BRENTWOOD, N.Y., May 22, 2013 (GLOBE NEWSWIRE) -- Medical Action Industries Inc. (Nasdaq:MDCI) today announced that its Board of Directors has voted to increase the size of the Board from six members to seven members and to appoint Ms. Pamela R. Levy as an independent director. As an independent director, she will also serve on the Board's Audit Committee.
Kenneth W. Davidson, Chairman of the Board, said, "We are very happy to have Pam Levy join our board. Ms. Levy brings a wealth of experience in acquisition financing, capital raising and debt agreement negotiation, enabling her to provide critical insight into the capital markets and the assessment of our strategic growth initiatives."
During the past twelve months, the Company has employed the services of two companies for which Ms. Levy served as an executive or partner. These companies and Ms. Levy provided advice to the Company regarding the negotiation of its previous agreement in June 2012 and its new credit agreement of May 17, 2013. After careful consideration of the facts of these engagements and the NASDAQ rules related thereto, the Board determined that Ms. Levy satisfies the definition of "independent director" set forth in NASDAQ Stock Market Rule 5605(b)(1).
Ms. Pamela R. Levy currently serves as Founder, CEO and President of PEARL Financial Advisors LLC, a healthcare debt capital advisory firm, a position she has held since April 2013, and previously from March 2010 to October 2010. From November 2010 through March 2013, she was a Partner at White Oak Merchant Partners, a debt capital advisory and merchant banking firm. From 1993 through February 2010, Ms. Levy served in multiple positions, including as a senior officer and team leader, at Bank of America Merrill Lynch and predecessors Banc of America Securities and NationsBank N.A. Her last position was Managing Director, Head of Healthcare Leveraged Finance. In that role, she led a team of professionals responsible for all aspects of debt capital raising, including acquisition financing, recapitalizations, and leveraged buyouts, for healthcare products and services, medical device, life science, specialty pharmaceutical and other healthcare related corporate and private equity clients. From 1984 to 1993, she was an officer at the Chase Manhattan Bank, N.A. Ms. Levy currently serves on the Board of Directors and is Audit Committee Chair of privately-held HCMC Legal, Inc., a provider of legal and review management services, and human capital solutions to law firms, law firms' clients, and large corporations. She received a B.A. degree in Middle Eastern Studies at the University of California at Berkeley and her Masters of International Affairs from Columbia University. She has earned both the CFA (Chartered Financial Analyst) and CFP® (Certified Financial Planner®) designations.
About Medical Action Industries Inc.
Medical Action is a diversified manufacturer and distributor of disposable medical devices and a leader in many of the categories in which it competes. Its products are marketed primarily to acute care facilities in domestic and certain international markets. The Company has expanded its target market to include physician, dental and veterinary offices, out-patient surgery centers, long-term care facilities and laboratories.
Medical Action's products are marketed nationally by its direct sales personnel and extensive network of healthcare distributors. The Company has preferred vendor agreements with national and regional distributors, as well as sole and multi-source agreements with group purchasing organizations. Medical Action's common stock trades on the NASDAQ Global Select Market under the symbol MDCI and is included in the Russell Microcap® Index.
CONTACT: John Sheffield - Executive Vice President and Chief Financial Officer MEDICAL ACTION INDUSTRIES INC. (631) 231-4600
Source:Medical Action Industries Inc.