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MedQuist Announces Changes to Board of Directors

MOUNT LAUREL, N.J., Aug. 6 /PRNewswire-FirstCall/ -- MedQuist Inc. (Nasdaq: MEDQ) announces that, in accordance with today's closing of the stock purchase agreement between Koninklijke Philips Electronics N.V. and CBaySystems Holdings, in which Philips has sold its approximate 69.5% ownership interest in MedQuist to CBaySystems Holdings, the following members of MedQuist's board of directors have resigned: Clement Revetti Jr., Edward Siegel, Gregory M. Sebasky and Scott M. Weisenhoff. They have been replaced by Robert Aquilina, Frank Baker, Peter Berger and Michael Seedman, who have been designated for election to the board of directors by CBaySystems Holdings pursuant to its Governance Agreement with MedQuist. Additionally, Aquilina has replaced Sebasky as chairman of the board of directors.

According to MedQuist interim president and CEO Mark Ivie, "We sincerely thank the outgoing board members for their service, and welcome the opportunity to work with CBaySystems Holdings' board designees to chart the future of our Company."

Robert M. Aquilina, 52, has served as an executive partner, a senior operating consultant role, to S.A.C. Private Capital Group, LLC (SAC PCG) since 2007. Previously, he served as an industrial partner at Ripplewood Holdings LLC (Ripplewood), held the role of co-chairman of Flag Telecom Group Ltd., and was a board member of Japan Telecom Inc. Prior to these positions, he was a senior operating executive of AT&T Inc., with a 21-year career.

Frank Baker, 35, is a managing director and co-founder of SAC PCG. Prior to establishing SAC PCG in 2007, he was a managing director at Ripplewood and RHJ International, where he was responsible for making various private equity investments and taking RHJ International public on the Brussels Stock Exchange. He joined Ripplewood's New York office in 1999. Previously, he spent more than three years in investment banking at J.P. Morgan Securities Inc. and Goldman Sachs & Co.

Peter Berger, 57, is a managing director and co-founder of SAC PCG. From 1995-1998 and 2000-2006, he was a founding member of Ripplewood and served as both a managing director of Ripplewood and a special senior advisor to the board of directors of RHJ International. Prior to joining Ripplewood, he was a senior partner and global head of the Corporate Finance Group at Arthur Andersen & Co.

Michael Seedman, 51, is the founder of Seedman and Associates, a private equity firm. He has served as an executive partner, a senior operating consultant role, to SAC PCG since 2007. He has more than 30 years of senior executive management, leadership and technological innovation expertise and experience. He was previously an industrial partner with Ripplewood, where he served on the D&M Holdings Inc. board of directors.

About MedQuist:

MedQuist is the largest Medical Transcription Service Organization (MTSO) in the world, and a leader in technology-enabled clinical documentation workflow. MedQuist's enterprise solutions -- including mobile voice capture devices, speech recognition, Web-based workflow platforms, and global network of medical editors -- help healthcare facilities improve patient care, increase physician satisfaction, and lower operational costs. For more information, please visit

"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: Statements in this press release regarding MedQuist's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements. As a result, forward-looking statements speak only as of the date they were made, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE MedQuist Inc.
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