Incumbent Nominees Overwhelmingly Re-Elected
Less Than 2% of Non Avalon Shares Supported Avalon's Nominees
TUCSON, Ariz., June 15 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced that, based on a preliminary vote count provided by its proxy solicitor, stockholders overwhelmingly re-elected Providence's two director nominees, Fletcher Jay McCusker and Kristi L. Meints at the Company's June 15, 2009 Annual Meeting of Stockholders. According to that preliminary vote count, Avalon's nominees received support from less than 2% of the shares held by non-affiliates of the Avalon Group and voted in the election of directors.
"We appreciate the strong support of our stockholders and look forward to moving beyond the Avalon Group's disruptive and distracting proxy contest and their self-interested agenda and returning our full attention to delivering on Providence's very significant potential and enhancing value for ALL Providence stockholders," said Fletcher Jay McCusker, Providence's CEO.
IVS Associates, Inc., the independent Inspector of Elections, has indicated that it expects to issue a preliminary tabulation of the votes early next week. Final results of the Annual Meeting will be announced once they are certified by the Inspector following the customary review and challenge period.
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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