Wednesday, January 8, 2003
SureCare Appoints James `Sam' Jarrett as Chief Executive Officer; Company Continues to Focus on Restructuring Activities with Veteran M&A, Restructuring and Operations Profession.
HOUSTON, Jan 8, 2003 (BUSINESS WIRE) -- SureCare (OTCBB:SURC), a leading provider in distributed healthcare, today announced the appointment of James H. "Sam" Jarrett as chief executive officer. Mr. Jarrett accepted the CEO appointment under the "Lee Iacocca" restructuring plan which provides compensation only upon Company achievement of critical objectives including debt and capital restructure, and profitability.
Mr. Jarrett has extensive operations, restructuring, mergers and acquisitions, and financing experience with both private and public companies in multiple industry segments. As president and chief operating officer of Ciera Network Systems Inc., a telecommunications subsidiary of publicly held CCC Globalcom Corporation, he was instrumental in the acquisition of several private companies with approximately $28 million in revenues secured through combinations of private equity arrangements, and debt/equity credit facilities of more than $25 million. Through these efforts, the Ciera client base grew to more than 60,000 active customers. As CEO and president of AssemblyFAB Inc., a stenography equipment manufacturing company for the legal industry, Mr. Jarrett orchestrated rapid product and service revenue growth by increasing the client base from 1,200 to more than 10,000 through successful implementation of OEM technology licensing agreements. With StorageTEK Corporation, a publicly traded Fortune 500 technology manufacturing company selling high capacity peripheral data storage products worldwide, Mr. Jarrett held various manufacturing, forecasting and financial planning positions contributing to strong growth in revenues.
"We are very excited that Sam has agreed to join the SureCare team at this critical juncture in our growth plan. His understanding of market opportunities, operations, growth strategies and financing will provide SureCare with additional resources as we head for profitability in 2003," stated Grant M. Gables, president.
"I appreciate the opportunity to lead SureCare. I believe the operational foundation is in place for a year of profitable growth pending the successful restructure of certain balance sheet and capital items. I am fully prepared to meet these challenges, and guide SureCare to the realization of its full potential," stated Sam Jarrett, chief executive officer.
As previously announced, SureCare recently initiated changes in infrastructure in order to reduce operating expenses and conserve financial resources as it aggressively pursues new contracts, alliances and additional funding sources. Robert Teague, M.D. remains active as chairman of the board of directors. Grant M. Gables continues as president of SureCare. Wayne Bertsch, CPA, maintains his position of chief financial officer. Allyson Faist, RN MBA, vice president of Marketing, remains in her important role as SureCare seeks to consummate several new contracting opportunities. Sheryl Tatar Dacso, J.D. Dr. P.H., recently named as the top healthcare attorney in the State of Texas by Texas Lawyer Magazine, remains general council for the corporation. The SureCare board of directors has recently been reduced to four members. Recent resignations include Mr. Lawrence Wedekind, Mr. John Galazin and Mr. Derek Ence. The board changes leave Dr. Teague, Mr. Gables, Mr. Howard Butler and Mr. Gene Kusmierz as the remaining directors.
SureCare (www.surecare.md), is a growing distributed healthcare company that provides cost-savings to healthcare organizations. Distributed healthcare is a disease-focused linkage of goods distribution with consumer education and experience, while collecting and distributing important clinical outcomes data. By providing high quality healthcare resources to the consumer, SureCare seeks to reduce the cost of chronic diseases while improving the consumers' experience. SureCare is also licensed as a durable medical equipment provider for both the Medicare and Medicaid programs, and has recently received licensure as a pharmacy in the State of Texas.
This press release contains certain forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities and Exchange Act of 1934. Investors are cautioned that all statements included in this press release which are not historical fact, are forward-looking statements. Although the Company believes that forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included herein will be correct or accurate. The inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.
CONTACT: DeMonte Associates Cynthia DeMonte, 212/605-0525 cdemonte@demonte.com www.demonte.com |
