ACTON, Mass., June 09, 2022 (GLOBE NEWSWIRE) — Psychemedics Corporation (NASDAQ: PMD) announced today that it will appoint Peter H. Kamin and Darius G. Nevin to serve as new members of its Board of Directors. directors at its next annual meeting of shareholders to be held on August 12, 2022, and that Walter S. Tomenson, Jr. will retire from the board at the end of his current term ending at the 2022 annual meeting. As a result of these new appointments, the retirement of Mr. Tomenson and the current director nominees, the board will grow to six members at the 2022 annual meeting.
“We look forward to welcoming Peter and Darius to the Board of Directors 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 in service to Psychemedics and its shareholders,” Mr. Kubacki continued.
The new appointments are in accordance with 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 shareholder, holding approximately 11.1% of the company’s outstanding common stock.
- Peter H. Kamin is the founder of 3K Limited Partnership, a family limited partnership, and has been its managing partner since January 2012. For the 11 years prior to 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 LP, a limited partnership organized to invest in a number of national public and private companies. Mr. Kamin has been a member of the board of directors of Tile Shop Holdings, a supplier of natural and artificial flooring, since 2012 and chairman since 2018. Since June 2019, Mr. Kamin has been a director of IAA, Inc., a market of publicly traded multi-channel vehicles and former subsidiary of KAR Auction Services, Inc., where he is also a member of the Audit Committee and Chairman of the Nominating and Corporate Governance Committee. Mr. Kamin is also a director of several private 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 e-commerce solutions for the automotive aftermarket. MAM Software was acquired in October 2019 and subsequently delisted its common stock. Mr. Kamin holds a BA in Economics from Tufts University and an MBA from 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 individuals and businesses, where he has served since 2016 and where he also serves as Chairman of the Committee Compensation and as a member of the Audit Committee. Mr. Nevin previously served as a director and chair of the audit committee of WCI Communities, Inc., a then publicly traded community developer and luxury home builder, from July 2013 until its acquisition in February 2017. Mr. Nevin is a member of G3 Capital Partners, LLC, an advisory firm, which has advised private equity firms in security, telecommunications and recurring services, and is a member of its investment subsidiary, 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., then a publicly traded company, from 2001 to June 2010. Mr. Nevin earned an AB from Harvard College. and an MBA from the University of Chicago Booth School of Business.
About Psychemedics Corporation
Psychemedics Corporation is the world’s largest provider of hair-testing for drug detection. The company’s patented process is used by thousands of US and international customers, including more than 10% of 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 firmly believe that our drug testing method is superior to any other product currently in use, including traditional urine tests and other hair testing methods. The Psychemedics website is www.psychemedics.com.
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 may be identified by words such as “may,” “will,” “should,” “expect,” “plan,” “objective,” “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 indicated in the forward-looking statements. Factors that could 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 customers, suppliers and Company employees, as well as its risk to the economies of the United States and the world, the timing, scope and effectiveness of other governmental, regulatory, fiscal, monetary and public health responses to the COVID-19 pandemic. 19, audit risk related to the Company’s compliance with waiver of reimbursement requirements under the Paycheck Protection Program, changes in U.S. and foreign government regulations, including but not limited to , FDA regulations, R&D expenditures, 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 Company’s ability to carry out its business plans, cost control rols, the operation of its global operating platform, the risks of failures of IT systems and from 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 company to obtain and protect intellectual property rights, litigation risks, including court acceptance of our wage/break settlement agreement, general economic conditions and other factors disclosed in filings by the company 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 publicly release any update or revision to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which such statement is based.
Contact: Raymond C. Kubacki, Chairman of the Board, President and Chief Executive Officer
Phone: (978) 206-8220