DENVER, Feb. 10, 2000 (PRIMEZONE) -- Coram Healthcare (NYSE:CRH) announced that Sandra R. Smoley has joined the Company's Board of Directors effective today.
"I am very pleased to welcome Sandy to our Board," said Daniel D. Crowley, Chairman, President and Chief Executive Officer of Coram. "Her extensive health care policy and leadership experience will be an important asset as we continue the task of positioning Coram for improved performance and future success."
Currently Mrs. Smoley is Chairman and Chief Executive Officer of The Sandy Smoley Group, a health care and local government consulting firm based in Sacramento. Previously she was Secretary of the California Health and Welfare Agency for six years as a member of former Gov. Pete Wilson's cabinet. She oversaw 12 departments of state government and one board with responsibility for 42,000 employees, a $48.6 billion annual budget and policies related to health and social services programs. Prior to that she was Secretary of the California State and Consumer Services Agency for 10 months where she initiated an assessment that led to the consolidation of numerous state offices and real estate assets.
Before joining Gov. Wilson's administration, Mrs. Smoley was a member of the Sacramento County Board of Supervisors for 20 years and was the first woman elected to that Board. Serving five terms, she routinely dealt with health, welfare, public safety, public works, parks, land-use planning and flood control policies.
"Home health care plays an important and growing role in America's changing health care system, and I am pleased to accept a role on the Board of Coram," said Mrs. Smoley. "Coram is a recognized leader in the industry and a company with a strong reputation for quality, which is an important element in creating and maintaining shareholder value."
Trained as a nurse, Mrs. Smoley took post graduate course work in economics and management at California State University, Sacramento, and at Harvard University she attended the John F. Kennedy School of Government's Program for Senior Executive Training in State and Local Government.
The recipient of numerous honors and awards and a member of the boards of directors of various academic, professional, community and charitable organizations, Mrs. Smoley also serves as a director on the board of privately held El Dorado Bank based in Orange County, Calif.
Mrs. Smoley replaces Richard A. Fink who resigned from the Board effective today. Mr. Fink, a partner in the law firm of Brobeck, Phleger & Harrison LLP, served on the Board for more than five years.
"I have enjoyed very much working with Coram's Board and management," said Mr. Fink. "Coram has a strong management team and an excellent reputation with patients and providers, and I believe it will continue to have an important role to play in the future of our evolving health care system."
"We thank Mr. Fink for his consistently valuable contributions to Coram's Board during a very difficult and demanding period," said Mr. Crowley. "We have enjoyed working with him and we wish him the best in all his future endeavors."
Denver-based Coram Healthcare, through its subsidiaries, is a national leader in providing quality home infusion therapies. Company subsidiaries also provide support for clinical trials, medical product development and medical informatics, as well as specialty pharmacy benefit management and mail order services.
Note: Except for historical information, all other statements in this press release are "forward-looking" within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results may vary materially from these forward-looking statements due to important risk factors including the Company's history of operating losses and uncertainties associated with future operating results; significant outstanding indebtedness; equity conversion rights held by existing debt holders; limited liquidity; reimbursement-related risks; shifts in the mix of parties that pay for the Company's services; dependence upon relationships with third parties; uncertain future liabilities under capitation arrangements; timing of or ability to complete acquisitions; government regulation of the home health care industry and the Company's ability in the future to comply; certain legal proceedings, including tax disputes; dependence on key personnel; potential volatility of the stock price; New York Stock Exchange listing status; the ability to execute a repositioning of the Company; and unanticipated impacts from the Year 2000 issue. Certain risk factors are described in greater detail in the Company's form 10-K Annual Report, as amended, Form 10-Q Quarterly Reports, and Form 8-K Current Reports on file with the Securities and Exchange Commission.