Prospect Medical Holdings, Inc. (AMEX: PZZ) ("Prospect”),
which manages the medical care of approximately 240,000 HMO enrollees
and operates four community hospitals in southern California, today
announced that Sam Lee has been promoted to the position of Chief
Executive Officer of Prospect. Jacob Y. Terner, M.D. will continue
serving the Company as Executive Chairman.
Mr. Lee, 41, served as the President of Alta Healthcare System, Inc. ("Alta”)
beginning in January 2002 and was appointed as a member of Prospect’s
Board of Directors and as Chief Executive Officer of Alta Hospitals
System, LLC following Prospect’s acquisition
of Alta on August 8, 2007. Mr. Lee will continue as Alta’s
CEO while serving in his new position as Chief Executive Officer of
Prospect. Dr. Terner served previously as Prospect’s
Chief Executive Officer and will continue serving Prospect as Executive
Chairman. This change was approved by Prospect’s
Board of Directors on March 19, 2008.
Mr. Lee’s extensive background includes
healthcare and technology related operational leadership, private equity
investment management, entrepreneurship, mergers and acquisition, and
leveraged financing for various corporations. Prior to Alta, Mr. Lee was
a General Partner with Kline Hawkes & Co., a private equity firm located
in Brentwood, California, that focuses on healthcare, technology, and
business services. Mr. Lee has been the lead/principal investor and
director of several private and public companies. Additionally, Mr. Lee
worked for Andersen Consulting and Verizon. Mr. Lee received his Bachelor’s
degree in Industrial and Systems Engineering from Georgia Tech and Master’s
degree in Business Administration from Harvard Business School. Mr. Lee
is an active member of the Young President’s
Organization of Los Angeles, and is also involved with civic and
community organizations.
Dr. Terner commented, "One of the key
benefits of our acquisition of Alta was the access it gave us to Sam’s
strong leadership abilities and experience in healthcare management and
business development. Sam brings a tremendous amount of energy,
motivation and commitment to Prospect. Sam and I have spent many hours
together working on our vision of Prospect’s
future, and we will work together as a team to help Prospect advance and
prosper.” ABOUT THE COMPANY
Prospect Medical Holdings operates four community-based
hospitals in the greater Los Angeles area and manages the medical
care of individuals enrolled in HMO plans in Southern California,
through a network of over 9,000 specialist and primary care physicians.
This press release contains forward-looking statements. Additional
written or oral forward-looking statements may be made by Prospect from
time to time, in filings with the Securities and Exchange Commission, or
otherwise. Statements contained herein that are not historical facts are
forward-looking statements. Investors are cautioned that forward-looking
statements, including the statements regarding anticipated or expected
results, and the future introduction of new products, involve risks and
uncertainties which may affect the Company's business and prospects,
including those outlined in Prospect's Form 10-K filed on December 28,
2006, its Form 10-Q filed on August 20, 2007, and those arising from
Prospect's acquisition of Alta, the debt incurred by Prospect in
connection with the Alta acquisition, and any impact on Alta’s
historical financial statements that may result from completion of
Prospect's review and analysis of those financial statements. Any
forward-looking statements contained in this press release represent our
estimates only as of the date hereof, or as of such earlier dates as are
indicated, and should not be relied upon as representing our estimates
as of any subsequent date. While we may elect to update forward-looking
statements at some point in the future, we specifically disclaim any
obligation to do so, even if our estimates change.
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