Health Insurance Innovations, Inc. Appoints John Fichthorn to Board of Directors
December 15 2017 - 7:30AM
Health Insurance Innovations, Inc. (NASDAQ:HIIQ), a leading
developer, distributor, and cloud-based administrator of affordable
health insurance and supplemental plans, today announced the
appointment of John A. Fichthorn to the Company’s Board of
Directors (the “Board”) as a new independent director, effective
immediately. Mr. Fichthorn will also join a newly formed Risk and
Compliance Committee that will further strengthen the Company’s
market-leading compliance and customer service.
Mr. Fichthorn currently serves as Head of Alternative
Investments for B. Riley Capital Management, LLC, which is an
SEC-registered investment adviser and wholly-owned subsidiary of B.
Riley Financial, Inc. He previously served as co-founder and CEO of
Dialectic Capital Management, LLC from 2003 to 2017. He brings a
wealth of experience as an investor in both technology and
healthcare companies and as a board member for several
NASDAQ-listed companies over the last decade.
“John will add valuable perspective and significant industry
expertise to the HIIQ Board,” said Paul G. Gabos, Chairman of the
HIIQ Board of Directors. “We look forward to working closely with
him as HIIQ continues executing on its successful strategy of
providing differentiated services in the dynamic individual health
insurance marketplace while upholding the highest standards in
customer service and compliance. We believe that John will provide
great insight and value to HIIQ’s stockholders in the Company’s
effort to continue to deliver strong financial results and continue
to succeed and grow in the dynamic individual health insurance
marketplace.”
Mr. Fichthorn commented, “I am excited to join the HIIQ Board.
In addition, that I have also been appointed to the Board’s
newly-formed Risk and Compliance Committee demonstrates HIIQ’s
commitment to even greater transparency and compliance. With
support from the Company’s knowledgeable and experienced Board and
management team, HIIQ is uniquely positioned to take advantage of
opportunities for growth as the healthcare landscape continues to
evolve.”
“As the business of HIIQ grows and shifts, the demands of the
Board must evolve ,” said J. Carlo Cannell, Managing Member of
Cannell Capital LLC, a beneficial owner of 8% of the Class A common
shares of HIIQ. “I am gratified by the anointment of J. A.
Fichthorn to the Board, and believe he brings robust experience and
additional credibility. Accordingly, Cannell Capital will be
modifying its investment position from ‘active’ to ’passive’
shortly.”
With Mr. Fichthorn’s appointment, HIIQ’s Board of Directors now
comprises eight directors, five of whom are independent.
Risk and Compliance Committee
HIIQ also announced today the formation of a Risk and Compliance
Committee of the Board, which will assist the Board and the Company
in navigating today’s complex regulatory environment. The Committee
will initially include all of the Company’s independent directors,
Paul E. Avery, Anthony J. Barkett, Robert S. Murley, Paul G. Gabos
and John A. Fichthorn, as well as the Company’s Chief Executive
Officer and President, Gavin D. Southwell.
“The formation of the Risk and Compliance Committee demonstrates
HIIQ’s continued focus on upholding and enhancing the highest
standards in legal and regulatory compliance and customer service.
The Board will benefit from the Committee’s counsel as the Company
continues its investments in these key areas,” Mr. Gabos added.
About Health Insurance Innovations, Inc.
(HIIQ)HIIQ is a market leader in developing innovative
health insurance products that are affordable and meet the needs of
health insurance plan shoppers. HIIQ develops insurance products
through our relationships with best-in-class insurance companies
and markets them via its broad distribution network of licensed
insurance agents across the nation, its call center network and its
unique online capability. Additional information about HIIQ can be
found at HiiQuote.com. HIIQ’s Consumer Division includes
AgileHealthInsurance.com, a website for researching, comparing and
purchasing short-term health insurance products online and
HealthPocket.com, a free website that compares and ranks all health
insurance plans, and uses objective data to publish unbiased health
insurance market analyses and other consumer advocacy research.
Forward-Looking StatementsThis press release
contains "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements other than historical
fact, and may include statements relating to goals, plans and
projections regarding new markets, products, services, growth
strategies, anticipated trends in our business and anticipated
changes and developments in the United States health insurance
system and laws. Forward-looking statements are based on HIIQ’s
current assumptions, expectations and beliefs are generally
identifiable by use of words “may,” “might,” “will,” “should,”
“expects,” “plans,” “anticipates,” “believes,” “estimates,”
“predicts,” “potential” or “continue,” or similar expressions and
involve significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements. These risks and
uncertainties include, among other things, our ability to maintain
relationships and develop new relationships with health insurance
carriers and distributors, our ability to retain our members, the
demand for our products, state regulatory oversight and
examinations of us and our carriers and distributors, legal and
regulatory compliance by our carriers and distributors, the amount
of commissions paid to us or changes in health insurance plan
pricing practices, competition, changes and developments in the
United States health insurance system and laws, and HIIQ’s ability
to adapt to them, the ability to maintain and enhance our name
recognition, difficulties arising from acquisitions or other
strategic transactions, and our ability to build the necessary
infrastructure and processes to maintain effective controls over
financial reporting. These and other risk factors that could cause
actual results to differ materially from those expressed or implied
in our forward-looking statements are discussed in HIIQ's most
recent Annual Report on Form 10-K filed with the Securities and
Exchange Commission (SEC) as well as other documents that may be
filed by HIIQ from time to time with the Securities and Exchange
Commission, which are available at www.sec.gov. Any forward-looking
statement made by us in this press release is based only on
information currently available to us and speaks only as of the
date on which it is made. You should not rely on any
forward-looking statement as representing our views in the future.
We undertake no obligation to publicly update any forward-looking
statement, whether written or oral, that may be made from time to
time, whether as a result of new information, future developments
or otherwise.
Contacts:
Health Insurance Innovations, Inc.:Michael
HershbergerChief Financial Officer(813)
397-1187mhershberger@hiiquote.com
Investor Contact:John EvansPIR
Communications(415) 309-0230IR@hiiquote.com
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