National Dentex Corporation Announces Management Succession Plan
December 16 2009 - 2:00PM
Business Wire
National Dentex Corporation (NASDAQ: NADX), one of the largest
owner/operators of dental laboratories in North America, today
announced that its Board of Directors has approved a succession and
transition plan that will ensure continued leadership at the
Company. Effective January 1, 2010, Mr. David Harkins, 68, Chairman
since the Company’s founding in 1982, will become the Board’s Lead
Independent Director. Mr. David Brown, 68, who has been President
since 1998 and Chief Executive Officer since 2000 will continue as
Chief Executive Officer and assume the role of Chairman of the
Board. Mr. John (Josh) Green, 56, Executive Vice President,
Laboratory Operations, will become President and Chief Operating
Officer.
Mr. Harkins, Chairman of the Board, said: “The Board and Mr.
Brown have been working together on a management succession plan.
With Mr. Brown’s guidance, as well as his continued participation
as Chairman and CEO, we have provided for a smooth and successful
transition process as we plan for the challenges and opportunities
of the future. We are pleased to have an individual of Mr. Green’s
experience, vision and dedication as our next President and Chief
Operating Officer.”
Mr. Brown said: “I am pleased to turn the President’s position
over to someone of Josh Green’s caliber. Having worked closely with
him over the last four years, I have experienced his strong
leadership skills and extensive industry expertise. As Josh assumes
his new role, I will focus more on overall corporate strategy,
acquisitions and partnering opportunities.”
Mr. Green commented: “It is a privilege to be offered this
position. I am grateful to the Board for the confidence it has
placed in me. I look forward to working together with Dave and our
management team to help to continue to shape the future of National
Dentex in this pivotal time for the dental laboratory
industry.”
Mr. Brown joined the Company in 1984 as Vice President – Finance
and Chief Financial Officer. He was appointed Treasurer in 1991,
and Director and President in 1998. He has been the Chief Executive
Officer since 2000.
Mr. Green was appointed Executive Vice President, Laboratory
Operations in January 2007. Since that time, Mr. Green has had full
responsibility for all operations of the Company’s forty-five
dental laboratories. Prior to this appointment he served as a
consultant to the Company following National Dentex’s acquisition
of Green Dental Laboratory in March 2005. Josh Green started Green
Dental in 1980 in Heber Springs, Arkansas and grew it over the
years to the point where it generated in excess of $16 million in
revenues at the time of its acquisition by National Dentex. With 30
years of industry experience, Mr. Green has earned a reputation as
an innovative laboratory operator through Green Dental’s product
offerings and the clinically relevant professional training that it
has offered to its clients.
About National Dentex
National Dentex Corporation serves an active customer base of
over 24,000 dentists through 45 dental laboratories located in 30
states and one Canadian province. National Dentex’s dental
laboratories provide a full range of custom-made dental prosthetic
appliances, including dentures, crowns, and fixed bridges, and
other dental specialties.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the federal securities laws, including but not
limited to statements regarding our management succession plan,
strategic initiatives and expected courses of action, that are
based on our current expectations, beliefs, assumptions, estimates,
forecasts and projections about the industry and markets in which
National Dentex operates. The forward-looking statements contained
in this release are not guarantees of future performance and
involve certain risks, uncertainties and assumptions that are
difficult to predict. Therefore, actual outcomes and results may
differ materially from what is expressed in such forward-looking
statements. Important factors that may affect future operating
results and acquisition activity include the timing, duration and
effects of adverse changes in overall economic conditions and other
developments that directly or indirectly affect consumer decisions
as to whether and when to have dental procedures performed,
including the current economic slowdown and credit market
disruptions; National Dentex’s ability to acquire new laboratories
on terms and conditions acceptable to it and its capacity to
integrate and successfully operate previously acquired
laboratories; governmental regulation of health care; trends in the
dental industry towards managed care; increases in labor, benefits
and material costs; product development risks; technological
innovations; competition from other dental laboratories, including
increased competition from dental laboratories located in foreign
countries with lower labor and benefit costs, such as China;
National Dentex’s ability to attract, retain and motivate qualified
personnel; changes in the cost or availability of raw materials,
particularly precious metals like gold, platinum and palladium; any
impairment in the carrying value of goodwill or other acquired
intangibles; National Dentex’s ability to access the credit markets
on commercially reasonable terms; compliance with evolving federal
securities, accounting, and marketplace rules and regulations
applicable to publicly-traded companies on the NASDAQ Global
Market; and other risks indicated from time to time in National
Dentex’s filings with the Securities and Exchange Commission,
particularly under Item 1A, “Risk Factors” of National Dentex’s
most recently filed Annual Report on Form 10-K and subsequently
filed Quarterly Reports on Form 10-Q. National Dentex assumes no
obligation to update the information included in this press
release, whether as a result of new information, future events or
otherwise.
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