MILTON, ON, March 28 /PRNewswire-FirstCall/ - Systems Xcellence Inc., ("SXC" or the "Company") announces that Irwin Studen, Senior Vice President Finance and CFO, is leaving the Company to pursue other interests. Mr. Jeff Park, currently a member of SXC's Board of Directors and Chairman of the Audit Committee, has been appointed to the CFO position effective immediately and will resign from his position on the SXC Board. To assist in the transition process, Mr. Studen will remain with the Company until April 30, 2006.
"On behalf of the Board and the team at SXC, I'd like to thank Irwin for his many contributions over the past five years in helping to guide the transition of our business model and expand investor awareness of the Company," said Gordon S. Glenn, President and CEO of SXC. "We wish him much success in his future endeavours."
"At the same time, we are very pleased to have someone with Jeff's background and expertise to join us at this juncture in the Company's evolution," added Mr. Glenn. "As a member of our Board of Directors since 2003, Jeff has been an active voice and prominent contributor to the strategic growth of SXC's business. I look forward to working full-time with Jeff to lead the Company in its next stage of growth and to support our efforts to expand awareness of the SXC story with investors on both sides of the border."
In conjunction with his appointment to the CFO role, Mr. Park will be relocating to the Chicago area and will be working out of the Company's U.S. headquarters in Lombard, Illinois. Prior to his appointment as SXC's CFO, Jeff was a Senior Vice President of Covington Capital Corporation, a private equity venture capital firm with assets of more than $600 million under management. Jeff, a Chartered Accountant, joined Covington in 1998 as Investment Manager, and during that time he was responsible for assessing new business opportunities, negotiating and structuring transactions and advising investee companies.
Prior to Covington, Mr. Park worked for IBM in several areas of their Global Services Organization including the outsourcing of services, technology and infrastructure for clients such as Air Canada, Bell Canada and National Bank Financial. While at Covington, Jeff was a member of the board of directors of a number of public and private Covington-backed companies.
About Systems Xcellence
Systems Xcellence (SXC) is headquartered in Milton, Ontario with offices and processing centers in Lombard, Illinois, Scottsdale, Arizona and Victoria, British Columbia. SXC is a leading provider of healthcare information technology solutions and services to the healthcare benefits management industry. The company's product offerings and solutions combine a wide range of software applications, application service provider (ASP) processing services and professional services, designed for many of the largest organizations in the pharmaceutical supply chain, such as pharmacy benefit managers, managed care organizations, retail pharmacy chains and other healthcare intermediaries. SXC can be found on the Internet at www.sxc.com.
This press release contains forward-looking statements based on current expectations. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Risks and uncertainties about the Company's business are more fully discussed in the Company's Annual Information Form.
Systems XcellenceCONTACT: Dave Mason, Investor Relations, The Equicom Group Inc., (416)815-0700 ext. 237, dmason@equicomgroup.com; Gordon S. Glenn, President &CEO, Systems Xcellence Inc., Tel: (905) 876-4741, investors@sxc.com; SusanNoonan, U.S. Investor Relations, San Group, LLC, (212) 966-3650,susan@sanoonan.com
