Still no firm date for the AMDR IPO, though PRWW has announced some significant changes in the ownership structure:
biz.yahoo.com
Monday August 30, 9:40 am Eastern Time
Company Press Release
SOURCE: Premier Research Worldwide, Ltd.
Premier Research Worldwide Announces Change in Ownership Structure and Board Of Directors and Completion of Its 1998 Stock Repurchase Program
PHILADELPHIA, Aug. 30 /PRNewswire/ -- Premier Research Worldwide, Ltd. (Nasdaq: PRWW - news) announced today a change in the ownership structure and Board composition of the Company.
UM Holdings, Ltd. (UM), which owned 3,025,450 shares or 42.4% of the Company has sold substantially all of its interest in the Company in separate private transactions with various accredited investors including Corporate Opportunities Funds, an investment partnership managed by Sanders Morris Mundy, a Houston-based investment banking firm.
Included in the investors are Joel Morganroth, MD, the Company's Chief Executive Officer and Joseph Esposito, President and Chief Operating Officer. Dr. Morganroth purchased 130,000 shares from UM and has increased his related ownership position in the Company to approximately 15%.
The Company, as part of this transaction, completed its previously announced share buy-back program by purchasing 322,000 shares from UM Holdings, Ltd. Under the program, the Company has purchased a total of 499,800 shares at an average price of $5.42 per share.
The Company also announced changes to its Board of Directors.
John Aglialoro, Joan Carter and Arthur Hicks, all employees of UM Holdings, Ltd., have resigned from the Board. Dr. Morganroth was elected Chairman of the Board of Directors effective August 30, 1999.
Appointed to the Board of Directors on August 30, 1999 were:
-- Sheldon M. Bonovitz, Esq. Mr. Bonovitz is a partner specializing in tax matters with the law firm of Duane, Morris & Heckscher, LLP, where he is also Chairman and Chief Executive Officer. Mr. Bonovitz is also a member of the board of directors of Comcast Corporation and Surgical Laser Technologies, Inc.
-- John M. Ryan. Mr. Ryan founded SunGard Data Systems, Inc. in 1977 and led the company through to its successful initial public offering. Since 1987, as a director and acting Chief Executive Officer, he has advised and invested in numerous early-stage technology companies, including DLB Systems, Inc., which was purchased by Premier Research in 1997. Mr. Ryan is a director of Neoware, Inc. and Thermacore, Inc. and is an advisor to private firms and two venture capital funds.
-- James C. Gale. Mr. Gale is the Chief Investment Officer of Corporate Opportunities Funds and a Managing Director of Sanders Morris Mundy. He has nearly twenty years investment banking experience with several firms including Gruntal & Co., E.F. Hutton & Co. and Adams Cohen Securities. Mr. Gale serves as a director of Latshaw Enterprises Inc. and RELM Wireless Corporation.
PRWW is a technology, consulting and clinical research organization based in Philadelphia, PA, with offices in Bridgewater, NJ, Peterborough and Maidenhead, England. PRWW brings significant added value to the clinical development process through the application and integration of science, process and technology. Through coupling the Company's in-depth understanding of clinical development with technology and efficient workflow processes, PRWW provides client specific clinical development solutions to the pharmaceutical, biotechnology and medical device industries and other clinical research organizations. PRWW products and services include research software and services, clinical research consulting, central diagnostic testing, biostatistical services and regulatory consulting.
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand, and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results can be found in the Company's Registration Statement of Form S-1 and in its Reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission (SEC).
SOURCE: Premier Research Worldwide, Ltd. |
