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| Company Contact: |
Investor Contacts: |
| Pet DRx Corporation |
Lippert/Heilshorn & Associates,
Inc. |
| Steven T. Johnson, President & COO |
Bruce Voss (bvoss@lhai.com) |
| (Steven.Johnson@petdrx.com) |
Don Markley (dmarkley@lhai.com) |
| (615) 369-1914 – www.petdrx.com |
(310) 691-7100 – http://www.lhai.com |
PET DRx APPOINTS HARRY L. ZIMMERMAN AS INTERIM
CFO AND KYLE MORSE AS CHIEF ACCOUNTING OFFICER
Brentwood, Tenn. — October 17, 2008 — Pet DRx Corporation
(NASDAQ: VETS) today announced it has appointed the Company’s
Chief of Business Development, Harry L. Zimmerman, to also serve
as interim Chief Financial Officer effective Monday, October 13,
2008. Mr. Zimmerman will continue in his business development
capacity, and will report to Gene Burleson, Pet DRx’s Chief
Executive Officer. Additionally, Pet DRx announced that it has
appointed Vice President and Corporate Controller Kyle Morse to
serve as the Company’s Chief Accounting Officer. Mr. Morse will
report to Mr. Zimmerman.
As announced on August 14, 2008, Gregory Eisenhauer notified the
Company of his decision to resign as Chief Financial Officer
effective November 30, 2008. In order to ensure a smooth
transition with continuity of accurate and timely financial
reporting, Mr. Eisenhauer shall continue to serve as Pet DRx’s
principal financial officer until November 30, with
responsibility for the preparation of the Company’s Form 10-Q
for the quarterly period ended September 30, 2008 to be filed
with the U.S. Securities and Exchange Commission.
Pet DRx’s Chief Executive Officer Gene Burleson commented, “Pet
DRx is fortunate to have a seasoned executive of Harry’s caliber
step in to perform the responsibilities of the chief financial
officer until a permanent replacement for Gregg is appointed.
Harry’s experience with the financial markets and with growing
companies will be an asset to Pet DRx during this transitional
time.” Mr. Burleson added “Kyle’s appointment as our chief
accounting officer is appropriate given Kyle’s significant
contributions to the company on the financial reporting front
and his in-depth knowledge of the Company.”
Mr. Zimmerman served as Executive Vice President and General
Counsel of Encore Medical Corporation from early 1994 until the
end of 2007. During that time, Encore grew from approximately $5
million to over $450 million in revenue in 2006 when it was
acquired by The Blackstone Group in a going-private transaction
for a purchase price of approximately $900 million. While with
Encore, Mr. Zimmerman was actively involved with many areas of
the company, including the numerous acquisitions it made between
2001 and 2007, and was part of the management and finance team
that raised over $1 billion in debt and equity financing. Prior
to joining Encore, Mr. Zimmerman was a senior corporate
associate with the law firm of Winstead, Sechrest & Minich, P.C.
Mr. Zimmerman has a Bachelor of Science in Economics from the
Wharton School at the University of Pennsylvania and a Juris
Doctor from the University of Texas School of Law. He is also
licensed as a Certified Public Accountant in Texas.
Mr. Morse has served as Vice President and Corporate Controller
of the Company since November 2007 during which time he
established the finance and accounting team and was instrumental
in transitioning Pet DRx into a publicly reporting company. From
August 2006 to October 2007, Mr. Morse served as Vice President
of Finance and Administration for Edgenet, Inc., a software
development company. From August 2004 to August 2006, he served
as segment controller for SPX Corporation, a Fortune 500 global
industrial manufacturer with financial reporting responsibility
for 13 business units throughout Europe and the United States
with combined annual revenues of approximately $2.5 billion.
Prior to joining SPX, Mr. Morse was a manager with
PricewaterhouseCoopers LLP in St. Louis, Missouri. Mr. Morse has
a Bachelor of Science in Accounting from the University of
Missouri – Columbia. He is also licensed as a Certified Public
Accountant in Missouri.
About Pet DRx
Pet DRx Corporation provides veterinary primary care and
specialized services to companion animals through a network of
fully-owned veterinary hospitals. The Company currently owns and
operates 25 leading veterinary hospitals in the state of
California, which it has organized into unique, regional
’hub-and-spoke’ networks. Pet DRx provides a full range of
general medical treatments for companion animals, including (i)
preventive care, such as examinations, vaccinations,
spaying/neutering and dental care and (ii) a broad range of
specialized diagnostic and medical services, such as internal
medicine, surgery, cardiology, ophthalmology, dermatology,
oncology, neurology, x-ray, ultrasound and other services.
SAFE HARBOR STATEMENT
Certain statements and information included in this press
release constitute “forward-looking statements” within the
meaning of the Federal Private Securities Litigation Reform Act
of 1995. These forward-looking statements are subject to risks
and uncertainties that may cause actual results to differ
materially, including, but not limited to, the ability of the
Company to successfully acquire, integrate and operate
veterinary hospitals and clinics, requirements or changes
affecting the businesses in which the Company is engaged,
veterinary services trends, including factors affecting supply
and demand, dependence on acquisitions for growth, labor and
personnel relations, changing interpretations of generally
accepted accounting principles and other risks detailed from
time to time in the Company’s SEC reports, including its reports
on Form 10-K and 10-Q, as well as its Current Report on Form
8-K/A filed on April 4, 2008, and the foregoing information
should be read in conjunction with these filings. These
forward-looking statements speak only as of the date hereof and
the Company disclaims any intention or obligation to update or
revise any forward-looking statements, either as a result of new
information, future events or otherwise.
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