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Providence Service Corporation Comments on Consent Solicitation by Avalon Correctional Services, Inc.
Date:2/6/2009

used on acting in the best interests of, and building stockholder value for, ALL Providence stockholders. As we announced late last year, our Board of Directors is actively focused on several strategic options to enhance shareholder value including, among other things, delevering our debt, growing our core social services business and selling certain non-strategic assets. As much as we prefer to focus our full attention on delivering on Providence's significant potential and enhancing value for ALL Providence stockholders, we will not stand idly by while Avalon and its principals seek to further their own agenda. We believe that the proposals being made by Avalon and Don Smith in their consent solicitation statement are nothing more than their latest power play intended to facilitate a future proxy contest by them for representation on the Providence Board and, eventually, effective control of Providence.

"As we will discuss in more detail in our Consent Revocation Statement, given Avalon's historical approach to its own corporate governance issues and its strong proclivity for related-party transactions over the past 15 years, particularly with its founder, CEO and sole director Don Smith, both during its time as a public reporting company and thereafter, we believe that Avalon has little to no credibility as a champion of corporate governance and we look forward to detailing their ulterior motives for this consent solicitation in our Consent Revocation Statement. We call the attention of stockholders to the following:

  • On November 16, 1993, Avalon cautioned investors in its prospectus filed with the SEC that Avalon has engaged in, and would continue to engage in, transactions with companies owned and/or controlled by its founder and CEO Don Smith, most of which could be considered non-arm's length transactions. Avalon indicated that such transactions could include cash advances, loan guarantees, leased e
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SOURCE Providence Service Corporation
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