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Medical Action Industries Announces Chief Operating Officer

Stocks in this article: MDCI

BRENTWOOD, N.Y., Jan. 14, 2013 (GLOBE NEWSWIRE) -- Paul D. Meringolo, a member of the Board of Directors (our "Board") of Medical Action Industries Inc. (the "Company") (Nasdaq:MDCI) and its President and Chief Executive Officer, announced that the Company has begun the process of searching for a Chief Operating Officer. No deadlines have been established in connection with that search. Pending the results of that search, the Company announced that Mr. Paul Chapman, a current member of the Board, has been appointed interim Chief Operating Officer, effective January 14, 2013. 

In his new role, Mr. Chapman will also maintain his role as a member of the Board. Reporting to Mr. Chapman will be the three leaders of the Company's strategic business units: Cynthia Bell, President and General Manager of Minor Procedure Kits and Trays; Charles Kelly, President and General Manager of Patient Care; and Richard Setian, President and General Manager of Custom Procedure Trays and Operating Room Products.

"I am delighted to have Paul join our executive team and assist us during this transition," said Paul Meringolo. "His vast experience in leading business unit teams in manufacturing environments will bring substantial additional insight, discipline and accountability to our organization at this critical time as we continue to mark successful milestones in our revitalization of this Company. Since joining our Board in October 2012, Paul has already made significant contributions to our strategic and analytical review of the business. The decision to add a Chief Operating Officer reinforces the recent moves we have made to install leaders who can drive success in the three key tasks of strategy, finances and operations. With our executive team now in place, fiscal year 2014 is set to be a pivotal year for Medical Action."

Kenneth Davidson, Chairman of the Board of Directors, added, "This addition to our executive management structure will build on the successes when have seen already with the formation of business units in July 2012 and the appointment of a new Chief Financial Officer in March 2012. With Paul Chapman as interim Chief Operating Officer, the Company can strengthen its focus on manufacturing efficiencies, management reporting, and executive accountability. With Paul Chapman leading our internal operations and Paul Meringolo focusing on industry relationships and strategies, Medical Action is well positioned to actively pursue strategic growth opportunities."

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