PHILADELPHIA, Oct. 16, 2012 /PRNewswire/ -- George Bessenyei, Gregory V. Novak and Robert S. Goggin (the "Concerned Vermillion Stockholders" or "Group") commented today on the repayment of $5.9 million of debt by Vermillion, Inc. (the "Company") to Quest Diagnostics, Inc. ("Quest").
George Bessenyei stated, "We believe the fact that Quest has insisted on repayment of their credit line demonstrates a lack of confidence in the Company's leadership. The news is especially disappointing given that recently, Gail S. Page the company's Chief Executive Officer, emphasized to investors at a conference that the loan was 'forgivable'. The fact that Quest, who is also Vermillion's largest stockholder, has chosen to not forgive or extend the loan indicates to us that Quest will no longer risk its capital on the James S. Burns led Board of Directors."
"Quest's financial contributions to Vermillion to date have uniformly been spent in exactly the same fashion as all other shareholders' money: excessive executive compensation and other corporate waste. It's anything but surprising that Quest decided to save some of its investment from the failed leadership of the Company," said Robert S. Goggin.
The Concerned Vermillion Stockholders' nominees, when elected, will work constructively to restore the confidence of Quest and all investors.
Bessenyei concluded, "We remain excited by the potential of Vermillion and believe it has incredibly valuable assets. As a recent large sample study demonstrated, OVA1 (the company's FDA approved diagnostic test) has no peer when it comes to sensitivity in detecting ovarian cancer. With the right people on the Board, we believe that the company has tremendous upside."
Stockholders please contact Okapi Partners LLC
Patrick McHugh / Geoff Sorbello
Concerned Vermillion Stockholders
THE PARTICIPANTS IN THE GROUP'S SOLICITATION OF PROXIES CONSIST OF ONLY MR. BESSENYEI, MR. NOVAK AND MR. GOGGIN (THE MEMBERS OF THE GROUP) AT THIS TIME. THE GROUP TODAY HAS FILED SOLICITING MATERIALS, INCLUDING THIS PRESS RELEASE, WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION ON SCHEDULE 14A PURSUANT TO RULE 14a-12 OF THE RULES AND REGULATIONS PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED. STOCKHOLDERS OF VERMILLION CAN OBTAIN COPIES OF THIS FILING, AS WELL AS PRIOR FILINGS BY THE GROUP PURSUANT TO RULE 14a-12, WHICH TOGETHER CONTAIN THE REQUIRED INFORMATION UNDER SUCH RULE REGARDING THE IDENTITY AND BACKGROUND OF THE MEMBERS OF THE GROUP, AND A DESCRIPTION OF THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS AND OTHERWISE, AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV.
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATING TO THE SOLICITATION OF PROXIES BY MEMBERS OF THE GROUP FROM THE STOCKHOLDERS OF VERMILLION, INC. FOR USE AT ITS 2012 ANNUAL MEETING WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN SUCH PROXY SOLICITATION. WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF VERMILLION, INC AND ALSO WILL BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT HTTP://WWW.SEC.GOV.
SOURCE Concerned Vermillion Stockholders