NEW YORK, Oct. 4, 2010 (GLOBE NEWSWIRE) -- Strategic Turnaround Equity Partners, LP (Cayman) ("Strategic") and the other participants in their proxy solicitation of United American Healthcare Corporation ("United" or the "Company) (Pink Sheets:UAHC) were unsuccessful in electing their slate of directors at the recent Annual Shareholders meeting.
Gary Herman, Portfolio Manager for Strategic, stated, "While we are disappointed with the results, based on our estimation, the Company's slate of directors was only able to prevail due to the recent large share issuances to Pulse. If you include the large share issuances to Pulse, shares previously obligated to vote with management for which John Fife and then the Dove Foundation received a redemption right at $1.25 per share, and shares owned by officers and directors, exclusive of Bruce Galloway, the Company 'arranged' the support of over 42% of the shares which voted at the meeting. We estimate that a vast majority, at least over 80% of the non-interested shares, voted to support Strategic's slate of directors. We still believe that the Board and management engaged in various egregious acts to remain entrenched, and the results of their actions are evident in the election results. The existing management and legacy Board members have managed to destroy over 95% of shareholder value during their tenure at UAHC. This included spending over $22 million of the Company's cash and a delisting from NASDAQ which the Board and management permitted to occur. While we hope that the Company's performance recovers, we have little faith that it will under this Board and the current leadership of Tom Goss, the current Chairman and William Brooks, the CEO. We are continuing to explore all remedies and alternatives with our legal team."
Concluded Herman, "We thank all shareholders who voted in support of our slate of directors for the Annual Shareholders meeting."
CONTACT: Strategic Turnaround Equity Partners, LP (Cayman) Gary Herman 212-247-0581