Published: December 16, 2009
National Dentex Corporation Announces Management Succession Plan
NATICK, Mass. - (BUSINESS WIRE) - National Dentex Corporation (NASDAQ: NADX), one of the largest
owner/operators of dental laboratories in North America, today announced
that its Board of Directors has approved a succession and transition
plan that will ensure continued leadership at the Company. Effective
January 1, 2010, Mr. David Harkins, 68, Chairman since the Company's
founding in 1982, will become the Board's Lead Independent Director. Mr.
David Brown, 68, who has been President since 1998 and Chief Executive
Officer since 2000 will continue as Chief Executive Officer and assume
the role of Chairman of the Board. Mr. John (Josh) Green, 56, Executive
Vice President, Laboratory Operations, will become President and Chief
Operating Officer.
Mr. Harkins, Chairman of the Board, said: "The Board and Mr. Brown have
been working together on a management succession plan. With Mr. Brown's
guidance, as well as his continued participation as Chairman and CEO, we
have provided for a smooth and successful transition process as we plan
for the challenges and opportunities of the future. We are pleased to
have an individual of Mr. Green's experience, vision and dedication as
our next President and Chief Operating Officer."
Mr. Brown said: "I am pleased to turn the President's position over to
someone of Josh Green's caliber. Having worked closely with him over the
last four years, I have experienced his strong leadership skills and
extensive industry expertise. As Josh assumes his new role, I will focus
more on overall corporate strategy, acquisitions and partnering
opportunities."
Mr. Green commented: "It is a privilege to be offered this position. I
am grateful to the Board for the confidence it has placed in me. I look
forward to working together with Dave and our management team to help to
continue to shape the future of National Dentex in this pivotal time for
the dental laboratory industry."
Mr. Brown joined the Company in 1984 as Vice President - Finance and
Chief Financial Officer. He was appointed Treasurer in 1991, and
Director and President in 1998. He has been the Chief Executive Officer
since 2000.
Mr. Green was appointed Executive Vice President, Laboratory Operations
in January 2007. Since that time, Mr. Green has had full responsibility
for all operations of the Company's forty-five dental laboratories.
Prior to this appointment he served as a consultant to the Company
following National Dentex's acquisition of Green Dental Laboratory in
March 2005. Josh Green started Green Dental in 1980 in Heber Springs,
Arkansas and grew it over the years to the point where it generated in
excess of $16 million in revenues at the time of its acquisition by
National Dentex. With 30 years of industry experience, Mr. Green has
earned a reputation as an innovative laboratory operator through Green
Dental's product offerings and the clinically relevant professional
training that it has offered to its clients.
About National Dentex
National Dentex Corporation serves an active customer base of over
24,000 dentists through 45 dental laboratories located in 30 states and
one Canadian province. National Dentex's dental laboratories provide a
full range of custom-made dental prosthetic appliances, including
dentures, crowns, and fixed bridges, and other dental specialties.
Safe Harbor Statement
This press release contains forward-looking statements within the
meaning of the federal securities laws, including but not limited to
statements regarding our management succession plan, strategic
initiatives and expected courses of action, that are based on our
current expectations, beliefs, assumptions, estimates, forecasts and
projections about the industry and markets in which National Dentex
operates. The forward-looking statements contained in this release are
not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Therefore,
actual outcomes and results may differ materially from what is expressed
in such forward-looking statements. Important factors that may affect
future operating results and acquisition activity include the timing,
duration and effects of adverse changes in overall economic conditions
and other developments that directly or indirectly affect consumer
decisions as to whether and when to have dental procedures performed,
including the current economic slowdown and credit market disruptions;
National Dentex's ability to acquire new laboratories on terms and
conditions acceptable to it and its capacity to integrate and
successfully operate previously acquired laboratories; governmental
regulation of health care; trends in the dental industry towards managed
care; increases in labor, benefits and material costs; product
development risks; technological innovations; competition from other
dental laboratories, including increased competition from dental
laboratories located in foreign countries with lower labor and benefit
costs, such as China; National Dentex's ability to attract, retain and
motivate qualified personnel; changes in the cost or availability of raw
materials, particularly precious metals like gold, platinum and
palladium; any impairment in the carrying value of goodwill or other
acquired intangibles; National Dentex's ability to access the credit
markets on commercially reasonable terms; compliance with evolving
federal securities, accounting, and marketplace rules and regulations
applicable to publicly-traded companies on the NASDAQ Global Market; and
other risks indicated from time to time in National Dentex's filings
with the Securities and Exchange Commission, particularly under Item 1A,
"Risk Factors" of National Dentex's most recently filed Annual Report on
Form 10-K and subsequently filed Quarterly Reports on Form 10-Q.
National Dentex assumes no obligation to update the information included
in this press release, whether as a result of new information, future
events or otherwise.
National Dentex Corporation
Richard F. Becker, 508-907-7800
Executive
Vice President & Treasurer
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