TUCSON, Ariz., June 25 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced that the independent inspectors of elections, IVS Associates, Inc., have certified the voting results of the Company's Annual Meeting held on June 15, 2009, confirming the preliminary results reported by Providence on June 15, 2009. The certified results show that Providence stockholders, by a wide margin, re-elected to the Providence Board of Directors both of the Company's incumbent director nominees, Fletcher Jay McCusker and Kristi L. Meints. Excluding shares held by the dissident group, Providence's director nominees received approximately 86.1% and 82.8%, respectively, of the shares represented at the meeting while the dissident group received less than 2%. In total, Providence's director nominees received 68.3% and 65.7%, respectively, of the shares that were represented at the meeting.
Stockholders also ratified KPMG LLP as Providence's independent auditors, with affirmative votes from approximately 95.9% of the shares that were represented at the meeting.
"We sincerely appreciate the overwhelming support of our stockholders during the recent contested election," said Fletcher Jay McCusker, Providence's CEO. "We regret that Providence and its stockholders had to endure a costly and disruptive proxy contest and we look forward to returning our full attention to growing our business and increasing stockholder value as we continue to position Providence as the premier provider and manager of home and community based care and non-emergency transportation management."
Final vote totals will be included in the Company's quarterly report on Form 10-Q for the fiscal quarter ending June 30, 2009 to be filed with the United States Securities and Exchange Commission.
The Providence Service Corporation, through its owned and managed entities, provides home and community based social services and non-emergency transportation services management to government sponsored clients under programs such as welfare, juvenile justice, Medicaid and corrections. Providence does not own or operate beds, treatment facilities, hospitals or group homes, preferring to provide services in the client's own home or other community setting. The Company provides a range of services through its direct and managed entities to over 81,000 clients through 1,019 contracts at March 31, 2009, with an estimated 6.7 million individuals eligible to receive the Company's non-emergency transportation services related to its LogistiCare operations. Combined, the Company has a nearly $1 billion book of business including managed entities.
This press release contains ""forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "demonstrate," "expect," "estimate," "anticipate," "should" and "likely" and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. These factors include, but are not limited to the global credit crisis, capital market conditions, and other risks detailed in Providence's filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2008. Providence is under no obligation to (and expressly disclaims any such obligation to) update any of the information in this press release if any forward-looking statement later turns out to be inaccurate whether as a result of new information, future events or otherwise.
|SOURCE The Providence Service Corporation|
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