Psychemedics Announces Two New Director Nominees for its 2022 Annual Meeting of Stockholders and Director Walter S. Tomenson, Jr.’s Retirement after More than 20 Years of Dedicated Service
10 June 2022 - 7:00AM
Psychemedics Corporation (NASDAQ: PMD) announced today that it will
be nominating Peter H. Kamin and Darius G. Nevin to serve
as new members of its Board of Directors at its upcoming Annual
Meeting of Stockholders to be held on August 12, 2022, and that
Walter S. Tomenson, Jr. will be retiring from the Board as of the
completion of his current term ending at the 2022 Annual Meeting.
As a result of these new nominations, Mr. Tomenson’s retirement and
the existing director nominees, the Board will be increased to six
members at the 2022 Annual Meeting.
“We look forward to welcoming Peter and Darius
to the Board upon their election at the 2022 Annual Meeting,” said
Raymond C. Kubacki, Chairman and Chief Executive Officer of the
Company. “The Board also wishes to recognize and thank Walter for
his thoughtful leadership, dedication and many contributions over
the years serving Psychemedics and its stockholders,” Mr.
Kubacki continued.
The new nominations are pursuant to a
Cooperation Agreement, which the Company has entered into with
certain entities affiliated with Mr. Kamin, including 3K Limited
Partnership. These Kamin affiliated entities together constitute
the Company’s largest stockholder, beneficially owning
approximately 11.1% of the Company’s outstanding shares of common
stock.
Information about the
Nominees
-
Peter H. Kamin is the founder of 3K Limited
Partnership, a family limited partnership, and has served as its
Managing Partner since January 2012. For the 11 years preceding the
formation of 3K Limited Partnership, Mr. Kamin was a founding
member and Managing Partner of ValueAct Capital, which grew into a
leading investment management organization during Mr. Kamin’s
tenure. Prior to founding ValueAct Capital in 2000, Mr. Kamin
founded and managed Peak Investment L.P., a limited partnership
organized to make investments in a select number of domestic public
and private companies. Mr. Kamin has served as a member of the
board of directors of Tile Shop Holdings, a provider of natural and
man-made flooring material, since 2012 and as Chairman since 2018.
Since June 2019, Mr. Kamin has served as a director of IAA, Inc., a
publicly traded multi-channel vehicle marketplace and former
subsidiary of KAR Auction Services, Inc., where he also serves as a
member of the Audit Committee and Chair of the Nominating and
Corporate Governance Committee. Mr. Kamin is also a director of
several privately held companies. From May 2012 to October 2019,
Mr. Kamin served as a director of MAM Software Group, Inc., then a
publicly traded provider of business automation and ecommerce
solutions for the automotive aftermarket. MAM Software was acquired
in October 2019 and subsequently delisted its common stock. Mr.
Kamin holds a B.A. in Economics from Tufts University and an M.B.A.
from the Harvard University Graduate School of Business. Mr. Kamin
is a trustee of Tufts University.
-
Darius G. Nevin is a member of the board of
directors of Alarm.com Holdings, Inc. (NASDAQ: ALRM), the leading
provider of interactive security solutions for home and business
owners, where he has served since 2016 and where he also serves as
Chairman of the Compensation Committee and as a member of the Audit
Committee. Mr. Nevin previously served as a director and as
Chairman of the Audit Committee of WCI Communities, Inc., a then
publicly traded community developer and luxury homebuilder, from
July 2013 through its acquisition in February 2017. Mr.
Nevin is a member of G3 Capital Partners, LLC, a consulting
company, which has served as an adviser to private equity firms in
the fields of security, telecommunications and recurring service
industries, and is a member of its investment affiliate, G3
Investment Holdings, LLC. Prior to co-founding G3 Capital Partners,
LLC in October 2010, Mr. Nevin served as Chief Financial
Officer of Protection One, Inc., a then publicly traded company,
from 2001 until June 2010. Mr. Nevin earned an A.B. from
Harvard College and an M.B.A. from the University of Chicago Booth
School of Business.
About Psychemedics
Corporation
Psychemedics Corporation is the world’s largest
provider of hair testing for the detection of drugs of abuse. The
Company’s patented process is used by thousands of U.S. and
international clients, including over 10% of the Fortune 500
companies, for pre-employment and random drug testing. Major police
departments, Federal Reserve Banks, schools, and other public
entities rely on our unique patented drug testing process. We
strongly believe our drug testing method to be superior to any
other product currently in use, including traditional urine testing
and other hair testing methods. The Psychemedics website
is www.psychemedics.com.
Forward-Looking Statements
This press release may contain forward-looking
statements. In particular, statements contained in this
release that are not historical facts may be “forward looking”
statements. In some cases, forward-looking statements can be
identified by terms such as “may,” “will,” “should,” “expect,”
“plan,” “aim,” “anticipate,” “could,” “intent,” “target,”
“project,” “contemplate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these terms or other
similar expressions. Actual results may differ from those
stated in any forward-looking statements. Factors that may
cause such differences include but are not limited to risks
associated with the severity of the COVID-19 pandemic, and its
impact on the Company’s markets, including its impact on the
Company’s customers, suppliers and employees, as well as its risk
on the United States and worldwide economies, the timing, scope and
effectiveness of further governmental, regulatory, fiscal monetary
and public health responses to the COVID-19 pandemic, audit risk in
connection with compliance by the Company with repayment
forgiveness requirements under the Paycheck Protection Program,
changes in U.S. and foreign government regulations, including but
not limited to FDA regulations, R&D spending, competition
(including, without limitation, competition from other companies
pursuing the same growth opportunities), the Company’s ability to
maintain its reputation and brand image, the ability of the Company
to achieve its business plans, cost controls, leveraging of its
global operating platform, risks of information technology system
failures and data security breaches, the uncertain global economy,
the Company’s ability to attract, develop and retain executives and
other qualified employees and independent contractors, including
distributors, the Company’s ability to obtain and protect
intellectual property rights, litigation risks, including
acceptance by the court of our wage/break settlement arrangement,
general economic conditions and other factors disclosed in the
Company’s filings with the SEC. The forward-looking statements
contained herein speak only of the Company’s expectations as of the
date of this press release. The Company expressly disclaims
any obligation or undertaking to release publicly any updates or
revisions to any such statement to reflect any change in the
Company’s expectations or any change in events, conditions, or
circumstances on which any such statement is based.
Contact: Raymond C. Kubacki,
Chairman, President, and CEOPhone: (978) 206-8220
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