FORT LAUDERDALE, Fla., Feb. 29, 2016 /PRNewswire/ -- Patriot National, Inc. (NYSE: PN), a leading provider of technology and outsourcing solutions, today updated its 2016 strategic initiatives for value creation.
Steven M. Mariano, Chairman and Chief Executive Officer of Patriot National, stated, "I am very proud of our 2015 financial performance and the solid execution of our growth strategy. Over the past 14 months, we have built a powerful operating platform capable of delivering substantial value to our customers. Today, we have relationships with 139 carriers and 4,100 agencies, and we offer a broad menu of products and services, spanning workers' compensation and property and casualty insurance services, human resources management and stand-alone technology solutions that is unparalleled in the marketplace. Our 2015 achievements reflect our efforts to build a world-class platform that gives us a significant competitive advantage. More importantly, it positions Patriot National to increase revenue and profitability and deliver improved shareholder returns.
"As we move forward into 2016, our near-term objectives include increasing organic growth through cross-selling and offering more choices to agencies and carriers, as well as enhancing our platform and technology capabilities with a few surgical acquisitions. Furthermore, with the integration of our 2015 acquisitions behind us, we expect margins to expand as our Adjusted EBITDA grows faster than revenue. We can achieve our 2016 plan without raising additional capital.
"Patriot National is fortunate to have a Board of Directors committed to lending their experience and skills to help facilitate, as well as oversee, these strategic value creation initiatives. Three of our outside directors have agreed to serve on a new committee expressly dedicated to this mission. Our management team looks forward to working with the Board committee in our collective efforts to enhance shareholder value."
Management and the Board committee will assess the potential merits of initiatives for alignment with the Company's value creation strategy, will evaluate any unsolicited proposals, and may engage third party advisors, as appropriate. The Company previously engaged a financial advisor to assist in exploring opportunities that may accelerate value creation, and that engagement will continue, if it proves to be useful, under the guidance of the Board committee.
About Patriot National
Patriot National, Inc. is a national provider of comprehensive technology and outsourcing solutions that help insurance companies and employers mitigate risk, comply with complex regulations and save time and money. Patriot National provides general agency services, technology outsourcing, software solutions, specialty underwriting and policyholder services, claims administration services, self-funded health plans and employment pre-screening services to its insurance carrier clients, employers and other clients. Patriot National is headquartered in Fort Lauderdale, Florida. For more information about Patriot National, please visit www.patnat.com.
Forward Looking Statements
This press release may include statements that may be deemed to be forward-looking statements. Words such as "may," "will," "can, " "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "positioned," "outlook," and similar expressions are used to identify these forward-looking statements. By their nature, forward-looking statements involve risks and uncertainties, and there are important factors that could cause actual results to differ materially from those indicated in these statements, which include the risk factors and related matters contained in our filings with the Securities and Exchange Commission. Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution you that forward-looking statements are not guarantees of future performance or events and that results may differ materially from statements made in or suggested by the forward-looking statements contained in this press release. Any forward-looking statement that we may make in this press release speaks only as of the date of such statement, and we undertake no obligation to update any forward-looking statement or to publicly announce the results of any revision to any of those statements to reflect future events or developments.
Investor and Media Contacts: Julie MacMedan (310) 622-8242 Paige Hart (310) 622-8244 Financial Profiles, Inc. PatriotNational@finprofiles.com
SOURCE Patriot National, Inc.