Dougherty’s Pharmacy, Inc. Appoints New Members to the Board of Directors

DALLAS, March 28, 2019 (GLOBE NEWSWIRE) -- Dougherty’s Pharmacy, Inc. (OTCPK: MYDP) (“Dougherty’s” or the “Company”) today announced the appointment of three new members to the company’s board of directors: Joseph J. Flynn, President and CEO of Vereco Inc.; Joshua Womack, Principal and Investment Manager of Womack Financial; and Stewart Edington, President and Chief Executive Officer of Dougherty’s.

Joseph “Joe” Flynn has served as the President and CEO of Vereco Inc., a Southern California based Healthcare IT Services Company, since November 1, 2017. Previously he co-founded and was President and Chief Executive Officer of Auxilio, Inc. and Chief Executive Officer of CynergisTek, Inc. from April 2004 until October 2017. Flynn has over two decades of experience in driving growth and excellence in healthcare IT services. Under his leadership, Auxilio’s revenues grew from zero to over $70 million, culminating in the firm’s merger with CynergisTek, the leading provider of Healthcare Cyber Security Services. The company up-listed to the New York Stock Exchange in March 2017. Prior to founding Auxilio, Flynn was Vice President of the Telecommunications Group for Advanstar Communications, where he managed a portfolio of communications and IT-related business to business trade shows, conferences and magazines in the United States and Brazil.

Josh Womack is the principal and investment manager of Womack Financial, LLC, a Dallas-based investment management firm he founded in 2011. He also manages Womack Capital Partners, a long-only fund that focuses on small- and micro-cap public companies. Womack is also a manager and board member for Pegasus Glass, LLC, a holding company acquiring majority and minority stakes in privately held businesses in Texas with $1mm to $3mm in earnings. He was previously an asset manager and acquisition analyst with SCM Real Estate and held financial statement auditing roles with Hein & Associates (now Moss Adams) and Deloitte.

As previously announced, Stewart Edington was appointed President and Chief Executive Officer of Dougherty’s in February 2019. He brings more than 30 years of experience in the pharmacy industry leading some of the largest pharmacy chains in the United States. Edington joined Dougherty's from Gelson's Pharmacy, where he served as Director of Operations from 2016 to 2017. Previously, he was Vice President of Pharmacy Operations at Haggen Food & Pharmacy from 2015 to 2016. Edington also served in various roles at Albertsons, including Divisional Pharmacy Manager from 2003 to 2011, and Vice President of Pharmacy Operations from 2011 to 2014. While employed with Albertsons, he helped cultivate a strategy that successfully delivered on a number of operational initiatives, consistently exceeding organizational goals and objectives. He was also an integral part of the turnaround team during his tenure at Albertsons, working closely with Cerberus Capital Management, L.P., a private equity firm that owns and operates Albertsons.

Commenting on the board appointments, Jim Leslie, Dougherty’s Chairman, said, “We are very excited to welcome Joe, Josh and Stewart to our Board of Directors. Joe brings welcomed experience from the Healthcare IT sector, where he has served as a public company executive. Josh’s investment community experience and accounting and auditing expertise will greatly benefit the Company as we push forward with our plans to resume filing our financial results with the Securities and Exchange Commission.

“Since being appointed CEO of Dougherty’s, Stewart’s stellar industry experience and leadership skills have been invaluable,” Leslie said. “We are fortunate to have him at the helm as we move forward with our operational improvement initiatives.”

The Company also announced that J.D. Abouchar, who was brought in as an advisor to the Dougherty’s board, has completed his consulting arrangement with the company.

“On behalf of the Dougherty’s board of directors, I would like to take this opportunity to thank J.D. for his advisory services over the last couple of months,” Leslie said. “We appreciate his recommendations and wish him all the best in his future endeavors.”

About Dougherty’s Pharmacy, Inc.

Dougherty’s Pharmacy, Inc. is a value-oriented investment firm focused on successfully acquiring, managing and growing community-based pharmacies in the Southwest Region. Interested investors can access financials and stock trading information for Dougherty’s at OTCMarkets.com or at www.doughertys.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions, including future events such as expectations for the Company receiving its pharmacy licensure for its new location as well as its expectations for revenue generation from this new pharmacy location. These forward-looking statements may be identified by words such as "expects," "believes," "anticipates" and similar expressions.  Forward-looking statements involve risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.