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Identive Announces Results Of Annual Meeting

Stocks in this article: INV INVE

SANTA ANA, Calif. and ISMANING, Germany, June 4, 2013 (GLOBE NEWSWIRE) -- Identive Group, Inc. (Nasdaq:INVE) (Frankfurt:INV), a provider of solutions and services for the identification, security and RFID industries, today announced the results of its 2013 Annual Meeting of Stockholders and changes to its Board of Directors.

Results of Annual Meeting

At the Annual Meeting held today, 56.4% of the total shares entitled to vote were represented, Identive stockholders approved the election of Phil Libin, chief executive officer of Evernote and a director of Identive since May 2011, to serve for a further three-year term. A proposal to ratify the appointment of Ernst & Young GmbH as the Company's independent auditor for 2013 also was approved, and 97.6% of stockholders voted in favor of an advisory resolution on the compensation of the Company's named executive officers for fiscal 2012 (Say on Pay).

Changes to Board of Directors

Mr. Richard A. Clarke, a director of the Company since January 2012, was not nominated to serve for an additional term at this year's Annual Meeting due to the demands of his other professional commitments.

As previously announced, effective June 30, 2013 Mr. Simon Turner will be departing as a director of the Company and Mr. Saad Alazem will join the Board, filling the seat vacated by Mr. Turner for a term expiring at the Company's 2015 Annual Meeting of Stockholders.

Mr. Alazem brings over 15 years of financial and business leadership in international markets to Identive's Board, with a particular focus on operational efficiencies, process and productivity improvement, business continuity strategies and general management best practices. He also brings significant expertise in financial analysis and general corporate finance as well as M&A and debt and equity capital fundraising. Mr. Alazem is the chief executive officer of Alazem for Financial Consulting, a CroweHorwath member firm, which he co-founded in 2007. Previously, from 2000 to 2007, he served as an investment officer in the Global Financial Markets Department for the International Finance Corporation of The World Bank Group. He has been an independent member of the Board of Directors of Al-Khabeer Capital Bank in Saudi Arabia and Bahrain since 2009 and an independent director of the Board of Directors of Mountain Partners AG, a shareholder of the Company, since 2008.

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