BEDFORD, Mass., April 22, 2016 (GLOBE NEWSWIRE) -- 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