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Providence Service Corporation Adopts Shareholder Rights Plan
Date:12/10/2008

Declares Dividend Distribution of Preferred Stock Purchase Rights

TUCSON, Ariz., Dec. 10 /PRNewswire-FirstCall/ --The Providence Service Corporation (Nasdaq: PRSC) today announced that its Board of Directors has adopted a shareholder rights plan under which all of its shareholders will receive rights to purchase shares of the Company's Series A Junior Participating Preferred Stock.

"In this period of unprecedented market volatility where short term valuations are not reflective of historical performance or long term prospects, the Board of Directors has implemented the rights plan to protect shareholder value and ensure that the interests of all shareholders are served in a fair and equitable manner," said Fletcher McCusker, Providence's Chief Executive Officer.

In connection with adopting the rights plan, Providence's Board of Directors declared a dividend distribution of one preferred share purchase right on each outstanding share of its common stock. Each right will entitle shareholders to buy one one-hundredth of a share of newly-created Series A Junior Participating Preferred Stock of the Company at an exercise price of $15.00. The dividend distribution will be payable to shareholders of record as of the close of business on Monday, December 22, 2008 ("Record Date"). The dividend distribution will not be taxable to shareholders.

Under the rights plan, if a person becomes the beneficial owner of 20 percent or more of Providence's outstanding common stock, other than pursuant to what the Board deems a "qualified offer" or under certain other limited circumstances, each right will entitle its holder to purchase, at the right's exercise price, a number of shares of common stock having a market value of twice the right's exercise price. Rights held by the 20 percent holde
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SOURCE Providence Service Corporation
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