Precis (NASDAQ:PCIS)
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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/