Medical Action Industries Inc. (NASDAQ/ MDCI), a leading supplier of medical and surgical products, announced today the nomination of Mr. Kenneth W. Davidson to the Board of Directors, to serve in Class III until the 2011 Annual Meeting of Stockholders.
Mr. Kenneth W. Davidson, a first time nominee to the Board of Directors, is the Chairman of the Board of Directors of DJO LLP. DJO is a global provider of high-quality, orthopedic devices, with a broad range of products used for rehabilitation, pain management and physical therapy with approximately $1 billion in revenues. Prior to DJO, Mr. Davidson served as Chief Executive Officer and President of ReAble Therapeutics, Inc., a portfolio company of the Blackstone Group, and as Chairman, President and CEO of Encore Medical (ReAbleâ€™s predecessor), a publicly held orthopedic company since October 2000. Mr. Davidson served as Chairman, President and CEO of Maxxim Medical, Inc., a publicly-held medical supply company, from 1986 to July 2000.
Mr. Paul D. Meringolo, Chief Executive Officer and President of Medical Action stated, â€œI am extremely excited with the addition of Mr. Davidson to our Board of Directors. His proven leadership, extensive senior executive experience, knowledge of the health care industry and his international business acumen will bring to our Board the skills, experience and global outlook that our strategies demand.â€
Mr. Meringolo further noted that â€œDr. Philip Corso, whose term as a Class III director will expire August 2008, has decided to retire and not stand for re-election. Dr. Corso has been a valuable board member for more than the past twenty years, and we thank him for his enormous contributions to the Companyâ€™s development and success. As a result, the size of Medical Actionâ€™s Board of Directors will remain at seven Directors.â€
Medical Action also announced today that it will hold a conference call to present financial results for the quarter and year ended March 31, 2008 on Friday, May 30, 2008 at 10:00 a.m. (ET).
Paul D. Meringolo, Medical Actionâ€™s President and CEO further advised that our results of operations for the quarter and year ended March 31, 2008 are scheduled to be released on Friday, May 30, 2008 before the market opens. A conference call will be conducted by Mr. Meringolo and Richard G. Satin, Vice President – General Counsel, to discuss Medical Actionâ€™s financial results.
The conference call will be simultaneously webcast on our web site: www.medical-action.com. The dial-in number for the conference call is (888) 868-9080 (domestic) or (973) 935-8511 (international); conference ID #47522734. The complete call and discussion will be available for replay on our website beginning at 1:00 p.m. (ET) on May 30, 2008.
Medical Action is a diversified manufacturer of disposable medical devices. Its products are marketed primarily to acute care facilities in domestic and certain international markets. Further, Medical Action has expanded its target market to include physician, dental and veterinary office, out-patient surgery centers, long-term care facilities and laboratories. Medical Action is a leading manufacturer and distributor of many of its products in the markets it competes in. The Companyâ€™s products are marketed nationally by its direct sales personnel and extensive network of healthcare distributors. Medical Action has preferred vendor agreements with national and regional distributors, as well as sole and multi source agreements with group purchasing organizations. The Companyâ€™s common stock trades on the NASDAQ Global Select Market under the symbol MDCI and is included in the Russell 2000 Index.
This news release contains forward-looking statements that involve risks and uncertainties regarding Medical Actionâ€™s operations and future results. Please see the Companyâ€™s filings with the Securities and Exchange Commission, including, without limitation, the Companyâ€™s Form 10-K and Form 10-Qs, which identify specific factors that would cause actual results or events to differ materially from those described in the forward-looking statements.
Medical Action Industries Inc.
Richard G. Satin, 631-231-4600
Vice President of Operations and General Counsel