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TheStreet Open House

Real Goods Solar Reports Results Of 2013 Annual Meeting

Stocks in this article: RSOL

LOUISVILLE, Colo., Dec. 18, 2013 (GLOBE NEWSWIRE) -- Real Goods Solar, Inc. (Nasdaq:RSOL), a nationwide leader of turnkey solar energy solutions for residential, commercial, and utility customers, reported the voting results from its annual meeting of its stockholders held this morning:

  • Approved the reelection of company directors, as well as election of Richard D. White and Ian Bowles as directors
  • Approved the compensation of named executive officers on an advisory basis
  • Approved a proposal to hold future advisory votes on named executive officer compensation every three years

"Our shareholders proposals passed by wide margins," said Real Goods Solar CEO Kam Mofid. "Our board and management believe the election of Richard White and Ian Bowles as directors further strengthens our board and our overall corporate governance. Our company will significantly benefit from Richard's experience as a director and chairman of Mercury's board and especially his business acumen and insights as managing director and head of the private equity and special investment department at Oppenheimer. The company and the board will also very much benefit from Ian's extensive experience and knowledge in energy and environmental regulations and related policies."

Bowles served as secretary of Energy and Environmental Affairs of Massachusetts, as well as on the White House staff for President Bill Clinton. He previously held the posts of senior director of global environmental affairs at the National Security Council and associate director of the White House Council on Environmental Quality.

"We thank shareholders for approving our 2013 annual meeting proposals, as well as remind shareholders to vote for the important shareholder proposals at our upcoming special meeting next month, especially voting for our merger with Mercury," continued Kam. "Our board of directors has approved the transaction and recommends a 'yes' vote. Our management and our board of directors believe that the merger with Mercury will position us as one of the largest U.S. solar installers, increase our financial resources and stability, and provide us with superior access to efficient growth capital. We believe that the expected synergies arising from the merger, including expanded market presence in the important Northeast region as well as anticipated cost savings, will position us for further growth and success in 2014 and beyond."

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