Quality Systems, Inc. (Nasdaq: QSII) today announced that, based on an estimate of the votes cast at the company's Annual Meeting of Shareholders on September 4, 2008, stockholders have overwhelmingly supported the company's director nominees by electing seven out of eight members of the Quality Systems slate to the nine-member Board. Quality Systems' corporate bylaws provide for cumulative voting in the election of directors, which facilitated the election of Ahmed Hussein and one other candidate from his six-person slate to the Board, based primarily on Mr. Hussein's 16.8% ownership of the company. The company's estimates also show that the proposal put forth by dissident investor Mr. Hussein to amend Quality Systems' definition of "independent director" in its bylaws has been rejected by stockholders.
"On behalf of the Board and management of Quality Systems, I would like to thank the many shareholders who voted in support of the company's Board nominees and who rejected the dissident's proposal to amend the company's bylaws," said Steven Plochocki, CEO of Quality Systems. "I am gratified that our shareholders have recognized the tremendous value that our Board brings to the company. We look forward to continuing to build upon Quality Systems' ongoing success and track record of increasing value for our shareholders."
The results are subject to final tabulation and certification by IVS Associates, Inc., the independent Inspector of Elections, which the company expects will occur by September 15.
About Quality Systems, Inc.
Quality Systems, Inc. and its NextGen Healthcare Information Systems subsidiary develop and market computer-based practice management, patient records, and connectivity and other applications and services for medical and dental group practices. Visit www.qsii.com and www.nextgen.com for additional information.
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Statements made in this release, the proxy statements filed with the Securities and Exchange Commission ("Commission"), communications to shareholders, press releases and oral statements made by our representatives that are not historical in nature, or that state our or management's intentions, hopes, beliefs, expectations or predictions of the future, may constitute "forward-looking statements" within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended. Forward-looking statements can often be identified by the use of forward-looking terminology, such as "could,""should," "will,""will be," "will lead," "will assist," "intended,""continue," "believe,""may," "expect,""hope," "anticipate,""goal," "forecast,""plan," or "estimate" or variations thereof or similar expressions. Forward-looking statements are not guarantees of future performance.
Forward-looking statements involve risks, uncertainties and assumptions. It is important to note that any such performance and actual results, financial condition or business, could differ materially from those expressed in such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the risk factors discussed under "Risk Factors" in our Annual Report on Form 10-K for fiscal year ended March 31, 2008, as well as factors discussed elsewhere in this and other reports and documents we file with the Commission. Other unforeseen factors not identified herein could also have such an effect. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial condition or business over time unless required by law. Interested persons are urged to review the risks described under "Risk Factors" and in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for fiscal year ended March 31, 2008, as well as in our other public disclosures and filings with the Commission.