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

nt to which over $1 million was loaned to such members of senior management. While Avalon was no longer subject to the Sarbanes-Oxley Act at this time due to its decision to deregister (so as to avoid compliance), these type of loan arrangements with officers of a public company are expressly prohibited under Section 402 of the Sarbanes-Oxley Act.
  • In addition to the other related party transactions between Avalon and Don Smith that are discussed above, since 2001, Avalon has leased certain vehicles from an entity controlled by Don Smith and, pursuant to such leases, has made payments to such entity in the aggregate of more than $800,000.
  • On January 26, 2009, a complaint was filed against Avalon and Don Smith in the United States District Court for the Western District of Oklahoma by Ravenswood Investment Company, L.P. and Ravenswood Investments III, L.P., both stockholders in Avalon, alleging breaches of fiduciary duty and self-dealing and seeking damages of not less than $10 million.
  • "The actions by Avalon described above are only a few illustrations of Avalon's historical approach towards corporate governance issues and, for more in depth information, we invite stockholders to review the historical filings made by Avalon with the SEC prior to deregistering and, since then, the financial reports that Avalon posts to its website, www.avaloncorrections.com. While the Providence Board continuously seeks to improve its corporate governance and emulate best practices by leading companies, we do not believe that Avalon and its sole director, Don Smith, are the appropriate role models for us to follow."

    Important Information

    The Providence Service Corporation (the "Company") and its directors and certain executive officers may be deemed to be participants in the solicitation of consent revocations
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    SOURCE Providence Service Corporation
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