OWINGS MILLS, Md., Oct. 13 /PRNewswire-FirstCall/ -- Medifast, Inc. , a provider of leading clinically-proven portion controlled weight-loss programs, today announced the election of H.C. "Barney" Barnum, Jr., Jason L. Groves, and Jerry D. Reece, to the Medifast Board of Directors at the Medifast Annual Meeting of Shareholders held on October 9, 2009. With the addition of Mssrs. Barnum, Groves and Reece, the Medifast Board of Directors is now comprised of fourteen members, ten of which are classified as independent under the rules of the New York Stock Exchange.
Additionally, four current members of the Medifast Board of Directors were re-elected. Barry B. Bondroff, George J. Lavin, Catherine T. Maguire and Jeannette M. Mills will hold office for a three-year period until 2012. John P. McDaniel was also elected to a one-year term. Mr. McDaniel was appointed to the Medifast Board of Directors in March 2009.
Colonel Brad MacDonald, USMC (Ret.), chairman of the Board of Directors of Medifast, Inc., commented, "We are pleased that individuals with the experience of Barney, Jason and Jerry have agreed to join the board of Medifast. Their collective experience in business overlaid on their commitment to the service of our country will accrue to the benefit of Medifast shareholders in the years to come."
"The addition of these highly qualified individuals to our board continues the tradition of a highly independent and diversified board of directors. Ten of our fourteen directors are classified as independent by NYSE guidelines; three are women, two are African-American, and four are under the age of 40 years. We firmly believe that this broad diversification in corporate governance will serve the best interests of all of our stakeholders - customers, employees and shareholders."
Mr. Barnum was sworn in as the Deputy Assistant Secretary of the Navy for Reserve Affairs on July 23, 2001. In this capacity he was responsible for all matters regarding the Navy and Marine Corps Reserve including manpower, equipment, policy and budgeting. On Jan. 20, 2009, Barnum was designated Acting Assistant Secretary of the Navy for Manpower and Reserve Affairs.
Mr. Barnum was the fourth Marine to be awarded the nation''s highest honor, the Medal of Honor for valor in Vietnam. He retired from the Marine Corps in August 1989 after 27 and one-half years of service. Barnum served multiple tours as an artilleryman with both the 3rd and 2nd Marine Divisions to include two tours in Vietnam; 2nd Marine Aircraft Wing; guard officer at Marine Barracks, Pearl Harbor, and operations officer, Hawaiian Armed Forces Police; weapons instructor at the Officer Basic School; four years at Marine Corps Recruit Depot, Parris Island, as commanding officer, Headquarters Company and the 2nd Recruit Training Battalion of the Training Regiment; Chief of Current Operations, US Central Command where he planned and executed the first U.S./Jordanian joint exercise staff as the commander of U.S. Forces and twice planned and executed Operation Bright Star spread over four southwest Asian countries involving 26,000 personnel. Headquarters Marine Corps tours included: aide to the assistant commandant as a captain and deputy director Public Affairs, Director Special Projects Directorate and Military Secretary to the Commandant as a colonel. Upon retirement in 1989, Barnum served as the principal director, Drug Enforcement Policy, Office of the Secretary of Defense.
Mr. Barnum''s personal medals and decorations include: the Medal of Honor; Defense Superior Service Medal; Legion of Merit; the Bronze Star Medal with Combat "V" and gold star in lieu of a second award; Purple Heart; Meritorious Service Medal; Navy Commendation Medal; Navy Achievement Medal with Combat "V"; Combat Action Ribbon; Presidential Unit Citation; Army Presidential Unit Citation; Joint Meritorious Unit Award; Navy Unit Citation; two awards of the Meritorious Unit Citation; the Vietnamese Cross of Gallantry (silver) and the Department of the Navy Distinguished Public Service Award.
Mr. Barnum has attended The Basic School, U.S. Army Field Artillery School, Amphibious Warfare School, U.S. Army Command and General Staff College and the U.S. Naval War College. He is the past president of the Congressional Medal of Honor Society, Connecticut Man of the Year ''67, presented Honorary Legum Doctorem St. Anselm College; Rotary Paul Harris Fellow; Abe Pollin Leadership Award ''03, Marine Corps League "Iron Mike" Award and Order of the Carabao Distinguished Service Award.
