eResearchTechnology, Inc. Announces Board Approval to Blum Capital to Acquire up to 20% of its Common Stock and Appointment of J
28 April 2005 - 7:02AM
PR Newswire (US)
eResearchTechnology, Inc. Announces Board Approval to Blum Capital
to Acquire up to 20% of its Common Stock and Appointment of John
Park to its Board of Directors PHILADELPHIA, April 27
/PRNewswire-FirstCall/ -- eResearchTechnology, Inc.
(NASDAQ:ERES)("eRT" or "the company"), a leading provider of
technology and services to the pharmaceutical, biotechnology and
medical device industries, announced today that its Board of
Directors has consented to the acquisition by Blum Capital
Partners, L.P. or its affiliates of shares of the company's common
stock which would result in Blum becoming an "interested
stockholder" within the meaning of Section 203 of the Delaware
General Corporation Law (the "GCL"). The purpose of the Board's
approval was to render the limitations set forth in Section 203(a)
of the GCL inapplicable to Blum Capital. The approval of the Board
was conditioned upon Blum Capital agreeing that, without the
Board's approval, Blum Capital will not acquire beneficial
ownership of 20% or more of the company's outstanding common stock.
In addition, the Board increased the number of directors from eight
to nine and appointed John H. Park, CFA, to fill the vacancy
created by the increase. Although Mr. Park's term of office will
not expire until the 2008 Annual Meeting of Stockholders, the Board
will submit Mr. Park's Board appointment to the company's
stockholders for their ratification at the 2006 annual meeting and
Mr. Park has agreed to resign if the stockholders do not ratify his
appointment. Mr. Park is a Partner of Blum Capital and shares
responsibility for approximately $2.7 billion of assets under
management. Prior to joining Blum Capital, Mr. Park spent 11 years
with Columbia Wanger Asset Management, L.P. where he was a Partner
and the Portfolio Manager of the $900 million Columbia Acorn Select
Fund and a Co-Portfolio Manager of the $12 billion Columbia Acorn
Fund. In addition, Mr. Park was Director of Domestic Equity
Research. Mr. Park received his B.A. and MBA from the University of
Chicago. In addition, he holds a Chartered Financial Analyst (CFA)
designation. "We are excited about Blum Capital's interest in our
company and we are pleased to welcome John Park to our Board of
Directors. Mr. Park brings to the Board valuable financial and
strategic experience and is an excellent addition to represent our
stockholders," said Dr. Joel Morganroth, eRT's Chairman and Chief
Scientist. Based in Philadelphia, PA, eResearchTechnology, Inc.
(http://www.ert.com/) is a provider of technology and services to
the pharmaceutical, biotechnology and medical device industries on
a global basis. The company is a market leader in providing
centralized core-diagnostic electrocardiographic (ECG) technology
and services to evaluate cardiac safety in clinical development.
The company is also a leader in providing technology and services
to streamline the clinical trials process by enabling its customers
to automate the collection, analysis, and distribution of clinical
data in all phases of clinical development. Blum Capital Partners,
L.P. is a long-term strategic investment firm based in San
Francisco, CA, with approximately $2.7 billion of assets under
management. The firm was founded 29 years ago and has invested in a
wide variety of businesses in partnership with management teams to
create long-term value. The firm invests in primarily small and
mid-cap public companies through strategic block accumulations and
private equity transactions. Blum Capital and its affiliates
currently own approximately 14.9% of the company's outstanding
common stock. Statements included in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve a
number of risks and uncertainties such as competitive factors,
technological development, market demand, and the company's ability
to obtain new contracts and accurately estimate net revenues due to
variability in size, scope and duration of projects, and internal
issues in the sponsoring client. As a result, actual results may
differ materially from any financial outlooks stated herein.
Further information on potential factors that could affect the
company's financial results can be found in the company's Report on
Form 10-K filed with the Securities and Exchange Commission.
DATASOURCE: eResearchTechnology, Inc. CONTACT: Bruce Johnson,
eResearchTechnology, Inc., +1-215-282-5580; or Matt Hayden, Hayden
Communications, +1-858-704-5065, for eResearchTechnology Web site:
http://www.ert.com/
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