PSA HealthCare Announces Board of Director Nominees
December 06 2006 - 4:30PM
Business Wire
Pediatric Services of America, Inc., d/b/a PSA Healthcare (Nasdaq:
PSAI) today announced that Robert P. Pinkas and Joel R. Kimbrough
have been nominated to serve as Directors on PSA�s Board of
Directors. The nominations of Mr. Pinkas, 53, and Mr. Kimbrough,
48, will be voted on at the Company�s annual meeting of
stockholders, which will be held on February 6, 2007. If elected,
Mr. Pinkas and Mr. Kimbrough�s terms would expire at the 2010
meeting. If Mr. Pinkas and Mr. Kimbrough�s nominations are voted in
favor of by the shareholders, PSA�s Board of Directors would stand
at seven members, six of whom would be independent. Following the
Company�s annual meeting, Michael E. Axelrod will succeed Edward K.
Wissing as Non-Executive Chairman. Mr. Wissing�s term will expire
at the upcoming annual meeting of stockholders and he will not
stand for re-election. Mr. Wissing had served as Non-Executive
Chairman from December 2002 until August of 2004, at which time he
assumed the position of interim President and CEO, and his
independent status was lost for a three year period following his
time as interim CEO. �I would like to extend my sincerest thanks to
the shareholders of PSA for their support over the past 5 years,�
said Mr. Wissing. �It has been a pleasure serving on your behalf
and I am highly confident that the Company will be in very capable
hands with Michael as Non-Executive Chairman. With Michael�s Board
leadership and a highly-skilled senior management team in place, I
believe PSA is well-positioned and poised for growth within its
core competency of pediatric nursing.� �Ed has provided PSA with
invaluable industry expertise over the years, and took on the
challenging role of interim President and CEO at a point in the
Company�s history where his leadership was greatly needed,� said
Daniel J. Kohl, President and CEO of PSA. �On behalf of everyone at
PSA, I would like to extend my sincerest thanks to Ed for his
dedicated service to the Company.� Mr. Axelrod has served as a
director since 2001 and currently functions as Chairman of PSA�s
Nominating/Corporate Governance Committee and is also a member of
the Company�s Audit Committee. He is currently Chief Operating
Officer of Intelligent Medical Solutions, LLC, a developer and
provider of web-based physician-patient communication software, and
the President of The Axelrod Group, LLC, a business consulting
firm. Previously, Mr. Axelrod practiced law with the firm of Cohen
Pollock Merlin Axelrod & Small, P.C., from 1982 to 1994. His
primary focus was on business law and transactions, with an
emphasis on the healthcare industry. Mr. Pinkas has been a Director
of the Company since 1989 and is currently the Chairman of the
Compensation Committee and also sits on PSA�s Nominating/Corporate
Governance Committee. If re-elected, he will retain these posts.
Mr. Pinkas is the Managing General Partner of Brantley Partners, a
private equity organization, of which he was the founding partner
in 1987. Since the acquisition of Accredo Health, Inc. by Medco
Health Solutions, Inc. (NYSE: MHS) in August, 2005, Mr. Kimbrough
has served as the Senior Vice President for the Specialty Segment
of Medco. He is responsible for all aspects of financial
forecasting, budgeting and reporting, as well as, all of the
managed care contracting and employer/payer sales and contracting
interface. Previously, Mr. Kimbrough served as Senior Vice
President and Chief Financial Officer and Treasurer of Accredo
Health, Inc. from 1996 until Accredo was acquired by Medco. �I am
excited over the possibility of Michael assuming an expanded role
on PSA�s Board, the continuing contribution of Bob Pinkas and by
the prospect of welcoming Joel,� said Mr. Kohl. �Michael�s
experience within healthcare, and his strategic perspective have
been valuable as we�ve sharpened our business focus. Bob Pinkas has
a long history with the Company and his healthcare experience,
especially as it relates to financial transactions, is certain to
be critical in our efforts to grow our PDN and PPEC segments.
Additionally, we would be fortunate to have the opportunity to
leverage Joel�s experience as the CFO of a home care company that
achieved significant growth, both organically and via acquisition,
during his tenure.� PSAI provides comprehensive pediatric home
health care services through a network of 54 branch offices in 18
states, including satellite offices and branch office start-ups.
Through these offices PSAI provides a combination of services,
including pediatric private duty nursing and pediatric day
treatment centers (PPECs). Additional information on PSAI may be
found on the Company's website at http://www.psahealthcare.com.
NOTE: This press release contains certain forward-looking
statements (as such term is defined in the Private Securities
Litigation Reform Act of 1995) relating to future financial
performance of Pediatric Services of America, Inc. (the �Company�).
When used in this press release, the words �may,� �targets,�
�goal,� �could,� �should,� �would,� �believe,� �feel,� �expects,�
�confident,� �anticipate,� �estimate,� �intend,� �plan,�
�potential� and similar expressions may be indicative of
forward-looking statements. These statements by their nature
involve substantial risks and uncertainties, certain of which are
beyond the Company�s control. The Company cautions that various
factors, including the factors described hereunder and those
discussed in the Company�s other filings with the Securities and
Exchange Commission, as well as general economic conditions,
industry trends, the Company's anticipated uses of the proceeds
from the sale of its Respiratory and Pharmacy Businesses, the
Company's ability to assimilate and manage previously acquired
field operations, collect accounts receivable, including
receivables related to acquired businesses and receivables under
appeal, hire and retain qualified personnel and comply with and
respond to billing requirements issues, including those related to
the Company�s billing and collection system, nurse shortages,
competitive bidding, HIPAA regulations, adverse litigation,
workers� compensation losses, availability and cost of medical
malpractice insurance and any potential reduced state funding
levels and nursing hours authorized by Medicaid program, , could
cause actual results or outcomes to differ materially from those
expressed in any forward-looking statements of the Company made by
or on behalf of the Company. Any forward-looking statement speaks
only as of the date on which such statement is made, and the
Company undertakes no obligation to update any forward-looking
statement or statements to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of an unanticipated event. New factors emerge from time
to time, and it is not possible for management to predict all of
such factors. Further, management cannot assess the impact of each
such factor on the business or the extent to which any factor, or
combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statements.
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