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PRW: Pacific Health Care Organization, Inc., Announces Share Repurchase Program

Pacific Health Care Organization, Inc., Announces Share Repurchase Program
NEWPORT BEACH, California, Nov. 26, 2014 (GLOBE NEWSWIRE) -- Pacific Health
Care Organization, Inc., (the "Company") (OTCQB: PFHO), a specialty workers'
compensation managed care company providing a range of services primarily to
California employers and claims administrators, today announced that its
board of directors has approved the repurchase of up to $500,000 of the
Company's outstanding common stock. The Company expects the shares of
common stock will be repurchased from time to time in either open market or
private transactions in accordance with applicable insider trading and other
securities laws and regulations at then-prevailing market prices.
The Company is repurchasing shares principally to offset potential dilution
to shareholders in connection with possible future equity security grants to
Company employees and consultants it wishes to reward for their performance
or to provide additional incentive for future employee performance, as well
as to enhance the Company's ability to attract and retain employees in the
future through grants of equity interests in the Company. The repurchase
program will be funded primarily from existing cash balances and working
capital.
On November 25, 2014, the Company adopted a 10b5-1 plan (the "Plan") with
Alpine Securities Corporation, under which the Company may repurchase its
shares at times when the Company might otherwise be precluded from doing so
under insider trading laws. This Plan has been established pursuant to, and
as part of, the Company's share repurchase program. The timing and extent
of repurchases under the Rule 10b5-1 plan are subject to Securities and
Exchange Commission regulations as well as certain price, market volume and
timing constraints specified in the Plan. The term of the Plan commences on
December 1, 2014 and is expected to continue for a period of six months,
although the Plan may be modified, suspended or terminated at any time
without prior notice.
The Company also announced today that its board of directors approved 12%
pay increases for certain company employees and a consultant including its
Chief Executive Officer and Chief Financial Officer. These pay increases
will become effective January 1, 2015.
About Pacific Health Care Organization, Inc.
The Company is a specialty workers' compensation managed care company
providing a range of services primarily to California employers and claims
administrators. Workers' compensation costs continue to increase due to
rising medical costs, inflation, fraud and other factors. Medical and
indemnity costs associated with workers' compensation in the state of
California are billions of dollars annually. The Company's focus goes
beyond the medical cost of the claim, with the goal of reducing the entire
cost of the claim, including medical, legal and administrative costs.
Through its wholly-owned subsidiaries, the Company provides a range of
effective workers' compensation cost containment services, including but not
limited to , Health Care Organizations, Medical Provider Networks, HCO +
MPN, Workers' Compensation Carve-Outs, Utilization Review, Medical Bill
Review, Nurse Case Management and Lien Representation.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act
of 1995: Statements included in this press release regarding the Company's
intention to repurchase shares of its common stock from time to time under
the stock repurchase program, the duration of the stock repurchase program,
potential dilution to Company shareholders, the intended use of any
repurchased shares, the effect of equity grants in rewarding, incentivizing
or retaining existing employees or attracting future employees, and the
source of funding for the share repurchase program are forward-looking
statements that are subject to risks and uncertainties. There are a number
of important factors that could cause actual event to differ materially from
those suggested or indicated by such forward-looking statements. These
include, among other things, the market price of the Company's common stock
prevailing from time to time, the nature of other investment and business
opportunities presented to the Company from time to time, the Company's
ability to carry out the repurchase program in accordance with applicable
securities laws, the determination of the board of directors to grant equity
incentive awards to the Company's employees, the Company's cash balance,
cash flows from operations, general economic conditions and other factors
identified in the Company's annual report on Form 10-K and quarterly reports
on Form 10-Q filed with the Securities and Exchanges Commission.
All forward-looking statements speak only as of the date they were made. The
Company assumes no obligation to update the information in this press
release or revise any forward-looking statements, whether as a result of any
new information, future events or otherwise.
Pacific Health Care Organization, Inc.
1201 Dove Street, Suite 300
Newport Beach, California 92660
[phone]
Website: http://www.pacifichealthcareorganization.com/
Contact: Fred Odaka - CFO
Email: [e-mail]