Providence Service Corp. Appoints Warren Rustand Chief Executive Officer
TUCSON, Ariz., May 8, 2013
TUCSON, Ariz., May 8, 2013 /PRNewswire/ --The Providence Service Corporation
(Nasdaq: PRSC), a leader in home and community based social services and
non-emergency transportation services management, today announced that Warren
Rustand has been appointed Chief Executive Officer effective May 7, 2013. Mr.
Rustand has served as interim Chief Executive Officer since November 2012.
"Warren has overseen a smooth and constructive transition of Providence's
management team over the last six months, and the Board is pleased that he has
agreed to continue as full-time Chief Executive Officer," said Chris
Shackelton, Chairman of the Board. "Warren's extensive experience with public,
private and not-for-profit organizations makes him an ideal candidate to lead
Providence in today's changing healthcare landscape. With an unwavering
dedication to high-quality care for the individuals, families and communities
we serve, the Board is confident that Warren and the rest of the Providence
team will drive meaningful shareholder value over the coming years."
Mr. Rustand has served as a director of Providence since May 2005 and as lead
director from January 2007, until his appointment as Interim Chief Executive
Officer in November 2012. Mr. Rustand has served as a director for over 40
public, private and not-for-profit organizations ranging from multibillion
dollar public companies, to early stage and startup companies.
"I'm honored to continue to serve as Providence's Chief Executive Officer and
to lead its talented management team that is committed to realizing operating
efficiencies, profitable growth andensuring the highest standard of care in
our industry, which is delivered by the exceptional people of
Providence,"said Mr. Rustand.
The Providence Service Corporation provides or manages the delivery of home
and community based social services and NET management services to primarily
government sponsored clients under programs such as welfare, juvenile justice,
Medicaid and corrections. Providence is unique in that it provides or manages
social services primarily in the client's own home or in community based
settings rather than in hospitals or other treatment facilities, and provides
its NET management services through local transportation providers rather than
an owned fleet of vehicles. The Company provides a range of services through
its direct entities to approximately 54,500 clients through 649 active
contracts at March 31, 2013, with an approximate 16.8 million individuals
eligible to receive the Company's non-emergency transportation services. The
Company had over $1.1 billion in revenues in 2012.
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," "forecast," "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, the implementation of the healthcare reform law, state
budget changes and legislation 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, 2012. 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
Contact: AT THE COMPANY, Robert Wilson - Chief Financial Officer,
520/747-6605, AT CAMERON ASSOCIATES, Alison Ziegler 212/554-5469
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