Business Editors & Health/Medical Writers
AUSTIN, Texas--(BW HealthWire)--March 13, 2000
Prime Medical Services Inc. ("Prime") (NASDAQ:PMSI) announced today the addition of Mr. James M. Usdan to its Board of Directors.
Ken Shifrin, Chairman, stated, "I
Mr. Shifrin added, "Mr. Usdan takes the place of Dr. Bill Foree, who recently announced his retirement from our Board of Directors in conjunction with his retirement from the practice of medicine. We want to thank Dr. Foree for his six years of service and wish him well in retirement."
Mr. Usdan commented, "Prime is an exciting, innovative company that is working successfully to deliver high quality, cost-effective, niche health care services to patients in many markets across the USA. I look forward to joining with the Board and the management team in their continued efforts to build significant shareholder value."
James M. Usdan is a 1971 cum laude graduate of Harvard College. Mr. Usdan has recently joined NextCARE, Inc. as its Chief Executive Officer where he is responsible for strategic development. NextCARE, Inc.'s business is the development, operation and management of Long-Term Acute Care (LTAC) hospitals, operated under the "hospital-within-a-hospital" model, by leasing excess bed capacity from a host hospital.
Until May, 1998, Mr. Usdan was President and CEO of RehabCare Group, Inc. (NYSE:RHB), a $250+ million provider of physical therapy, rehabilitation staffing and outsourcing services. Mr. Usdan was CEO at RHB for eight years, led its IPO, developed the strategic plan, and recruited the Board and senior management team. While at RHB, the Company was listed in Forbes Magazine's "200 Best Small Companies" four times.
During his healthcare career, Mr. Usdan has also served as CEO of Behavioral Health Systems of Houston, Texas, the Comprehensive Medical Imaging division of Syncor, Inc., as Vice-President of The Methodist Hospital in Houston, and as COO of Rehab Hospital Services Corporation. Prior to his tenure at RHB, Mr. Usdan founded American Transitional Care (now American Transitional Hospitals) and Intensiva HealthCare Corporation. Currently, Mr. Usdan serves on numerous Boards, both as a director and in an advisory capacity.
Prime currently operates a fleet of 65 lithotripters and seven refractive surgery centers in 34 states. These centers perform approximately 38,000 lithotripsy and 20,000 LASIK procedures on an annualized basis. Lithotripsy is a cost effective, non-invasive method for treating kidney stones through the use of extracorporeal shock waves which pulverize kidney stones and permit them to pass painlessly from the body. LASIK refractive surgery, one of the most advanced forms of laser vision correction, is designed to improve vision and reduce dependence on glasses and contacts by correcting nearsightedness and astigmatism. In addition, Prime offers thermotherapy services to hospitals and surgery centers to treat benign prostatic hyperplasia (BPH) without damaging surrounding tissues. Prime also provides installation, upgrade, manufacturing, refurbishment, and repair services for major medical equipment manufacturers and mobile medical service providers.
Statements in this press release that are not strictly historical, including statements regarding plans, objective and future financial performance, and "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although Prime believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that the expectations will prove to be correct. Factors that could cause actual results to differ materially from Prime's expectations include, among others, the existence of demand for and acceptance of Prime's services, the availability of appropriate candidates for acquisition by Prime, regulatory approvals, economic conditions, the impact of competition and pricing, financing efforts and other factors described from time to time in Prime's periodic filings with the Securities and Exchange Commission.
For more information, visit Prime's website at: www.primemedical.com