ATLANTA, March 18, 2013 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq:PRGX), the world's leading provider of recovery audit services and the pioneer in Profit DiscoveryTM, announced today that Mark Walters has joined the Company as a Managing Director in the Company's Contract Compliance practice.
The focus of this practice is to ensure PRGX clients maximize their contractual revenue and minimize expense overpayments while reducing enterprise risk. Through its Contract Compliance and related services, PRGX teams identify significant economic findings on behalf of our clients, while strengthening their controls moving forward.
"We are pleased that Mark has decided to return to PRGX, the company where he started his career in the 1990's," said Romil Bahl, PRGX president and CEO. "Given our 40+ years of experience in mining vendor contracts and AP data in search of anomalies, the areas of Contract Compliance, Fraud Detection & Remediation and Risk Management are natural adjacencies to our core Recovery Audit services," added Bahl.
In connection with Mr. Walters' employment, on March 13, 2013, the Company granted equity awards to Mr. Walters consisting of 20,000 shares of restricted stock, as well as options to purchase 20,000 shares of the Company's common stock with an exercise price equal to $7.14 per share, the closing price of the common stock on the grant date. The vesting of the restricted stock and options will occur on a cumulative basis, if at all, on April 30, 2014, April 30, 2015 and April 30, 2016, with one-third of the restricted stock and options becoming eligible to vest on each date, subject to the employee's continued employment with the Company and the employee's achievement of certain cumulative revenue criteria during the March 13, 2013 through March 31, 2016 period. The restricted stock and options also vest in full in the event of a change in control of the Company, provided the employee remains continuously employed by the Company until such event.
The grants were approved by the compensation committee of the Company's board of directors, which committee is comprised solely of independent directors, and were granted as an inducement material to the new employee entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).
About PRGX Global, Inc.
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world's leading provider of recovery audit services. With over 1,700 employees, the Company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX is also pioneering Profit Discovery, a unique combination of audit, analytics and advisory services that improves client financial performance. For additional information, please visit PRGX at www.prgx.com.
Forward-Looking Statements
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the Company's financial condition, growth, business development efforts and service offerings.Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company's future performance include revenues that do not meet expectations or justify costs incurred, the Company's ability to develop material sources of new revenue in addition to revenues from its core recovery audit services, changes in the market for the Company's services, the Company's ability to retain and attract qualified personnel, changes to Medicare and Medicaid recovery audit contractor programs, the Company's ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company's ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company's business. For a discussion of other risk factors that may impact the Company's business, please see the Company's filings with the Securities and Exchange Commission, including its Form 10-K filed on March 13, 2013. The Company disclaims any obligation or duty to update or modify these forward-looking statements.