Span-America Forms Business Development and Acquisition Board Committee; Thomas D. Henrion Named Chairman of the Board
GREENVILLE, S.C.–(BUSINESS WIRE)–Feb. 17, 1999–Span-America Medical Systems, Inc. (Nasdaq/NM:SPAN) today reported that the Board of Directors has formed a business development and acquisition committee to search for new business opportunities and has hired an investment banking firm, Philpott, Ball & Company of Charlotte, North Carolina, to assist in the search. The Company also announced that Thomas D. Henrion was named Chairman of the Board. He succeeds J. Ernest Lathem, M.D. who continues as a Director of the Company.
“Span-America made significant changes in fiscal 1998 to improve the future profitability of the Company,” stated Thomas D. Henrion in remarks before shareholders at the Annual Meeting. “We sold our contract packaging business and eliminated two unprofitable consumer lines to focus on our core medical business. Our exit from these underperforming business units will allow our management team to concentrate on building sales and profitability in the medical products segment.
“We are intent on re-building Span-America’s sales base through the addition of new businesses, acquisitions, and ongoing new product development. We formed a new business development and acquisition committee at the Board level that will be responsible for coordinating these activities with our investment banker. Our primary focus will be on the medical market segment, but we will also consider business opportunities that are synergistic with our Custom Products segment.”
At the annual meeting, shareholders elected J. Ernest Lathem, M.D.; Thomas F. Grady, Jr.; and James M. Shoemaker, Jr. as continuing Directors with terms expiring in 2002. Shareholders also elected Robert H. Dick to fill the unexpired term of Brien Laing, who retired from the Board having reached the Company’s mandatory retirement age. Mr. Dick is president of R. H. Dick & Company, Inc., an investment banking and management consulting firm based in Wellington, Florida. Mr. Dick’s Board term expires in 2001.
Span-America Medical Systems, Inc. manufactures and markets products to the health care industry for the prevention and treatment of pressure ulcers. The Company also is a manufacturer and marketer of custom foam and packaging products for the consumer and industrial markets. Span-America’s stock is traded on The Nasdaq Stock Market’s National Market under the symbol SPAN.
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