Stec Responds to Balch Hill and Potomac Capital’s Open Letter
"Settlement discussions to avert proxy contest have broken down"
This is a Press Release edited by StorageNewsletter.com on March 15, 2013 at 2:52 pmSTEC, Inc. confirmed that settlement discussions to avert a proxy contest with Balch Hill LLC and Potomac Capital Management LLC have broken down, as noted in an open letter they sent to STEC shareholders.
"STEC has gone to great lengths to offer a reasonable compromise to the two parties, which would have included giving them a meaningful presence on our board allowing a constructive and collaborative path forward," said Kevin C. Daly, Ph.D., chairman of STEC’s board of directors. "We are disappointed that the dissidents have decided to pursue this wasteful course of action. The board and management team remain fully committed to creating value for all shareholders, and that remains our focus."
The date for the 2013 annual meeting has not yet been announced.
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