By Admin1 (admin) on Friday, September 26, 2003 - 8:02 pm: Edit Post |
Hummer credited Kevin O'Donnell, a longtime member of Whole Health's board and the immediate past chairman, and Roy Gentles, retired CEO of Alcan Aluminum, with helping to identify strategic investors.
Hummer credited Kevin O'Donnell, a longtime member of Whole Health's board and the immediate past chairman, and Roy Gentles, retired CEO of Alcan Aluminum, with helping to identify strategic investors.
Whole Health Management Completes $7 Million In Equity Fund-Raising From Local Investors To Support Growth
Joseph Gorman elected chairman of the board of Whole Health, which provides on-site employee health services that benefit employers' bottom line
CLEVELAND (May 6, 2002) - Whole Health Management announced today that it has completed raising $7 million in equity financing from 30 private investors, including numerous leaders of Northeast Ohio's business community.
The additional funding from outside private investors will support Whole Health's organic growth, as it expands its base of customers and suite of services. Whole Health is also using these funds to complete a state-of-the-art, Internet-based health information and self-care support system for its employer customers and their employees.
Whole Health operates on-site employee health care and preventive health programs, medical clinics and fitness centers for large, self-insured private- and public-sector employers. Whole Health's model is designed to transform employee health from a rapidly growing cost of doing business into a productivity-enhancing tool and competitive advantage.
"Our investors are business leaders who have run major companies, where they had firsthand experience with just how difficult it was to deal with the cost and service issues created by traditional health care models," said Jim Hummer, president of Whole Health. "They chose to invest in Whole Health because they believe in what we're doing, our focus on wellness and prevention, and our efforts to deliver accessible, convenient and efficient health services. We have a solution to a problem that they have all faced, and now we have the funding to grow our business."
Hummer credited Kevin O'Donnell, a longtime member of Whole Health's board and the immediate past chairman, and Roy Gentles, retired CEO of Alcan Aluminum, with helping to identify strategic investors.
At the same time, Whole Health announced that local business leader Joseph T. Gorman was elected chairman of its Board of Directors. Also joining the five-member board is Thomas H. Roulston II, founder and former chairman of Cleveland investment management firm Roulston & Company (now known as Fairport Asset Management). Gorman and Roulston are among the 30 new investors.
Gorman is one of the most influential and respected business leaders in Northeast Ohio. He served as chairman and CEO of aerospace, technology and automotive systems manufacturer TRW from 1988 to 2001. Last year, Gorman received the International Business Executive of the Year Award in conjunction with the annual Cleveland World Trade Conference. A past chairman of the U.S.-Japan Business Council, Gorman received Japan's 1994 Prime Minister's Trade Award for his contributions to promoting improved U.S.-Japanese trade relations. He is a current director of Alcoa, Procter & Gamble, National City Corporation, and Imperial Chemical Industries.
"Joe Gorman is the ideal person to assume this important position because he understands the perspective of senior executives and has extensive experience and contacts in our target industries of aerospace, automotive, high-tech and aviation," Hummer said. "He brings a passion for success, and his personal investment of time and money in the business is very encouraging as we pursue our plans for growth and expansion."
"I'm very excited to have this opportunity because I see the tremendous potential for Whole Health to apply its system for health care delivery to directly benefit companies' employees and companies' bottom line," Gorman said. "The idea of transforming employee health into a competitive advantage is very appealing to me. I am committed to helping this company grow and flourish, to capitalize on the unique market opportunities available."
Continuing to serve on the Whole Health board are: Hummer; O'Donnell, managing director of O'Donnell & Associates and retired chairman and CEO of aerospace component parts company SIFCO Industries; and Robert A. Salata, MD, FACP, an expert in infectious disease who is professor of medicine, international health, biostatistics and epidemiology at Case Western Reserve University School of Medicine, and the medical director of infection control and prevention at University Hospitals of Cleveland.
About Whole Health Management
Whole Health Management is an award-winning, innovative leader in creating and directly operating integrated on-site employee health care and preventive health programs, health centers and fitness centers. Based in Cleveland, Ohio, the Company operates nearly 40 on-site facilities for clients such as American Airlines, Continental Airlines, Gannett/USA Today, Nissan North America and PolyOne Corporation in the private sector, and the Department of Justice, Department of Treasury, Food and Drug Administration, Nuclear Regulatory Commission, and Department of Veterans Affairs in the public sector. Twenty-seven of its on-site health centers have received accreditation from the Joint Commission on Accreditation of Healthcare Organizations. For more information, call (216) 921-8601 or visit www.wholehealthnet.com.