Globecomm Responds To Shareholder Requests To Sell The Company
Globecomm Systems Inc. (NASDAQ: GCOM), a leading global provider of communications solutions and services, today issued the following response to several shareholders requesting that the Company’s Board put the Company up for public auction:
Globecomm’s Board is committed to creating sustainable long-term shareholder value and believes that the Company is well positioned to do so through and beyond the current challenging environment. The Board actively reviews management’s short and long term internal growth strategies as well as strategic opportunities for external growth. It also evaluates external approaches to the Company to determine whether or not they would maximize value for all shareholders. The Board is pleased that the Company’s stated growth strategy delivered record financial performance in fiscal 2012.
The Board of Directors maintains a Strategy Committee comprised of four independent Board members. This Committee regularly considers various possible options to increase shareholder value, including strategic acquisitions and strategic transactions with other companies through public and private processes. The Committee retains highly qualified outside advisers it deems necessary to discharge these responsibilities.
The Board reiterates its recommendation that shareholders vote FOR all the proposals at the Company’s Annual Meeting of Stockholders on November 15, 2012.C. J. Waylan, Director and Chairman of the Strategy Committee, stated: “Globecomm’s executives and Board are committed to maximizing long-term value for all shareholders and to maintaining an ongoing, constructive dialogue with shareholders.” About Globecomm Systems Globecomm Systems Inc., or Globecomm, is a leading global provider of satellite-based managed network solutions. Employing our expertise in emerging communication technologies we are able to offer a comprehensive suite of system integration, system products, and network services enabling a complete end-to-end solution for our customers. We believe our integrated approach of in-house design and engineering expertise combined with a world-class global network and our 24 by 7 network operating centers provides us a unique competitive advantage. We are now taking this value proposition to selective vertical markets, including government, wireless, media, enterprise, and maritime. As a network solution provider we leverage our global network to provide customers managed access services to the United States Internet backbone, video content, the public switched telephone network or their corporate headquarters, or government offices. We currently have customers for which we are providing such services in the United States, Europe, South America, Africa, the Middle East, and Asia.
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