GlobeNewswire 13-Oct-2017 5:03 PM
PEABODY, Mass., Oct. 13, 2017 (GLOBE NEWSWIRE) -- Analogic Corporation (Nasdaq:ALOG), enabling the worlds medical imaging and aviation security technology, today announced the appointment of Joseph Whitters to the companys Board of Directors, effective immediately. Mr. Whitters joins the Analogic Board with significant experience in healthcare, finance and strategic transactions. With Mr. Whitters appointment, the Analogic Board has been expanded to seven directors, six of whom are independent, including Mr. Whitters.
Bernard Bailey, chairman of the Analogic Board, commented, We are pleased to appoint Joe to the Analogic Board and believe his significant healthcare industry experience, both as an executive and director, will be valuable to the company. As part of our focus on maximizing stockholder value, we are continuing to actively pursue the sale of the company. Joes deep understanding of our industry, strong financial skills, and experience in the sale of public companies, will be valuable to this work.
Mr. Whitters added, Having spent most of my career in the healthcare industry, I understand the importance of Analogics advanced imaging and guidance technologies and appreciate the value it delivers to many companies in the space. I look forward to lending my expertise to the actions the Board and management have undertaken to optimize performance and deliver value to both Analogic stockholders and its customers.
Analogic noted that the appointment of Mr. Whitters resulted from ongoing and constructive conversations members of the Board and management had with Voce Capital Management LLC (Voce), an Analogic stockholder, regarding the companys strategic plans and the Boards composition. As part of a Cooperation Agreement that Analogic entered into with Voce in connection with Mr. Whitters appointment as an independent director, Voce has agreed to support the Analogic Boards nominees at the companys 2018 Annual Meeting of Stockholders, which is scheduled to be held on December 1, 2017.
Mr. Whitters is currently a consultant to Frazier Healthcare Partners, a leading provider of growth and venture capital to healthcare companies. He has more than three decades of experience serving as a senior executive or public company director for companies in the healthcare industry. He currently serves on the Boards of PRGX Global, Inc. and InfuSystem Holdings Inc. Previous industry related Board memberships include, among others, his service at Air Methods Corp., Mentor Corp. (where he served as chairman), Omnicell Inc., Zonare Medical Systems. Inc. and numerous other public and private healthcare companies. Before his role at Frazier, Mr. Whitters held various finance positions of increasing responsibility at First Health, a managed care organization that he helped take public while serving as chief financial officer and which was acquired by Coventry Health Plans in 2005. Prior to that, he was controller at United Healthcare Corp. He is a CPA (inactive) and began his career in public accounting with Peat Marwick.
Any statements about future expectations, plans, and prospects for the Company, including statements containing the words "believes," "anticipates," "plans," "expects," and similar expressions, constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including risks relating to product development and commercialization, limited demand for the Company's products, limited number of customers, risks associated with competition, uncertainties associated with regulatory agency approvals, competitive pricing pressures, downturns in the economy, the risk of potential intellectual property litigation, acquisition related risks, risks associated with the ability of the company to successfully complete its current review of strategic alternatives and other factors discussed in our most recent quarterly and annual reports filed with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's views as of the date of this document. While the Company anticipates that subsequent events and developments will cause the Company's views to change, the Company specifically disclaims any obligation to update these forward-looking statements. These forward-looking statements should not be relied upon as representing the Company's views as of any later date.
Analogic Celebrating 50 Years of Imaging Innovation
Analogic (Nasdaq:ALOG) provides leading-edge healthcare and security technology solutions to advance the practice of medicine and save lives. We are recognized around the world for advanced imaging and real-time guidance technologies used for disease diagnosis and treatment as well as for automated threat detection. Our market-leading ultrasound systems, led by our flagship BK Ultrasound brand, used in procedure-driven markets such as urology, surgery, and point-of-care, are sold to clinical practitioners around the world. Our advanced imaging technologies are also used in computed tomography (CT), magnetic resonance imaging (MRI), and digital mammography systems, as well as automated threat detection systems for aviation security. Analogic is headquartered just north of Boston, Massachusetts. For more information, visit www.analogic.com.
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Source: Analogic Corporation