NMHC Names G. Harry Durity Chairman of the Board of Directors.PORT WASHINGTON Port Washington, uninc. town (1990 pop. 15,387), Nassau co., SE N.Y., a suburb of New York City, on the north shore of Long Island and Manhasset Bay. There is extensive manufacturing, much of it reflecting the region's past association with the aircraft and aerospace , N.Y. -- National Medical Health Card Systems, Inc. (Nasdaq: NMHC NMHC National Multi Housing Council NMHC Non-Methane Hydrocarbons NMHC National Modular Housing Council ), a national independent pharmacy An independent pharmacy is a retail pharmacy that is not directly affiliated with any chain pharmacy, such as CVS/pharmacy, Walgreens or Eckerd. However, owners of independent pharmacies will often form alliances with other independents and use their power in numbers to bargain for benefit manager (PBM PBM - play by mail. See play by electronic mail. ), today announced that G. Harry Durity has been named non-executive chairman of the company's board of directors, replacing James J. Bigl, who has resigned from the board to pursue other interests. The board seat vacated by Mr. Bigl will not be filled, which will leave the board of directors at ten members. Mr. Bigl served as chairman from June 2004 to the present, and previously served as chief executive officer from April 2002 through August 2004. Mr. Bigl will continue to serve as a consultant to the company through September 2006. Mr. Durity has served as a board member since March 2004. Mr. Durity, age 59, retired as corporate vice president of worldwide business development for Automatic Data Processing Same as data processing. , Inc. (ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. ) in May 2005. He joined ADP in August 1994 and headed ADP's mergers and acquisitions group and was a member of ADP's executive committee. From February 1993 to August 1994, Mr. Durity worked for Revlon Consumer Products Company as senior vice president of corporate development and also served on Revlon's executive committee. From January 1990 to January 1993, Mr. Durity was president of the Highlands Group, a boutique merger and acquisition advisory firm. From October 1980 to December 1989, Mr. Durity served as vice president of corporate development for RJR Nabisco RJR Nabisco, Inc., was an American conglomerate formed in 1985 by the merger of Nabisco Brands and R.J. Reynolds Tobacco Company. RJR Nabisco was purchased in 1988 by Kohlberg Kravis Roberts & Co. in the second largest leveraged buyout in history, adjusted for inflation. , Inc. Mr. Durity also serves as a member of the board of WebSite Pros (Nasdaq: WSPI) and as a senior advisor to New Mountain Capital, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , since May, 2005. Jim Smith, president and chief executive officer, said, "As a current member of the board, Harry has made major contributions to the company's strategic direction and will be able to seamlessly assume the leadership position as chairman of NMHC. I am excited about Harry's increased involvement with the company and look forward to working closely with him." "We greatly appreciate Jim Bigl's major contributions to NMHC, as former CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and more recently as chairman of NMHC," Mr. Smith continued. "Through Jim's tenure, NMHC has grown rapidly, both organically and through acquisitions, while maintaining its unparalleled commitment to customer service and industry leadership in controlling clients' pharmaceutical inflation rates." About NMHC National Medical Health Card Systems, Inc. (NMHC) operates NMHC Rx (pharmacy benefits manager or PBM), NMHC Mail (home delivery pharmacy), Ascend (specialty pharmacy solutions), and Integrail (health information solutions), providing services to corporations, unions, health maintenance organizations, third-party administrators, and local governments. Through its clinical programs, value-added offerings, and advanced information systems, NMHC provides quality, cost effective management of pharmacy benefit programs. Forward-Looking Statements This press release contains forward-looking statements which involve known and unknown risks and uncertainties or other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. When used herein, the words "may", "could", "estimate", "believes", "anticipates", "thinks", "intends", "will be", "expects", "plans" and similar expressions identify forward-looking statements. For a discussion of such risks and uncertainties, including but not limited to risks relating to demand, pricing, government regulation, acquisitions and affiliations, the market for PBM services, competition and other factors, readers are urged to carefully review and consider various disclosures made by NMHC in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended June 30, 2005, and other Securities and Exchange Commission filings. |
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