DALLAS, March 29 /PRNewswire-FirstCall/ -- Blockbuster
Inc. (NYSE: BBI, BBI.B), a leading global provider of media
entertainment, today provided information regarding its upcoming
annual stockholders' meeting, which is scheduled to be held in
Dallas, Texas on Wednesday, May 26, 2010 at 10 a.m. Central Time.
The Blockbuster Board of Directors has approved a slate of
director nominees for submission to the Company's stockholders at
its 2010 annual meeting. The nominees include existing
directors: Edward Bleier,
James W. Crystal, Gary Fernandes, Jules
Haimovitz, James W. Keyes and
Strauss Zelnick as well as new nominee Joseph J. Fitzsimmons. Director Robert
Bowman notified the Company he will not stand for reelection at the
annual stockholders' meeting. Bowman, who, in addition to
being Chief Executive Officer of MLB.com, serves as a director on
several boards, cited other commitments as the reason for his
decision not to stand for reelection.
"We believe the nominees approved by the Board of Directors will
provide Blockbuster with the continuity and expertise necessary to
continue our transformation into a multi-channel provider of media
entertainment," stated Jim Keyes,
Chairman and Chief Executive Officer of Blockbuster Inc. "On
behalf of Blockbuster's key stakeholders, I want to thank Bob for
his service and many significant contributions to the Company's
Board. Bob's leadership and focus on Blockbuster's long-term
opportunities have played an integral role in the Company's
transformation. We wish him continued success."
Blockbuster's annual stockholders' meeting will take place at
Renaissance Tower, 1201 Elm Street 42nd floor. Items to be
voted upon at the meeting include the following:
- Election of the 2010 slate of Directors;
- Ratification of the appointment of PriceWaterhouseCoopers LLC
to serve as independent accountants for fiscal 2010;
- Combination of Class A common stock and Class B common stock
into a single class, and approval to execute a reverse stock split.
The Company also reported that it has been notified by the New
York Stock Exchange ("NYSE") that its average global market
capitalization had fallen below $75 million over a 30
trading-day period. Under applicable NYSE rules, the Company has
45 calendar days to submit a plan to the NYSE that
demonstrates its ability to achieve compliance with the continued
listing standards within 18 months.
Keyes concluded, "We intend to promptly submit a plan to the
NYSE, which will outline the proactive steps we plan to take to
remedy the Company's non-compliance by September of 2011."
Stockholders will be able to review detailed biographies of all
the Blockbuster Board of Director nominees and other information
pertaining to its 2010 annual stockholders' meeting and proposals
within the Company's proxy statement, which is expected to be filed
with the U.S. Securities and Exchange Commission ("SEC") on or
about April 16, 2010. Upon
filing with the SEC, the Company's Definitive Proxy Statement on
Form 14-A will be available, free of charge, at either www.sec.gov
or http://investor.blockbuster.com.
Forward Looking Statements
This press release contains "forward looking statements" – that
is, statements related to future, not past, events. In this
context, forward looking statements often address our expected
future business and financial performance, and often contain words
such as "expect," "intend," "plan," "believe," "seek," or "will."
Forward looking statements by their nature address matters
that are, to different degrees, uncertain. Currently, the
risks and uncertainties that may most directly affect our future
results include (i) whether our operating results continue to
decline and whether we are able to generate sufficient cash flows
to meet our liquidity needs; (ii) whether we will have sufficient
cash flows from operating activities and cash on hand to service
our indebtedness and finance the ongoing obligations of our
business; and (iii) whether we are able to execute our
transformational strategies, (iv) whether we are able to execute
the strategies to retain our NYSE listing and obtain requisite
approvals to recapitalize or restructure our balance sheet and
capital structure and (v) other factors described in our filings
with the Securities and Exchange Commission, including the factors
discussed under the heading "Risk Factors" in our annual report on
Form 10-K for the year ended January 3,
2010 and under the heading "Disclosure Regarding
Forward-Looking Information" in our quarterly reports on Form 10-Q.
This cautionary statement is provided pursuant to Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These uncertainties may cause our actual
future results to be materially different than those expressed in
our forward looking statements. We do not undertake to update
our forward looking statements.
About Blockbuster Inc.
Blockbuster Inc. is a leading global provider of rental and
retail movie and game entertainment. The company provides customers
with convenient access to media entertainment anywhere, any way
they want it – whether in-store, by-mail, through vending kiosks or
digitally to their homes and mobile devices. With a highly
recognized brand and a library of more than 125,000 movie and game
titles, Blockbuster leverages its multichannel presence to serve
nearly 47 million global customers annually. The company may be
accessed worldwide at www.blockbuster.com.
SOURCE Blockbuster Inc.