Performant Financial Corporation Appoints New Independent Director

LIVERMORE, Calif., Feb. 5, 2014 (GLOBE NEWSWIRE) -- Performant Financial Corporation (Nasdaq:PFMT), a leading provider of technology-enabled recovery and related analytics services in the United States, today announced that Bradley M. Fluegel has been elected to serve on its Board of Directors.

Mr. Fluegel is currently senior vice president and chief strategy officer for Walgreen Co., the largest drugstore chain in the United States. He is responsible for corporate strategy, business development, program management and venture capital efforts for growth at Walgreens.

Mr. Fluegel has held executive officer positions at preeminent health care companies throughout his career. Before joining Walgreens in 2012, Mr. Fluegel served as executive in residence at Health Evolution Partners, a healthcare private equity firm. Before that he was executive vice president and chief strategy and external affairs officer of WellPoint, Inc., one of the nation's leading health benefits companies. While at WellPoint, Mr. Fluegel was responsible for long-term strategic planning, government affairs, corporate communications, public relations, corporate marketing, corporate development, international expansion, innovation and new business ventures. He also served as vice president, enterprise strategy and senior vice president, national accounts at Aetna, Chief Executive Officer, Reden & Anders (now part of OptumInsight, United HealthGroup), and health care practice leader at Tillinghast-Towers Perrin.

"Brad is widely considered as a strategic visionary throughout the healthcare sector and amongst his contemporaries. We are honored to have him join our board," said Lisa Im, CEO of Performant. "Healthcare is the most evolving and dynamic growth market for Performant. As we accelerate investment in the growth of our healthcare business in both public and commercial markets, Brad's strategic and global view of the market will help Performant capitalize on healthcare opportunities in the near and long term future."

Mr. Fluegel received his B.A. in Business Administration from the University of Washington and a Masters in Public Policy from the John F. Kennedy School of Government at Harvard University. He is also a lecturer at the Wharton School of Business at the University of Pennsylvania.

This completes the Company's transition to a board consisting of a majority of independent directors, as Mr. Fluegel replaces Jeffrey S. Stein, who has resigned from Performant's Board of Directors. Mr. Stein, executive in residence at Parthenon Capital, has been a Performant director since January 2004.

"Jeff has been invaluable and an instrumental partner as a Board member for Performant. We thank him for his passion, talents and experience that helped the company to be more successful over the years. I personally wish him the very best in his future endeavors," added Ms. Im.

Mr. Fluegel will replace Mr. Stein in the class of directors whose term of office will expire at the 2015 annual meeting of stockholders.

About Performant Financial Corporation

Performant Financial Corporation is a leading provider of technology-enabled recovery and related analytics services. The Company's services help identify and recover delinquent or defaulted assets and improper payments for various government, healthcare and financial services markets in the United States. The Company was founded in 1976 and is headquartered in Livermore, California.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's future growth opportunities. These forward-looking statements are based on current expectations, estimates, assumptions and projections that are subject to change and actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the high level of revenue concentration among the Company's five largest customers, that many of the Company's customer contracts are subject to periodic renewal, are not exclusive and do not provide for committed business volumes, that the Company faces significant competition in all of its markets, that the U.S. federal government accounts for a significant portion of the Company's revenues, that future legislative and regulatory changes may have significant effects on the Company's business, failure of the Company's or third parties' operating systems and technology infrastructure could disrupt the operation of the Company's business and the threat of breach of the Company's security measures or failure or unauthorized access to confidential data that the Company possesses. More information on potential factors that could affect the Company's financial condition and operating results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Form 10-Q for the quarter ended September 30, 2013. The forward-looking statements are made as of the date of this press release and the Company does not undertake to update any forward-looking statements to conform these statements to actual results or revised expectations.

CONTACT: Richard Zubek Investor Relations 925-960-4988 investors@performantcorp.comSource:Performant Financial Corp.