Meridian, Idaho (December 19, 2005) – MWI Veterinary Supply, Inc. ("MWI") (NASDAQ: MWIV) announced the appointment of John F. McNamara as Chairman of its Board of Directors, which is a new, non-executive position on MWI's board. Mr. McNamara has been a member of MWI's board of directors since June 2002. Mr. McNamara is the founder and retired Chairman and Chief Executive Officer of AmeriSource Corporation, now a part of AmerisourceBergen Corporation. Prior to his work with AmeriSource Corporation, Mr. McNamara worked for McKesson Corporation for 20 years. He has served on numerous boards in an advisory capacity for both private and public companies. Mr. McNamara has also served as a Chairman of the International Federation of Pharmaceutical Wholesalers and Chairman of the National Wholesale Drug Association.
MWI also announced the resignations of two board members, Stephen C. Sherrill and Brett A. Pertuz. Both Messers. Sherrill and Pertuz are affiliated with Bruckmann, Rosser, Sherrill & Co. L.LC. ("BRS"), the Company's lead private equity investor. The NASDAQ listing standards require MWI to have a majority of independent directors within one year of becoming a public company. MWI's board of directors is currently conducting a search for candidates and intends to add two independent directors to the board by August 2006, which will increase the size of MWI's board of directors to seven directors.
Jim Cleary, President and Chief Executive Officer, commented "John McNamara has been a great strategic and operational advisor to the Company since he became a member of our board of directors in June 2002. I look forward to working closely with John in his new role as Chairman. Also, I would like to thank Stephen Sherrill and Brett Pertuz for their distinguished service to the Company as members of the board of directors. Along with their firm of BRS, Stephen and Brett have been great business partners."
John McNamara, MWI's new Chairman, commented, "I look forward to my continued association with MWI's management team and the opportunity to contribute to MWI's position as a leader in the animal health distribution industry."
MWI is a leading distributor of animal health products to veterinarians across the United States of America. Products MWI sells include pharmaceuticals, vaccines, parasiticides, diagnostics, capital equipment, supplies, veterinary pet food and nutritional products. We market these products to veterinarians in both the companion animal and production animal markets. For more information about MWI, please visit our website at www.mwivet.com. For investor relations information please contact Mary Pat Thompson, Vice President and Chief Financial Officer at (208) 955-8930 or email investorrelations@mwivet.com.
Certain statements contained herein that are not descriptions of historical facts are "forward-looking" statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Company's future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflect management's views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise. Important assumptions and other important factors that could cause actual results to differ materially from those set forth in the forward-looking information include vendor rebates based upon attaining certain growth goals; changes in the way vendors introduce products to market; the recall of a significant product by one of the Company's vendors; seasonality; the impact of general economic trends on the Company's business; the timing and effectiveness of marketing programs offered by the Company's vendors; the timing of the introduction of new products and services by the Company's vendors; regulatory matters; and competition. These other factors include changes in the rate of inflation; changes in state or federal legislation or regulation; the continued safety of the products the Company sells; and changes in the general economy.
