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MELVILLE, NY--(Marketwired - Mar 24, 2016) - Millennium HealthCare, Inc. (
According to Dominick Sartorio, Executive Chairman of Millennium, the re-structuring of the Company is being spearheaded by Louis J. (Lou) Resweber, the newly appointed Chief Executive Officer of Millennium.
"Lou brings our team over 30 years of experience in corporate turn-arounds and re-organizations. In his past positions his work has translated into increased profitability and enhanced shareholder value, and we look forward to his leadership at Millennium," stated Dominick Sartorio.
Resweber is the former Chairman of Westmark Group (which grew from a local lender to a nationwide financial underwriter); President of Network Acquisition (which expanded from a regional phone company to a nationwide carrier); and Founder and CEO of Pelican Security Network (which grew from a start-up into the nation's 36th largest electronic security provider, in an industry with over 14,000 licensed providers).
As part of this "re-launch," Resweber will re-organize Millennium into two distinct operating divisions:
As a result of this re-organization, medical devices from Millennium's new Products Division would be available through two distinct distribution channels -- (1) Millennium's own "in-house" association of doctors, practices and clinics; and (2) the Company's newly-established alliances with some of the largest and most successful third-party distributors of medical devices and services in the nation.
"The low-cost, high-margin 'network' strategy that we are putting into place at Millennium is quite similar to the game plan we successfully implemented at Westmark, at Network, and at Pelican," said Resweber.
He added, "Here again, the entire re-organization -- and the complete "re-launch" of Millennium -- will be built upon the solid foundation of Millennium's greatest asset: its powerful physicians' network."
"Indeed, Millennium's core strength is its own proprietary coalition of doctors, PCP practices, clinics and hospitals," Resweber stated. "With that said, our very next goal will be to build upon this rock-solid backbone - and further expand upon Millennium's alliance of practioners on the East Coast -- by replicating this same path to success in the Southeastern and Gulf South Regions of the nation."
"Ultimately, established third-party distribution networks will enable us to further manage and control our costs, and enhance shareholder value, while providing for seamless synergy between our two operating units, as our Services Division will be able to provide practitioners with preferential access to the pioneering cancer and heart disease screening devices manufactured by our Products Division," Resweber said.
About Millennium Healthcare Inc. (
Millennium Healthcare Inc., through its wholly owned operating subsidiaries, provides hospitals, primary care physician practices, physician groups and healthcare facilities of all sizes with cutting-edge technology driven applications, systems and medical devices focused primarily on preventive care through early detection. The Company also provides advanced billing and coding services, and practice development and management services. For more information, please visit www.millenniumhcs.com.
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