- Company also announces Jim Ryan's retirement from the board -
LISLE, IL, Sept. 17 /CNW/ - SXC Health Solutions, Corp. ("SXC" or the
"Company") (NASDAQ: SXCI, TSX: SXC), a leading provider of pharmacy benefits
management services and technology, is pleased to announce that Mr. Anthony R.
Masso, and Mr. Curtis J. Thorne, have joined its board of directors.
"Tony and Curt are two experienced healthcare industry executives with
proven leadership skills and track records for building successful businesses.
They are very active within the industry as CEO's of leading companies serving
health plan sponsors. Their presence on our board will enhance our
organizational leadership and extend the Company's reach further into our key
target markets," said Gordon S. Glenn, Chairman and CEO of SXC.
Mr. Masso, 65, is President and CEO of Consortium Health Plans, Inc., a
national coalition of 19 Blue Cross Blue Shield ("BCBS") plans that is focused
on building market share of its members amongst major employers and benefits
consultants. Prior to Consortium he was President of StrongCastle LLC, a
private consulting company that specializes in the development and
implementation of strategic business plans for corporate clients.
Mr. Masso was also previously President of Litho Group, Inc., and
Executive Vice President of Integrated Health Services, Inc. He spent four
years as Senior Vice President of the Health Insurance Association of America,
where he planned and implemented a transformation of indemnity insurers into
managed care networks. As Senior Vice President of Aetna Health Plans, he was
responsible for East Coast operations for all HMOs and POS health plans. Mr.
Masso has several years of public sector experience with the U.S. Department
of Health and Human Services. During his career he has spent time on the board
of more than 15 different companies ranging from managed care organizations to
physician partnerships to venture capital companies.
"Tony's extensive operational background in the healthcare industry
coupled with his in-depth knowledge of health plans will be a valuable asset
as our business continues to grow and evolve," added Mr. Glenn. "SXC counts
several large BCBS organizations as customers and Tony's close involvement
with BCBS plans at Consortium will provide us with valuable insight into this
Since 2000, Mr. Thorne, 48, has been President and CEO of MedSolutions,
Inc., a company focused on management of medical imaging services. From
1998-2000, he was its President and COO. During his leadership tenure he grew
revenue from $18 million to $200 million, contracted membership from 800,000
to over 20 million, and the employee base from 40 to approximately 700. Prior
to MedSolutions, Mr. Thorne was President and COO of Adesso Specialty
Services, a California-based specialty physician management company. Mr.
Thorne also served as General Manager of Aetna Pharmacy Management and in
other senior management positions at the Travelers and CIGNA.
Mr. Thorne earned his masters in business administration from the Babcock
School of Management at Wake Forest University and a bachelor's degree in
chemistry from the University of North Carolina. He has been active in serving
on various national managed care policy making task forces, work groups and
"Curt has spent his career in managed care with a strong track record for
developing and growing specialty healthcare organizations and business units,"
added Mr. Glenn. "This experience will be extremely valuable as we continue to
expand our market presence into new vertical markets within the pharmacy
benefit management space."
SXC is also announcing today that long-time board member and former CFO
Jim Ryan has resigned from his position on SXC's board to pursue other
interests. "On behalf of the Company and the board, I would like to express my
sincere thanks to Jim for the many years of commitment and guidance that he
has contributed to SXC, both as an employee and member of the board. We wish
him well in his future endeavors," said Mr. Glenn.
Following these announcements, the number of directors on SXC's board is
eight; with six independent members. In addition to Mr. Masso and Mr. Thorne,
the members of SXC's board are Gordon S. Glenn, Chairman and CEO; Terrance
Burke, private consultant; Steven Cosler, former President and CEO of Priority
Healthcare Corp.; Bill Davis, CFO of Allscripts; Philip Reddon, Vice President
Investments at Covington Capital; and Mark Thierer, President and COO of SXC.
About SXC Health Solutions
SXC Health Solutions, Inc. (SXC) is a leading provider of pharmacy
benefits management (PBM) services and healthcare IT solutions to the
healthcare benefits management industry. The Company's product offerings and
solutions combine a wide range of software applications, application service
provider (ASP) processing services and professional services, designed for
many of the largest organizations in the pharmaceutical supply chain, such as
Federal, provincial, and, state and local governments, pharmacy benefit
managers, managed care organizations, retail pharmacy chains and other
healthcare intermediaries. SXC is based in Lisle, Illinois with locations in;
Scottsdale, Arizona; Warminster, Pennsylvania; Alpharetta, Georgia; Milton,
Ontario and Victoria, British Columbia. For more information please visit
Certain statements included herein, including those that express
management's expectations or estimates of our future performance, constitute
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable by management at this time,
are inherently subject to significant business, economic and competitive
uncertainties and contingencies. We caution that such forward-looking
statements involve known and unknown risks, uncertainties and other risks that
may cause our actual financial results, performance, or achievements to be
materially different from our estimated future results, performance or
achievements expressed or implied by those forward-looking statements.
Numerous factors could cause actual results to differ materially from those in
the forward-looking statements, including without limitation, our ability to
achieve increased market acceptance for our product offerings and penetrate
new markets; consolidation in the healthcare industry; the existence of
undetected errors or similar problems in our software products; our ability to
identify and complete acquisitions, manage our growth and integrate
acquisitions; our ability to compete successfully; potential liability for the
use of incorrect or incomplete data; the length of the sales cycle for our
healthcare software solutions; interruption of our operations due to outside
sources; our dependence on key customers; maintaining our intellectual
property rights and litigation involving intellectual property rights; our
ability to obtain, use or successfully integrate third-party licensed
technology; compliance with existing laws, regulations and industry
initiatives and future change in laws or regulations in the healthcare
industry; breach of our security by third parties; our dependence on the
expertise of our key personnel; our access to sufficient capital to fund our
future requirements; and potential write-offs of goodwill or other intangible
assets. This list is not exhaustive of the factors that may affect any of our
forward-looking statements. Investors are cautioned not to put undue reliance
on forward-looking statements. All subsequent written and oral forward-looking
statements attributable to SXC or persons acting on our behalf are expressly
qualified in their entirety by this notice. We disclaim any intent or
obligation to update publicly these forward-looking statements, whether as a
result of new information, future events or otherwise. Risks and uncertainties
about our business are more fully discussed in our Annual Information Form.
Certain of the assumptions made in preparing forward-looking information
and management's expectations include: maintenance of our existing customers
and contracts, our ability to market our products successfully to anticipated
customers, the impact of increasing competition, the growth of prescription
drug utilization rates at predicted levels, the retention of our key
personnel, our customers continuing to process transactions at historical
levels, that our systems will not be interrupted for any significant period of
time, that our products will perform free of major errors, our ability to
obtain financing on acceptable terms and that there will be no significant
changes in the regulation of our business.
For further information:
For further information: Jeff Park, Chief Financial Officer, SXC Health
Solutions, Inc., Tel: (630) 577-3206, email@example.com; Dave Mason, Investor
Relations, The Equicom Group Inc., (416) 815-0700 ext. 237,
firstname.lastname@example.org; Susan Noonan, Investor Relations - U.S., The SAN
Group, LLC, (212) 966-3650, email@example.com