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8-K - FORM 8-K - UNITED AMERICAN HEALTHCARE CORP | k49590e8vk.htm |
Exhibit 99.1
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300 River Place Suite 4950 Detroit, MI 48207 www.uahc.com |
FOR IMMEDIATE RELEASE
United American Healthcare Corporation Announces Increase in
Board Size and New Director Nominees
Board Size and New Director Nominees
DETROIT Sept. 1, 2010 United American Healthcare Corporation (OTCQB: UAHC) today
announced that the Company has increased the size of its Board from seven directors to ten
effective with the elections to be held at the Companys upcoming annual meeting of shareholders on
Sept. 30, 2010.
UAHC is now in an intensive mode of integrating our acquisition of Pulse Systems and growing our
combined business for the long term, said William C. Brooks, President and CEO of United American
Healthcare. To support these efforts the Board and management team determined that a change to
our Board was necessary, and that this change should be accomplished in a responsible manner. We
believe the best way to accomplish our strategic goals is through the leadership of a Board that
includes significant public company management experience in the healthcare arena and the
continuity of governance provided by our current Board members, while adding deep expertise in the
medical device industry. The expansion of UAHCs Board to ten members will enable us to achieve
the right balance of relevant industry experience and continuity as we execute our plan for
building shareholder value.
With the expansion of the Board, shareholders will be asked to vote for nine directors at the
upcoming shareholders meeting, including two directors for terms expiring at the 2011 annual
shareholders meeting, three directors for terms expiring at the 2012 annual shareholders meeting
and four directors for terms expiring at the 2013 annual shareholders meeting. For the upcoming
annual meeting, UAHCs Board and management team have nominated five incumbent nominees and four
new nominees.
The incumbent nominees include: Tom A. Goss, Darrell W. Francis, Emmett S. Moten, Jr., Richard M.
Brown, D.O. and Ronald E. Hall, Sr. The new nominees include: Grayson Beck, a professional
investor, a 16-year veteran of the medical device industry, and co-founder and former executive
officer of Pulse Systems Corporation, the predecessor to Pulse Systems, LLC; Herbert J. Bellucci,
President and CEO of Pulse Systems, LLC, who has more than 25 years of experience in the medical
device industry; William C. Brooks, President and CEO of UAHC and former director of several
publicly traded companies; and John M. Fife, a professional investor who has extensive experience
in acquisitions, capital markets and finance.
Advance Notice Deadline for Director Nominations for Newly Established Board Openings
In accordance with UAHCs bylaws, for director nominations for the newly established board
openings, which consist of two directors for terms expiring at the 2011 Annual Meeting of
Shareholders and one director for a term expiring at the 2013 Annual Meeting of Shareholders, to be
brought before the upcoming Annual Meeting of Shareholders, written notice must be delivered no
later than the close of business on Sept. 13, 2010 to the Secretary, United American Healthcare
Corporation, 300 River Place Suite 4950, Detroit, Michigan, 48207. Such notices must also comply
with the requirements of UAHCs bylaws and other applicable law, and may not be presented at the
Annual Meeting otherwise.
About United American Healthcare Corporation
United American Healthcare Corporation (UAHC) is a provider of contract manufacturing services to
the medical device industry, following its June 2010 acquisition of Pulse Systems, LLC, a leading
provider to the medical device industry since 1998. UAHC has been a healthcare management company
since 1985. For more information, please visit the Companys web
site at www.uahc.com.
Forward-looking statements by United American Healthcare Corporation, including those in this
announcement, involve known and unknown risks, which may cause actual results and corporate
developments to differ materially from those expected. Factors that could cause results and
developments to differ materially from expectations include, without limitation, the ongoing impact
of the U.S. recession, the termination of the TennCare contract, the wind down of our CMS Medicare
business, the integration of the recent acquisition of Pulse Systems, LLC, the ongoing impact of
the global credit and financial crisis and other changes in general economic conditions, the
effects of state and federal regulations, the effects of any future acquisitions, and other risks
described from time to time in each of United American Healthcares SEC reports, including
quarterly reports on Form 10-Q, annual reports on Form 10-K, and current reports on Form 8-K.
In connection with the UAHCs Annual Meeting of Shareholders, UAHC has filed a definitive proxy
statement with the Securities and Exchange Commission. UAHC will revise such definitive proxy
statement in connection with the updated Annual Meeting of Shareholders. SHAREHOLDERS ARE STRONGLY
ADVISED TO READ THE REVISED DEFINITIVE PROXY STATEMENT (WHEN AVAILABLE) BECAUSE IT CONTAINS
IMPORTANT INFORMATION. Shareholders may obtain a free copy of the revised definitive proxy
statement (when available) and other documents filed by UAHC at the Securities and Exchange
Commissions website at http://www.sec.gov. The revised definitive proxy statement (when available)
and such other documents may also be obtained free of charge by directing a request to Investor
Relations, United American Healthcare Corporation, 300 River Place Suite 4950, Detroit, Michigan,
48207, telephone: (313) 393-4571, or on UAHCs website at www.uahc.com.
UAHC, its directors, executive officers and certain other members of its management and employees
and other third parties, may be deemed to be participants in the solicitation of proxies from
UAHCs shareholders in connection with the Annual Meeting of Shareholders. Information concerning
all of UAHCs participants in the solicitation is included in the definitive proxy statement and
will be included in the revised definitive proxy statement relating to the Annual Meeting of
Shareholders when it becomes available.
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Contacts: |
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Company
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Investor Relations | |
Bill Dennis, CFO and Treasurer
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Jeff Tryka, CFA | |
United American Healthcare Corporation
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Lambert, Edwards & Associates | |
313-393-4571
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616-233-0500 | |
investor_relations@uahc.com
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jtryka@lambert-edwards.com |