Arbinet Announces Results of 2009 Annual Meeting and Board Appointments
June 18 2009 - 4:05PM
PR Newswire (US)
Stockholders Approve Company Name Change NEW BRUNSWICK, N.J., June
18 /PRNewswire-FirstCall/ -- Arbinet Corporation, formerly known as
Arbinet-thexchange, Inc. (NASDAQ:ARBX), a leading provider of
innovative voice and IP solutions for buying and selling
telecommunications capacity, today announced the results of its
Annual Meeting of Stockholders, which was held on June 16, 2009.
Stockholders elected Stanley Kreitman, Robert Pons and David
Reymann as Class II directors to serve until 2012. Stockholders
also approved Board proposals authorizing a change in the Company's
name to "Arbinet Corporation" and giving the Board the discretion
to effect a reverse stock split within 12 months. Arbinet has filed
the name change amendment with the Delaware Secretary of State and
notified NASDAQ. The newly-named Arbinet will continue to trade on
the NASDAQ under the trading symbol ARBX. "We appreciate the
continued strong support of our stockholders as part of our ongoing
efforts to enhance value," said Shawn O'Donnell, President and
Chief Executive Officer of Arbinet. "The name change better
reflects the variety of services and products we offer to our
customers and more closely aligns our name with our brand." Arbinet
also announced that Jose "Joe" Cecin was appointed Chairman of the
Board, succeeding William Freeman who will remain on the Board as a
director. In addition, the Company announced that Randall Kaplan
was appointed as a new director and will serve as a member of the
Company's Audit Committee. Mr. Kaplan will stand for election at
the 2010 Annual Meeting of Stockholders. "On behalf of the Board,
we are pleased to welcome Randy to Arbinet," said Mr. Cecin. "We
look forward to benefiting from his entrepreneurial experience as
well as his technology and finance expertise." Mr. Kaplan said,
"Arbinet is an innovative company with impressive technology, great
people and significant prospects. I look forward to working with
the Board and management as we work to enhance Arbinet's position
in the telecommunications industry and improve profitability."
Biographies Joe Cecin Mr. Cecin has served as a director of Arbinet
since November 2008 and is a member of the Audit and Compensation
committees. He has over 23 years of leadership and management
experience with a strong focus on telecom operations, finance and
corporate development. Mr. Cecin is currently the President of
Lumina Advisors, a consulting and professional services company he
formed in September 2008. Prior to forming Lumina, Mr. Cecin was
Managing Director of BB&T Capital Markets. Mr. Cecin is also a
co-founder of Cambrian Communications, a facilities-based
telecommunications service provider, where he served as Chief
Operating Officer (COO) and a member of the Board of Directors.
Currently Mr. Cecin is on the Board of Directors of RCN Corporation
and has served on the Board of Directors and Board of Advisors of
several additional companies, both public and private, including
SkyTerra Communications and NEON Group, Inc. Mr. Cecin earned a BS
degree in Electrical Engineering from the United States Military
Academy at West Point and an MBA from Stanford University. Prior to
attending business school, Mr. Cecin served as an officer in the
United States Army's 25th Infantry Division. Randall Kaplan Mr.
Kaplan brings more than 13 years of technology and financial
experience to Arbinet. Mr. Kaplan is the founder and president of
JUMP Investors, a Los Angeles-based investment firm specializing in
real estate, private equity, hedge funds and venture capital. In
1998, Mr. Kaplan co-founded Akamai Technologies, the leader in
powering rich media, dynamic transactions and enterprise
applications online. Before co-founding Akamai, Mr. Kaplan was a
Managing Director at SunAmerica Inc. specializing in mergers and
acquisitions. Mr. Kaplan is a member of the Northwestern Law Board
and serves on the Dean's Advisory Council of the University of
Michigan's College of Arts, Sciences and Literature. Mr. Kaplan
earned a BA from the University of Michigan, where he was elected
to Phi Beta Kappa during his junior year and graduated with Highest
Distinction. Mr. Kaplan graduated with honors from Northwestern
University School of Law, and in 1996 was the recipient of the
school's first Distinguished Entrepreneur Award. About Arbinet
Arbinet is a leading provider of international voice and IP
solutions to carriers and service providers globally. With more
than 1100 carriers across the world utilizing the Arbinet Network,
Arbinet combines global scale with sophisticated platform
intelligence, call routing and industry leading credit management
and settlement capabilities. Customers and suppliers include many
leading fixed line, mobile, wholesale and VoIP carriers as well as
calling card, ISPs and content providers around the world who buy
and sell voice and IP telecommunications capacity and content. For
more information about Arbinet's solutions, visit
http://www.arbinet.com/. Forward-Looking Statements This press
release may contain forward-looking statements regarding
anticipated future revenues, growth, capital expenditures,
management's future expansion plans, expected product and service
developments or enhancements, discussions of strategy, and future
operating results. Various risks and uncertainties may cause
Arbinet's actual results to differ materially. Please refer to Part
I, Item 1A of the Company's Annual Report on Form 10-K, filed with
the Securities and Exchange Commission on March 16, 2009, and other
filings that have been filed with the Securities and Exchange
Commission. Arbinet assumes no obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise and such statements are current only as
of the date they are made. Contacts: Jack Wynne, CFO Arbinet
Corporation 732-509-9230 Andi Salas / Dara Silverstein Joele Frank,
Wilkinson Brimmer Katcher 212-355-4449 DATASOURCE: Arbinet
Corporation CONTACT: Jack Wynne, CFO of Arbinet Corporation,
+1-732-509-9230 or Andi Salas or Dara Silverstein, both of Joele
Frank, Wilkinson Brimmer Katcher for Arbinet Corporation,
+1-212-355-4449 Web Site: http://www.arbinet.com/
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