Mr. Jason L. Groves is a Manager for Verizon''s Public Policy and External Affairs, Federal Regulatory Division in Washington, D.C. with responsibility for Federal Communication Commission enforcement matters. Currently, he is Verizon Maryland External Affairs Assistant Vice President. Mr. Groves is a U.S. Army veteran. He was a direct commissioned Judge Advocate in the United States Army Judge Advocate General''s Corps (JAG). As a JAG Officer, he practiced law while stationed at Fort George G. Meade, Maryland. He had the distinction of prosecuting criminal cases in the District Court of Maryland as a Special Assistant United States Attorney. Over the course of three years, he received two Army Achievement Medals, and one Army Commendation Medal. Mr. Groves is a graduate of the Disney University College Program for managers. He received his Bachelor of Science degree, cum laude, in Business with a concentration in Hospitality Management from Bethune-Cookman College. He also obtained his law degree from North Carolina Central University School of Law and is a member of the New Jersey and District of Columbia bars as well as several bar associations.
Mr. Jerry D. Reece is chief executive officer of Reece & Nichols Realtors, the largest residential real estate brokerage in Greater Kansas City. With over 30 years experience in real estate, Jerry Reece formed the company in early 1987. In addition to marketing resale homes as well as a broad range of new home subdivisions, the company specializes in the corporate transferee market. After graduating from the University of Oregon in 1963 with a B.S. in Finance, Jerry Reece joined the United States Marine Corps and served in Hawaii and Vietnam as a first lieutenant. Following active duty, he continued his service in the Marine Corps Reserve. His various assignments included the command of a rifle battalion and service as a member of the Secretary of the Navy''s Marine Corps Reserve Policy Board at the Pentagon. Retired with the rank of colonel, he was a member of the Board of Directors of the Marine Toys for Tots Foundation and a trustee of the Marine Corps Reserve Officers Association Foundation. His personal decorations include the Legion of Merit, The Navy Commendation Medal with Combat "V" and the Combat Action Ribbon.
About Medifast:
Medifast is the leading easy-to-use, clinically proven, portion-controlled weight-loss program. Medifast has been recommended by over 20,000 doctors and used by over one million customers since 1980. It is committed to enriching lives by providing innovative choices for lasting health. Medifast programs have been proven effective through studies by major university teaching hospitals. The company sells its products and programs via four unique distribution channels: 1) the web and national call centers, 2) the Take Shape For Life personal coaching division, 3) medically supervised Medifast Weight Control Centers, and 4) a national network of physicians. Medifast was founded in 1980 and is located in Owings Mills, Maryland. For more information, log onto http://www.choosemedifast.com/.
Safe Harbor Statement
Please Note: This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of phrases or terminology such as "intend" or other similar words or the negative of such terminology. Similarly, descriptions of Medifast''s objectives, strategies, plans, goals or targets contained herein are also considered forward-looking statements. Medifast believes this release should be read in conjunction with all of its filings with the United States Securities and Exchange Commission and cautions its readers that these forward-looking statements are subject to certain events, risks, uncertainties, and other factors. Some of these factors include, among others, Medifast''s inability to attract and retain independent Associates and Members, stability in the pricing of print, TV and Direct Mail marketing initiatives affecting the cost to acquire customers, increases in competition, litigation, regulatory changes, and its planned growth into new domestic and international markets and new channels of distribution. Although Medifast believes that the expectations, statements, and assumptions reflected in these forward- looking statements are reasonable, it cautions readers to always consider all of the risk factors and any other cautionary statements carefully in evaluating each forward-looking statement in this release, as well as those set forth in its latest Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other filings filed with the United States Securities and Exchange Commission, including its current reports on Form 8-K. All of the forward-looking statements contained herein speak only as of the date of this release.
MED-G Contact: Brendan Connors Lytham Partners, LLC Vice President - Finance Robert Blum ir@choosemedifast.com Joe Diaz Joe Dorame 602-889-9700
Medifast, Inc.
CONTACT: Brendan Connors, Vice President - Finance of Medifast, Inc.,
ir@choosemedifast.com; or Robert Blum, Joe Diaz or Joe Dorame,
+1-602-889-9700, all of Lytham Partners, LLC, for Medifast, Inc.
Web Site: http://www.choosemedifast.com/
