Monday January 17, 12:00 pm Eastern Time
Company Press Release
SOURCE: National Health & Safety Corporation
Bowers Resigns as CEO of National Health, Takes Over MedSmart Position; National Appoints New Interim CEO
WARMINSTER, Pa., Jan. 17 /PRNewswire/ -- National Health and Safety Corporation (OTC Bulletin Board: NHLT - news) announced today the resignation of Dr. R. Dennis Bowers, founder of the company, as its Chief Executive Officer. Bowers will continue in his other role as Director of the company.
Bowers, who founded the company and has been its chief executive for more than 10 years, recently accepted a position as Executive Vice President of MedSmart Healthcare Network, a Dallas-based company which recently purchased the POWERx Healthcare Network from National Health. Patricia Bathurst, former Vice President of Marketing for National Health, also will transition to MedSmart as its Vice President of marketing.
Bowers said that the board has appointed James Kennard to serve as the interim CEO until National Health has completed its Chapter 11 Reorganization, now in process, which is expected some time in early spring.
Kennard, former CEO of Transicoil Inc. and a former member of the American Management Association's Presidents Association, is from Greentown, PA. He is a long-time shareholder of National and one of the first investors in National Health before it became a public company in 1992. Kennard is the former treasurer of National Health.
National Health is the founder and developer of the POWERx Medical Benefits Network, which was recently sold to MedSmart. POWERx is a comprehensive national health discount network of more than 750,000 doctors, hospitals, dentists, pharmacies and other healthcare providers nationwide. Contrary to most HMOs and PPO networks, POWERx is much less expensive (about $200/year) and provides savings up to 60% on most medical products and services.
Development and expansion of National Health's other profit centers depends on the outcome of its joint plan of reorganization which is pending in Bankruptcy Court. The next hearing, presently scheduled for January 31, 2000, is to determine the adequacy of the amended disclosure statement which is scheduled to be filed during the coming week. |
