Navigation Links
Providence Service Corporation Rebuts False and Misleading Statements Contained in Proxy Statement Filed by the Avalon Group
Date:5/27/2009

TUCSON, Ariz., May 27 /PRNewswire-FirstCall/ -- The Providence Service Corporation (Nasdaq: PRSC) today announced that, after a careful review of the proxy statement filed last week by the Avalon Group with the Securities and Exchange Commission, it believes that the Avalon Group's proxy statement contains numerous false and misleading statements. Accordingly, Providence believes that it is necessary for it to correct the public record with respect to certain fundamental issues and has publicly filed with the Securities and Exchange Commission a non-exhaustive list of the numerous false and misleading statements that it believes are contained in Avalon's Proxy Statement.

"We are disappointed that the Avalon Group has chosen to fill their proxy statement with numerous false and misleading statements, innuendo, half-truths, and facts and data taken completely out of context and presented in a false and misleading manner," said Fletcher Jay McCusker, Providence's Chairman and CEO. "We believe that the Avalon Group's use of false and misleading statements to buttress their arguments shows the level of desperation that they have reached to justify their costly and disruptive proxy contest and to distract our stockholders from focusing on the significant and substantial progress we are making. As our record revenues and earnings for the first quarter of 2009 demonstrates, with earnings per share up 50% over the comparable prior year period, we are starting to realize the benefits of many of the actions we have implemented to enhance Providence's prospects and profitability. Given such progress, it is unfortunate that we have to spend time and money on the Avalon Group's costly and distracting proxy contest."

Important Information

On May 5, 2009, The Providence Service Corporation (the "Company") began the process of mailing its definitive proxy statement, together with a WHITE proxy card. Providence's stockholders are strongly urged to read Providence's definitive proxy statement as it contains important information. Stockholders may obtain an additional copy of Providence's definitive proxy statement and any other documents filed by Providence with the Securities and Exchange Commission for free at the SEC's website at http://www.sec.gov and the Company's website at http://www.provcorp.com. In addition, copies of Providence's proxy materials may be requested by contacting Providence's proxy solicitor, Innisfree M&A Incorporated, at (888) 750-5834. Detailed information regarding the names, affiliations and interests of individuals who are participants in the solicitation of proxies of Providence's stockholders is available in Providence's definitive proxy statement filed with the SEC on May 1, 2009.

About Providence

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.

Forward-Looking Statements

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
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Providence Service Corporation Makes Its Spring 2009 Presentation Publicly Available
2. Providence Service Corporation Announces Record Revenues and Earnings in the First Quarter of 2009
3. Providence Service Corporation to Report First Quarter 2009 Results on Wednesday, May 6th After the Market Closes
4. Providence Service Corporation to Present at the CIT 4th Annual Healthcare Conference on April 21
5. Providences LogistiCare Subsidiary Receives Notice of Award for Five Year Approximately $300 Million New Jersey Statewide Non-Emergency Medical Transportation Contract
6. Providence Service Corporation Releases Fourth Quarter and Audited Year End 2008 Results
7. The Providence Service Corporation Announces Credit Agreement Amendment With Its Lender Syndicate
8. Providence Service Corporation to Report Fourth Quarter and Year End 2008 Results on Monday, March 16th Before the Market Opens
9. Providence Service Corporation Announces That Avalon Correctional Services Has Abandoned Its Consent Solicitation
10. Providence Service Corporation Announces Bylaw Amendments to Improve Corporate Governance
11. Providence Service Corporation California Subsidiary Awarded $1.5 Million Contract Under States Mental Health Services Act
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:5/26/2016)... ... May 26, 2016 , ... Georgia State University ... specialty academic programs. , Answering to the increasing demand for curricular specializations, the ... law, and environmental and land use law. ,  , “The demand for lawyers ...
(Date:5/26/2016)... ... May 26, 2016 , ... The Woodlands at John Knox ... new model of care for living and healing, celebrated its grand opening, today. The ... a Real Home provided by Empowered Staff. , “This is an incredibly fulfilling time ...
(Date:5/26/2016)... ... May 26, 2016 , ... MadgeTech will be showcasing its line of ... Warner, New Hampshire at the MadgeTech headquarters. With products sold in more than 100 ... government agencies, including NASA. , In 2012, NASA strategically set up 17 RHTemp101A ...
(Date:5/26/2016)... ... ... An April Gallup survey found rising health care costs to be the top ... Living (SHSL) may not share those same worries thanks to a new bundled ... while holding the line on increasing their contributions, including premiums, deductibles and the portions ...
(Date:5/26/2016)... ... May 26, 2016 , ... Leadership ... solutions, today announced the organization has earned its ISO 13485 certification, indicating the ... compliant with all rules and policies associated with ISO quality standard 13485. ...
Breaking Medicine News(10 mins):
(Date:5/27/2016)... , May 27, 2016 ... the Dario™ Diabetes Management Tool, today announced that the Company,s ... the Marcum MicroCap Conference being held June 1-2 in ... Invitational, being held June 7-9 in Los Angeles, ... will discuss recent corporate and operational milestones, including the U.S. ...
(Date:5/27/2016)... Amarantus BioScience Holdings, Inc. (OTCQX: AMBS), ... Neurology and Orphan Diseases, today announced that President & CEO ... conferences: SeeThru Equity MicroCap Conference   ... City , NY When: Tuesday, May 31 st ... Where: Grand Hyatt Hotel, 109 East 42 nd ...
(Date:5/26/2016)... TARE (Transarterial Radio-embolization) Using ... and Overall Decreased Use of Hospital Resource ... specialist healthcare company, has today announced the publication ... of ISPOR (International Society for Pharmacoeconomics and Outcomes ... using yttrium-90 glass microspheres is associated with cost ...
Breaking Medicine Technology: