Red Oak Partners and Pinnacle Fund Respond to Statements in Asure Software's May 12 Letter and File Preliminary Proxy Statement
May 18 2009 - 9:30AM
PR Newswire (US)
NEW YORK, May 18 /PRNewswire/ -- Pinnacle Fund (controlled by
Pinnacle Partners, LLC which is partly controlled by Red Oak
Partners, LLC) announced that on Wednesday, May 13th it filed a
preliminary proxy statement with the Securities and Exchange
Commission ("SEC") to oppose Asure Software's ("ASUR's") go-private
proposals and also attached the statement to its amended filing on
Schedule 13D. Additionally, Pinnacle issued a letter today in
response to Asure's May 12th letter which Asure filed with the SEC
on May 14th. Pinnacle's response letter is attached as an exhibit
to an amendment being filed today to Red Oak's Schedule 13D. "I
encourage shareholders to read our definitive proxy statement when
it becomes available before making any voting decisions, as well as
both our preliminary proxy filed on May 13th and our letter
attached as an exhibit to today's 13D filing," said David Sandberg,
Portfolio Manager of the Pinnacle Fund, LLLP. "Asure's letter
attempts to ignore continued excessive spending on management
compensation, a continued omission or delay in announcing an annual
meeting date, and conveniently omits to point out that major cost
savings would result from things Asure can do without depriving
holders of publicly available information. We continue to oppose
this go-private transaction and are confident that these proposals
will be rejected." Information about Red Oak, Pinnacle, and its
affiliates who are participating in Pinnacle Fund's opposition to
Asure's go-private proposals can be found in Red Oak's preliminary
proxy materials and its Schedule 13D filing. Red Oak's filings can
be found at http://www.sec.gov/ by selecting "Search" at the top
right and then typing "forgent" into the box asking for the Company
Name. Red Oak's filings which are referenced in this press release
are dated May 13th and May 18th, 2009. DATASOURCE: Red Oak
Partners, LLC CONTACT: David Sandberg of Red Oak Partners, LLC,
+1-212-614-8952,
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