaceutical, healthcare staffing, medical
device, diagnostic and hospital administration industries. Mr.
Dreyer's experience includes serving as Chief Financial Officer of
three public companies, AMN Healthcare Services from 2004 to 2009,
Biolase, Inc. from 2015 to 2017, and Sicor, Inc. from 2002 to 2004.
Mr. Dreyer has been a Certified Public Accountant in
California since 1986.
Janet Skonieczny (Executive
Vice President, Chief Operating Officer, Compliance Officer and
Privacy Officer). Ms. Skonieczny became the Company's Chief
Operating Officer in January 2013 and
Executive Vice President in November
2014. Prior to 2013, she served as the Company's Vice
President of Operations, Compliance Officer and Privacy Officer
since November 2007 and as Vice
President of Operations of InfuSystem, Inc., the Company's
wholly-owned subsidiary, since 1998. Further, she served as the
Company's Corporate Secretary from 1997 to May 2012. Ms. Skonieczny has an Associates in
Science (AS) degree from Ferris State
University and is certified as a Cardiovascular Technologist
(CCVT).
Richard DiIorio (Executive
Vice President and General Manager of Oncology). Mr. DiIorio
has served as the Company's Executive Vice President of Oncology
Sales since December 2016.
Previously, Mr. DiIorio held the positions of Regional Vice
President and Territory Manager at InfuSystem where he received
numerous awards and honors. Prior to joining the Company, Mr.
DiIorio held various sales and sales leadership roles at Stryker,
Novartis, and Thermo Scientific. With over 17 years of successful
medical sales experience, Mr. DiIorio brings extensive expertise in
product launch and market knowledge focused on driving growth
within the oncology market. He earned a Bachelor of Science degree
in Biology from Boston College.
Christopher S. Downs
(Executive Vice President and Chief Financial Officer
"Interim"). Mr. Downs has served as the Company's Executive
Vice President and Interim Chief Financial Officer since
August 2016. Prior to this
appointment, Mr. Downs served as the Company's Vice President and
Treasurer since October 2013 and as
Director of Finance from June 2011.
Mr. Downs holds a B.S. in Economics from the U.S. Military Academy at West Point, an M.B.A. from
Columbia Business School and an M.S. in
Accounting from the University of
Houston-Clear Lake. Mr. Downs holds professional
certifications as a Certified Treasury Professional (CTP) and
Certified Financial Planning & Analysis Professional
(FP&A).
Conference Call
The Company will conduct a conference call for investors on
Monday, May 22, 2017 at 10:00 a.m. Eastern Time to discuss the management
changes. Gregg Lehman, Executive
Chairman and Scott Shuda, director,
will discuss the Company's management changes and answer questions
from the financial community. The conference call may also include
discussion of Company developments, forward-looking statements and
other material information about business and financial matters. To
participate in this call, please dial (877) 270-2148 or (412)
902-6510 to access the conference call. A replay of the conference
call will be available by dialing (877) 344-7529 or (412) 317-0088,
confirmation code 10107907, through May 29,
2017. Additionally, a Web replay will be available on the
Company's website at www.infusystem.com for 90 days.
About InfuSystem Holdings, Inc.
InfuSystem Holdings, Inc. is a leading provider of infusion
pumps and related services to hospitals, oncology practices and
other alternate site healthcare providers. Headquartered in
Madison Heights, Michigan, the
Company delivers local, field-based customer support and also
operates Centers of Excellence in Michigan, Kansas, California, Texas, Georgia and Ontario,
Canada. The Company's stock is traded on the NYSE MKT under
the symbol INFU.
Forward-Looking Statements
Statements made in this press release that are not
historical facts are considered to be forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). The words
"believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "should," "plan," "expect," "strategy," "future,"
"likely," variations of such words, and other similar expressions,
as they relate to the Company, are intended to identify
forward-looking statements. However, the absence of these words or
similar expressions does not mean that a statement is not
forward-looking. Forward-looking statements include statements
relating to future actions, business plans, objectives and
prospects, future operating or financial performance. In connection
with the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995, the Company is identifying certain
factors that could cause actual results to differ, perhaps
materially, from those indicated by these forward-looking
statements. Those factors, risks and uncertainties include, but are
not limited to, potential changes in overall healthcare
reimbursement, including CMS competitive bidding, sequestration,
concentration of customers, increased focus on early detection of
cancer, competitive treatments, dependency on Medicare Supplier
Number, availability of chemotherapy drugs, global financial
conditions, changes and enforcement of state and federal laws,
natural forces, competition, dependency on suppliers, risks in
acquisitions & joint ventures, U.S. Healthcare Reform,
relationships with healthcare professionals and organizations,
technological changes related to infusion therapy, dependency on
websites and intellectual property, the ability of the Company to
successfully integrate acquired businesses, dependency on key
personnel, dependency on banking relations and covenants, and other
risks associated with our common stock, as well as any litigation
to which the Company may be involved in from time to time; and
other risk factors as discussed in the Company's annual report on
Form 10-K for the year ended December 31,
2016 and in other filings made by the Company from time to
time with the Securities and Exchange Commission, including our
quarterly reports on Form 10-Q. Our annual report on Form 10-K is
available on the SEC's EDGAR website at
www.sec.gov, and a copy may also be obtained by
contacting the Company. All forward-looking statements made in this
press release speak only as of the date hereof. We do not intend,
and do not undertake any obligation, to update any forward-looking
statements to reflect future events or circumstances after the date
of such statements, except as required by law.
Additional information about InfuSystem Holdings, Inc. is
available at www.infusystem.com.
CONTACT:
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Gregg
Lehman
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Executive Chairman –
InfuSystem Holdings, Inc.
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615-567-5462
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Joe Dorame, Joe Diaz
& Robert Blum
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Lytham Partners,
LLC
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602-889-9700
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SOURCE InfuSystem Holdings, Inc.