Russell Cleveland Appointed to Board of Directors of Precis Inc.
September 12 2005 - 3:30PM
PR Newswire (US)
GRAND PRAIRIE, Texas, Sept. 12 /PRNewswire-FirstCall/ -- Precis
Inc. (NASDAQ:PCIS) today announced the appointment of Russell
Cleveland to the Company's Board of Directors. Initially, it is
expected that Mr. Cleveland will serve on the Audit Committee,
although the Board may determine additional committee assignments
during its next Board meeting. Prior to Mr. Cleveland accepting the
invitation to serve as a Director, the Board of Directors of
Precis, Inc. had increased the number of members of the Board from
six to seven. "We are proud to have Russell Cleveland join our
Board of Directors. His extensive expertise in leading, growing,
and restructuring companies will be an immediate asset to our
company," said Nicholas J. Zaffiris, Precis' non- executive
chairman of the Board. Zaffiris also noted that this appointment
follows several management changes announced earlier this year
along with its strategic initiatives to reinvigorate its healthcare
savings program (Care Entree), expand its third-party administrator
and flex benefits administration services, and launch its
innovative nutraceutical products and Quick Care Wellness program
through its new Vergance subsidiary. "I look forward to working
with the Precis' management team as a Board member," says Mr.
Cleveland. "As an investment manager, I have been associated with
Precis for a number of years through various funds I manage that
own significant positions in Precis. I firmly believe Precis has
the team, the resources, the vision and the ability to be industry
transformers." According to Mr. Cleveland, "From an industry
perspective, the current healthcare system is not working and the
non-insurance plans offered by Precis, as a specialty healthcare
company, is where the market is going. Utilizing its direct
marketing sales channels also gives Precis an unlimited marketplace
of individuals and companies seeking lower cost alternatives. It
has been my experience that for a company to succeed, it needs
quality people, a strong balance sheet, innovative ideas, and a lot
of focused effort. Precis has all of these ingredients, and I
appreciate the opportunity to become more involved with its
future." About Mr. Russell Cleveland Mr. Cleveland, 66, is the
Founder, President, and CEO of RENN and Renaissance III, privately
held investment companies. He has held these positions since 1972.
Mr. Cleveland has 40 years experience in the investment business,
of which 31 years has been spent as a portfolio manager
specializing in the investment of common stocks and convertibles of
small private and publicly traded companies. A graduate of Wharton
School of Business, Mr. Cleveland has served as President of the
Dallas Association of Investment Analysts and, during the course of
his career, has served on numerous boards of directors of public
and private companies. He currently serves on the Boards of
Directors of Renaissance III, RUSGIT, BFS, Cover-All Technologies,
Inc., CaminoSoft Corp., Digital Recorders, Inc., Integrated
Security Systems, Inc. and Tutogen Medical, Inc., all of which are
publicly-traded companies. Mr. Cleveland has appeared numerous
times as a small cap analyst on CNBC and has been quoted for his
investment insights and strategies in The Wall Street Journal and
Barron's. 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 and Access Administrators, visit http://www.precis-pcis.com/,
http://www.care125.com/ and http://www.ahs-access.com/
respectively. DATASOURCE: Precis Inc. CONTACT: Robert Bintliff,
Chief Financial Officer of Precis Inc., +1-972-343-6501; or Joe
Diaz of The RCG Group, +1-480-675-0400; or Annemarie Marek of Marek
& Company, +1-469-235-2166, both for Precis Inc. Web site:
http://www.precis-pcis.com/ http://www.care125.com/
http://www.ahs-access.com/
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