PFSweb Announces Approval of All Company Proposals At Annual Meeting of Stockholders
June 12 2006 - 8:30AM
Business Wire
PFSweb, Inc. (Nasdaq: PFSW), a global provider of business process
outsourcing (BPO) solutions and web commerce retailer, today
announced that all corporate proposals were approved at the
Company's 2006 Annual Meeting of Stockholders held on June 9, 2006.
Stockholders approved the election of two Class I Directors, David
Beatson and James Reilly. Stockholders also approved the proposal
to grant to the Board of Directors discretionary authority to
effect a reverse split of PFSweb's outstanding common stock by a
ratio of no change to up to six-for-one and grant the Company's
Board the discretionary authority to determine the exact ratio
within that range. Stockholders ratified the appointment of KPMG
LLP as the Company's independent auditors for the fiscal year
ending December 31, 2006. About PFSweb, Inc. PFSweb develops and
deploys integrated business infrastructure solutions and
fulfillment services for Fortune 1000, Global 2000 and brand name
companies, including third party logistics, call center support and
e-commerce services. The company serves a multitude of industries
and company types, including such clients as Adaptec, CHiA'SSO,
FLAVIA(R) Beverage Systems, Hewlett-Packard, International Business
Machines, Nokia, Raytheon Aircraft Company, Rene Furterer USA,
Roots Canada Ltd., Smithsonian Institute and Xerox. Through its
wholly owned eCOST.com subsidiary, PFSweb also serves as a leading
multi-category online discount retailer of high-quality new,
"close-out" and refurbished brand-name merchandise for consumers
and small business buyers. The eCOST.com brand markets more than
100,000 different products from leading manufacturers such as
Apple, Canon, Citizen, Denon, Hewlett-Packard, Nikon, Onkyo, Seiko,
Sony, and Toshiba primarily over the Internet and through direct
marketing. For more information, please visit the company's
websites at http://www.pfsweb.com and http://www.ecost.com. The
matters discussed herein consist of forward-looking information
under the Private Securities Litigation Reform Act of 1995 and is
subject to and involves risks and uncertainties, which could cause
actual results to differ materially from the forward-looking
information. PFSweb's Annual Report on Form 10-K and 10-K/A for the
year ended December 31, 2005 identifies certain factors that could
cause actual results to differ materially from those projected in
any forward looking statements made and investors are advised to
review the Annual Report and the Risk Factors described therein.
These factors include: our ability to retain and expand
relationships with existing clients and attract and implement new
clients; our reliance on the fees generated by the transaction
volume or product sales of our clients; our reliance on our
clients' projections or transaction volume or product sales; our
dependence upon our agreements with IBM; our dependence upon our
agreements with our major clients; our client mix, their business
volumes and the seasonality of their business; our ability to
finalize pending contracts; the impact of strategic alliances and
acquisitions; trends in the market for our services; trends in
e-commerce; whether we can continue and manage growth; changes in
the trend toward outsourcing; increased competition; our ability to
generate more revenue and achieve sustainable profitability;
effects of changes in profit margins; the customer and supplier
concentration of our business; the unknown effects of possible
system failures and rapid changes in technology; trends in
government regulation both foreign and domestic; foreign currency
risks and other risks of operating in foreign countries; potential
litigation; our dependency on key personnel; the impact of new
accounting standards and rules regarding revenue recognition, stock
options and other matters; changes in accounting rules or the
interpretations of those rules; our ability to raise additional
capital or obtain additional financing; our ability and the ability
of our subsidiaries to borrow under current financing arrangements
and maintain compliance with debt covenants; relationship with and
our guarantees of certain of the liabilities and indebtedness of
our subsidiaries; whether outstanding warrants issued in a prior
private placement will be exercised in the future; the transition
costs resulting from our merger with eCOST; our ability to
successfully integrate eCOST into our business to achieve the
anticipated benefits of the merger: eCOST's potential
indemnification obligations to its former parent; eCOST's ability
to maintain existing and build new relationships with manufacturers
and vendors and the success of its advertising and marketing
efforts; and eCOST's ability to increase its sales revenue and
sales margin and improve operating efficiencies. PFSweb undertakes
no obligation to update publicly any forward-looking statement for
any reason, even if new information becomes available or other
events occur in the future. There may be additional risks that we
do not currently view as material or that are not presently known.
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