Red Oak Partners, Pinnacle Fund, and Asure Software Announce Results of Election of New Board of Directors and Dismissal of Fede
August 31 2009 - 12:57PM
Marketwired
Asure Software (NASDAQ: ASUR), a leading provider of workforce
management software, Red Oak Partners, LLC, and Pinnacle Fund LLLP
announced today that Pat Goepel, Bob Graham, Jeff Vogel, Adrian
Pertierra, and David Sandberg were elected at Asure's 2009 Annual
Meeting of Stockholders, held on Friday, August 28, to serve as the
Company's board of directors. According to the certified election
results, each of Pinnacle's nominees received between 57% to 67% of
votes cast vs. between 27% to 29% for each of the prior Board's
nominees, with a quorum representing approximately 62% of the total
voting shares outstanding.
"We are grateful for the overwhelming support shown for our
slate of Directors and intend to improve both corporate governance
and transparency in the near-term," stated David Sandberg, Managing
Partner of Red Oak Partners and newly elected Chairman of Asure's
Board of Directors. "The new Board is highly vested and intent on
both rationalizing public company expenses (starting with my
Director fees, which will be $1/year) and working with Asure's
employees to grow and unlock the value of the business."
"I look forward to working with the new Board of Directors and
to the opportunities that lie ahead for the Company," said Nancy L.
Harris, President and Chief Executive Officer at Asure.
In other business at Asure's annual meeting, stockholders voted
not to ratify the selection of Ernst & Young LLP as the
Company's independent registered public accounting firm for the
fiscal year ending July 31, 2009, by a margin of 58% of votes cast
opposing vs. 42% in favor.
Additionally, Asure dismissed all claims of the Federal Lawsuit
against eighteen of its shareholders. Stated David Sandberg, "After
three failed attempts by the prior Board to seek expedited
discovery followed by the Federal Court denying their request for a
preliminary injunction, we agree with the courts and are glad to
put this suit to rest so that we may focus our efforts on
increasing shareholder value."
About Asure Software
Headquartered in Austin, Texas, Asure Software (ASUR), (a d/b/a
of Forgent Networks, Inc.), empowers small to mid-size
organizations and divisions of large enterprises to operate more
efficiently, increase worker productivity and reduce costs through
a comprehensive suite of on-demand workforce management software
and services. Asure's market-leading suite includes products that
optimize workforce time and attendance tracking, benefits
enrollment and tracking, pay stubs and W2 documentation, expense
management, and meeting and event management. With additional
offices in Warwick, Rhode Island, Vancouver, British Columbia, and
Mumbai, India, Asure serves 3,500 customers around the world. For
more information, please visit www.asuresoftware.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
Statements in this press release regarding Asure's business
which are not historical facts are "forward-looking statements"
that involve risks and uncertainties. Such risks and uncertainties,
which include those associated with continued listing of the
Company's securities on the NASDAQ Capital Market, could cause
actual results to differ from those contained in the
forward-looking statements.
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