Precis Board of Directors Announces Management Team Changes
June 13 2005 - 10:09AM
PR Newswire (US)
Precis Board of Directors Announces Management Team Changes Frank
Apodaca appointed President; GRAND PRAIRIE, Texas, June 13
/PRNewswire-FirstCall/ -- Precis, Inc. (NASDAQ:PCIS), announced
today that the Company's Board of Directors has appointed Frank
Apodaca as President of the Company and Nicholas J. Zaffiris as its
non-executive Chairman of the Board effective immediately. Mr.
Apodaca, currently Chief Operating Officer of Precis and President
and CEO of its Access HealthSource, Inc. subsidiary, and Mr.
Zaffiris, currently a member of the Company's Board of Directors,
succeed Judith Henkels, who informed the Board of Directors that
due to personal medical reasons she could not effectively continue
in her role as a member of the Company's management team. The Board
determined that it would be in the best interest of the Company and
its shareholders to immediately transition her responsibilities to
Mr. Apodaca and Mr. Zaffiris and to commence a search for a new
chief executive officer. Mr. Apodaca has served as President and
CEO of Access HealthSource, Inc. since 2000 and became an executive
officer of Precis after the acquisition of Access by Precis in
2004. He was appointed Chief Operating Officer of Precis in
February 2005. From 1995 to 1997, Mr. Apodaca was President of
Advantage Care Network, Inc., a privately-held network of
healthcare providers. From 1997 to 2000, Mr. Apodaca was President
of Apodaca Health Care Associates and of Frontera Associates, LLC,
both privately-held companies providing healthcare services. Mr.
Apodaca is also associated with various companies operating or
associated with National Center for Employment of the Disabled
("NCED"), a Texas nonprofit corporation. Mr. Apodaca serves as a
Director of NCED/Sahara Companies, NCED Mental Health Center, and
Physicians Healthcare Management, Inc., all privately-held
companies. "Initiating changes of this magnitude is difficult for
everyone involved, however, the Board is dedicated to doing
everything in its power to drive the Company to higher levels of
operational performance and to achieve a commensurate enhancement
of shareholder value," commented Mr. Zaffiris. "We firmly believe
that operationally and strategically, Frank Apodaca as President of
the Company represents a solid first step in this direction," he
added. "Our success at Access has served as a model for all of the
Company. We are rebuilding a strong, dedicated network sales force
that will focus on the retail sale of our healthcare and wellness
products. We are also bringing together the Company's worksite
benefit products into a consistent line that will include Access'
third party administration services, our Care Financial insurance
products, and our Care125 tax-favored reimbursement account
administration services," added Mr. Zaffiris. Nicholas J. Zaffiris
became a director of Precis in August 2002. He is currently the
Vice President of Sales and Account Management, West, at Private
Healthcare Systems (PHCS), a privately-held preferred provider
organization, and is responsible for new sales and existing
customer retention and growth for the Western region of the
country. Mr. Zaffiris joined PHCS in early 1998, and has more than
10 years of healthcare experience, including client management,
sales, marketing and customer service. Before joining PHCS, he
worked for the National Account Service Company, Blue Cross Blue
Shield of Florida, and served as a Lieutenant in the United States
Navy. Mr. Zaffiris received a B.S. in Political Science from the
United States Naval Academy. Mr. Zaffiris continued, "On behalf of
the entire Board, I would like to thank Judith Henkels for the
unwavering dedication and commitment that she has provided Precis
during her tenure. She helped build the Company's core product,
Care Entree, into an industry leader. She was an innovator in the
consumer-driven healthcare movement and Precis is grateful for the
role she played in the Company's development. As we look ahead, we
see great opportunities before us and we look forward to the
reinvigoration of our existing products and the launch of our line
of nutraceuticals this fall. We wish Judith nothing but the best in
the future." The Board of Directors did not appoint an interim CEO
and has expressed its desire to fill the position with a veteran
from the network marketing industry to continue to solidify the
Company's commitment to its network sales force. In addition to
serving as Precis, Inc.'s new President, Mr. Apodaca will continue
to serve as the President and CEO of the Company's Access
Healthsource, Inc. subsidiary in El Paso, Texas. About Precis Inc.
Precis Inc. and its subsidiaries market non-insurance health care
savings programs, administer tax-favored reimbursement accounts,
provide third party administration services to self funded employer
groups and offer a broad range of financial solutions such as
health and life insurance to individuals and businesses. For more
information on Precis, its subsidiaries Care 125, Care Financial,
LLC, and Access Administrators visit http://www.precis-pcis.com/,
http://www.care125.com/, and http://www.care-financial.com/,
http://www.accesshealthsource.com/ respectively. Legal Disclaimer
Certain statements included in this news release constitute
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. Certain, but not
necessarily all, of such forward-looking statements can be
identified by the use of forward-looking terminology such as
"anticipate", "believes", "expects", "may", "will", or "should", or
other variations thereon, by discussions of strategies that involve
risks and uncertainties. Precis Inc.'s actual results or industry
results may be materially different from any future results
expressed or implied by such forward-looking statements. Factors
that could cause actual results to differ materially include
general economic and business conditions; Precis Inc.'s ability to
implement its business strategies; competition; availability of key
personnel; increasing operating costs; unsuccessful promotional
efforts; changes in brand awareness; acceptance of new product
offerings; retention of members and independent marketing
representatives; and changes in, or the failure to comply with,
government regulations. The Company undertakes no obligation to
update any forward-looking statements or to make any other
forward-looking statement, whether as a result of new information,
future events, or otherwise. DATASOURCE: Precis, Inc. CONTACT: Bob
Bintliff, Chief Financial Officer, Precis, Inc., +1-972-343-6501;
or Joe Diaz, The RCG Group, +1-480-675-0400; or Annemarie Marek,
Marek & Company, +1-469-235-2166, both for Precis, Inc. Web
site: http://www.precis-pcis.com/
Copyright
Precis (NASDAQ:PCIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Precis (NASDAQ:PCIS)
Historical Stock Chart
From Jul 2023 to Jul 2024