Datawatch Reaches Agreement with Potrero Capital and Appoints Charles M. Gillman to the Board of Directors
April 22 2016 - 8:55AM
Datawatch Corporation (NASDAQ-CM: DWCH) (“Datawatch”) today
announced it has reached an agreement with Potrero Capital Research
LLC, together with its affiliates (“Potrero Capital”).
Pursuant to the agreement, Datawatch agreed to add Mr. Charles
Gillman, Executive Managing Director of the IDWR Multi-Family
Office, to the Datawatch Board of Directors, effective
immediately. Mr. Gillman will fill a vacancy created by the
resignation of Dr. Terry Potter who will step down due to other
commitments. Upon his appointment to the Board, Mr. Gillman
will join the Corporate Governance and Nominating Committee and the
Compensation and Stock Committee.
Richard de J. Osborne, Chairman of the Datawatch
Board of Directors, said: “Datawatch believes the addition of Mr.
Gillman will bring a fresh perspective and valuable experience to
the board. On behalf of my fellow directors, I also want to
thank Terry Potter for his more than eighteen years of
distinguished service to Datawatch.”
Mr. Jack Ripsteen, Managing Member of Potrero
Capital, said: “We are pleased to have played a constructive
role in helping refresh the Datawatch board. We are confident that
the addition of Mr. Gillman to the company’s board will allow
Datawatch to effectively capitalize on available opportunities to
drive significant shareholder value.”
Mr. Gillman said, “I am excited to join the board
of directors of Datawatch. I look forward to working
constructively with the board and management team in creating value
for Datawatch shareholders.”
Pursuant to the agreement, Potrero Capital has
agreed to customary standstill provisions. The complete agreement
between Datawatch and Potrero Capital will be included as an
exhibit to a Current Report on Form 8-K filed with the Securities
and Exchange Commission.
Datawatch retained Cadwalader, Wickersham &
Taft LLP as legal adviser in connection with the agreement.
Olshan Frome Wolosky LLP served as legal adviser to Potrero
Capital.
ABOUT DATAWATCH CORPORATION
Datawatch Corporation (NASDAQ-CM: DWCH) enables ordinary users
to deliver extraordinary results with all their data. Only
Datawatch can unlock data from the widest variety of sources and
prepare it for use with visualization tools or other business
processes. When real-time visibility to rapidly changing data
is critical, Datawatch enables you to visualize streaming data for
the most demanding business environments such as capital markets.
Organizations of every size worldwide use Datawatch products
including 93 of the Fortune 100. Datawatch is headquartered in
Bedford, Massachusetts with offices in New York, London, Frankfurt,
Stockholm, Singapore, and Manila, and with partners and customers
in more than 100 countries worldwide. See how Datawatch can
help you by downloading a free version at www.datawatch.com.
ABOUT POTRERO
Potrero Capital Research, LLC is an investment firm
headquartered in San Francisco, CA focused on small-cap equity
securities.
ABOUT CHARLES GILLMAN
Charles M. Gillman is the Executive Managing Director of the
IDWR Multi-Family Office (“IDWR”), a multi-family investment
firm. IDWR employs a team of analysts with expertise in
finding publicly traded companies that require operational
enhancement and an improvement in corporate capital allocation.
From June 2001 to June 2013, Mr. Gillman was a portfolio manager of
certain family office investment portfolios at Nadel and Gussman,
LLC. Prior to his employment at Nadel and Gussman, Mr.
Gillman worked in the investment industry and as a strategic
management consultant at McKinsey & Company.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995 Any statements contained in
this press release that do not describe historical facts may
constitute forward-looking statements as that term is defined in
the Private Securities Litigation Reform Act of 1995. Any such
statements, including but not limited to those relating to results
of operations, contained herein are based on current expectations,
but are subject to a number of risks and uncertainties that may
cause actual results to differ materially from expectations. The
factors that could cause actual future results to differ materially
from current expectations include the following: risks associated
with the continuing weak global economy; risks associated with
fluctuations in quarterly operating results due, among other
factors, to the long sales cycle with enterprise customers and the
size and timing of large customer orders; risks associated with
acquisitions; the risk that our goodwill resulting from
acquisitions may become impaired and require a write-down;
limitations on the effectiveness of internal controls; rapid
technological change; Datawatch’s dependence on the introduction of
new products and product enhancements and possible delays in those
introductions; competition in the software industry generally, and
in the markets for next generation analytics in particular;
Datawatch's dependence on its principal products, proprietary
software technology and software licensed from third parties;
Datawatch’s concentration of customers in the financial sector;
risks associated with international sales and operations; risks
associated with indirect distribution channels and co-marketing
arrangements, many of which were only recently established; the
adequacy of Datawatch’s sales returns reserve; risks associated
with a subscription sales model; Datawatch’s dependence on its
ability to hire and retain skilled personnel; disruption or failure
of Datawatch’s technology systems that may result from a natural
disaster, cyber-attack, security breach or other catastrophic
event; and uncertainty and additional costs that may result from
evolving regulation of corporate governance and public disclosure.
Further information on factors that could cause actual results to
differ from those anticipated is detailed in various
publicly-available documents, which include, but are not limited
to, filings made by Datawatch from time to time with the Securities
and Exchange Commission, including but not limited to, those
appearing in the Company's Annual Report on Form 10-K for the year
ended September 30, 2015 and its Form 10-Q for the quarter ended
December 31, 2015.
© 2016 Datawatch Corporation. Datawatch and the
Datawatch logo are trademarks or registered trademarks of Datawatch
Corporation in the United States and/or other countries. All other
names are trademarks or registered trademarks of their respective
companies.
Investor Contact:
Datawatch Investor Relations
investor@datawatch.com
Phone: (978) 441-2200 ext. 8323
Media Contact:
Erin Hoesly
Datawatch Corporation
Erin_Hoesly@datawatch.com
Phone: (978) 441-2200 ext. 8322
Twitter: @datawatch
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