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Safeguard Scientifics' CEO Hosts Annual Shareholder Meeting (Transcript)

Stocks in this article: SFE

The judge of election says give me a preliminary report of the voting, the tabulation of proxies and balance indicate that the nominees from the board have all been elected. Congratulations to all of you, the appointment of KPMG as Safeguard’s independent audit and registered public accounting firm have been ratified. And the non-binding advisory resolution concerning the compensation of our executive officers has been approved.

A written certification of the exact tabulation of the votes will be included in the minutes of this meeting. That concludes the formal 2012 Annual Meeting of Shareholders. I hereby declare this meeting adjourned. Peter Boni, our CEO will now give a short presentation about the company. Peter?

Peter Boni – Chief Executive Officer

Thanks, Andy. That was exceptional Mr. Chairman.

Andy Lietz – Chairman

Thank you.

Peter Boni – Chief Executive Officer

Good morning and welcome. Alright, I trust you all make yourselves familiar with our forward-looking statements as well. While we have had quite a ride in Safeguard Scientifics with a 59-year rich and colorful history, Safeguard as you recall started in the 50s as an industrial products holding company and it’s been somewhat of a familiar because it’s been able to move as the world has moved. Data processing services in the 70s, technology in the 80s, hardware, communications, software, three innovative companies, the first one of its kind in the New York Stock Exchange that actually the first one to do a subscription rights offering of a high-tech company. This is how Novell, Cambridge Technology Partners, QVC, Kanbay, Docucorp, whole host of high profile firms actually got a public phase.

In the 90s, it positioned itself as an internet incubator and when light was good, it was very, very good until that bubble burst. And when the bubble burst, the company like many firms in the internet bubble era and so on some difficulty while they were able to regroup with some stability brought into the firm through a group from GE at all that took majority stakes and some stable services businesses. The notion was the stability in the aftermath as the burst of the bubble would be a good thing.

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