Dougherty’s Pharmacy, Inc. Announces Results of 2019 Annual Stockholders’ Meeting

DALLAS, June 11, 2019 (GLOBE NEWSWIRE) -- Dougherty’s Pharmacy, Inc. (OTCPK: MYDP) (“Dougherty’s” or the “Company”) today announced the results of its 2019 Annual Meeting of Stockholders, held June 10, 2019, in Dallas.

The Company’s shareholders elected Anthony Levecchio and Will Cureton to each serve as a director until the 2020 Annual Meeting of Stockholders and until his successor has been duly elected and qualified to hold office.

In addition, the board of directors has appointed Troy Phillips to serve as Chairman of Dougherty’s for the current board year. Phillips has been an independent director of Dougherty’s since August 2017. He succeeds Jim Leslie, who served as Chairman of the Board since July 2001.  Leslie will continue to serve as a director of Dougherty’s for the current board year.

“I would like to thank Jim for his long-standing service and leadership as Chairman of Dougherty’s and for stepping in as Interim President and CFO from March 2018 until February 2019, when Stewart Edington was brought in to lead the company as President and CEO,” Phillips said. “We appreciate Jim’s many contributions over the years and are pleased that he will continue to serve on the Dougherty’s board of directors.”

Phillips has been practicing law in Dallas for more than 45 years. In 1992 he led 10 lawyers in the formation of Glast Phillips and Murray, which is now a 62-person full-service firm with offices only in Dallas. He has been the managing partner since formation. Several years ago, he reduced his legal workload and began to focus on other entrepreneurial interests. He previously was an original investor in three local banks and served on their boards until successful sales were consummated. He is a Past President of Preston Trail Golf Club. His current activities include ownership in, and management responsibilities for, a title company fee office, a mortgage company documentation center and a trade school. He earned his bachelor’s degree from North Texas State University and his law degree from the University of Texas at Austin.

Commenting on the board realignment, Leslie said, “When we appointed Troy to the board almost two years ago, we recognized that his unique skill set would be very beneficial to Dougherty’s. Over the last two years, we’ve faced a number of challenges, and Troy has been an integral factor in our ability to address these issues.”

“I have enjoyed serving Dougherty’s as Chairman, but I believe this is the right time to take a less front-facing role and allow Troy the opportunity to lead the board.  Over the last several months, we’ve made many operational and structural changes at Dougherty’s, and we believe this is an opportune time to realign the board as we move forward with our initiatives,” Leslie said.

The board also named Josh Womack as chairman of the Compensation Committee and confirmed that Tony Levecchio will continue in his role as chairman of the Audit Committee.

In addition, Shumit Patel, Senior Director of Finance and Administration for Dougherty’s, was added to the board as Corporate Secretary, a newly created board position designed to facilitate enhanced board efficiency, transparency and communication as well as regulatory compliance.  Shumit has 12 years of experience in retail, both in the private and public sectors, primarily in the Southern California and Pacific Northwest markets. He was previously Director of Human Resources and Risk Management for Gelson's Supermarkets, where he worked for six and a half years and led their M&A efforts. Other experience includes serving as Director of Risk for Haggen Food and Pharmacy based in Bellingham, Washington and leading a significant expansion into California, Arizona and Nevada.

Dougherty’s shareholders also ratified the Company’s appointment of Whitley Penn LLP as the independent registered public accounting firm for fiscal year 2019.

About Dougherty’s Pharmacy, Inc.

Dougherty’s Pharmacy, Inc. operates independent, community-based pharmacies. Interested investors can access financials and stock trading information for Dougherty’s at OTCMarkets.com or at .

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Securities Act of 1933, the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such statements are based upon management's current expectations, projections, estimates and assumptions, including future events such as expectations for the Company receiving its pharmacy licensure for its new location as well as its expectations for revenue generation from this new pharmacy location. These forward-looking statements may be identified by words such as "expects," "believes," "anticipates" and similar expressions.  Forward-looking statements involve risks and uncertainties that may cause future results to differ materially from those suggested by the forward-looking statements.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.