ATLANTA, September 5, 2017 - PRGX Global, Inc. (Nasdaq: PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced that John Heighway has been named Managing Director, Commercial & Contract Compliance for Europe. Mr. Heighway joins the Company from Connolly, a division of Cotiviti Holdings Inc., where he served as Managing Director, Europe, responsible for leading the overall financial, sales and operational activities for the European region. From 1999 to 2003, Mr. Heighway served as Operations Director and Business Development Director for PRGX UK Ltd. Mr. Heighway began his career with Alliance & Leicester.
"We are excited to have John join PRGX, and look forward to leveraging his extensive knowledge and experience," said Robert Donohue, Vice President - Commercial & Contract Compliance.
In connection with Mr. Heighway's employment, on September 1, 2017, the Company granted equity awards to Mr. Heighway consisting of options to purchase 15,000 shares of the Company's common stock. The options will vest in equal one-third increments on each of September 1, 2018, September 1, 2019, and September 1, 2020, subject to Mr. Heighway's continued employment with the Company. The options have an exercise price of $6.85 per share. The options will vest in full in the event of a change in control of the Company, provided Mr. Heighway 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 Mr. Heighway entering into employment with the Company in accordance with Nasdaq Listing Rule 5635©(4).
PRGX Global, Inc. is a global leader in Recovery Audit and Spend Analytics services. With over 1,400 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers and over 30% of the top 50 companies in the Fortune 500. PRGX delivers more than $1 billion in cash flow improvement for its clients each year. The creator of the recovery audit industry more than 40 years ago, PRGX continues to innovate through technology and expanded service offerings. In addition to Recovery Audit, the Company provides Contract Compliance, Spend Analytics and Supplier Information Management services to improve clients' financial performance and manage risk. For additional information on PRGX, please visit www.prgx.com.
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 overall condition and growth prospects, the Company's execution of its transformation strategy, and the Company's investments in, and opportunities associated with, its growth platforms, including its analytics and supplier information services businesses. 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 revenue that does not meet expectations or justify costs incurred, the Company's ability to develop material sources of new revenue in addition to revenue 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, 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 16, 2017. The Company disclaims any obligation or duty to update or modify these forward-looking statements
This news release was distributed by GlobeNewswire, www.globenewswire.com CONTACT: PRGX Global, Inc.
Ron Stewart, President and Chief Executive Officer
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