Ameri100 Announces Results of 2018 Annual Meeting of Stockholders
August 17 2018 - 8:00AM
AMERI Holdings, Inc. (NASDAQ:AMRH) (“Ameri100” or the “Company”), a
specialized SAP® cloud, digital and enterprise services company,
announced that stockholders voted in favor of all proposals at
the Company’s Annual Meeting of Stockholders (“Annual Meeting”)
yesterday, August 16, 2018, including:
- The re-election of three directors to one-year terms: Srinidhi
“Dev” Devanur, David Luci and Dimitrios J. Angelis. Mr. Luci was
also appointed as Chairman of the Board.
- The election of Robert Shawah and James Shad to the Company’s
Board of Directors to fill the vacancies created by the departures
of Venkatraman (“Bala”) Balakrishnan, Robert Pearse and former
chairman Jeffrey Eberwein following the completion of their
respective terms.
The Company also announced that stockholders approved an
amendment and restatement of the terms of the Certificate of
Designation of Rights and Preferences of the Company’s existing
9.00% Series A Cumulative Preferred Stock (the “Preferred Stock”)
and approved the issuance of warrants to purchase 5,000,000 shares
of common stock by the Company to the current Preferred Stock
holders.
“We are pleased to welcome Robert and James to Ameri100’s Board
of Directors,” said David Luci, Chairman of the Ameri100 Board of
Directors. “Each of them brings a wealth of business management and
operational experience across a broad spectrum of emerging growth
companies that will be great assets to Ameri100, particularly as we
turn our attention again to delivering growth through mergers and
acquisitions in what is a very fragmented SAP business services
market. I would also like to thank Jeff, Bala and Bob for their
leadership, counsel and contributions during Ameri100’s formative
stage of development.
“We would also like to thank Jeff Eberwein, our former chairman,
for working with us to strengthen our balance sheet and cash flow.
The approved amended Preferred Stock terms are expected to result
in approximately $1.5 million in cash savings going forward,” added
Mr. Luci.
The results of these and the other proposals will be contained
in the Form 8-K to be filed today with the Securities &
Exchange Commission. A copy of the Form 8-K will be made
available in the investor relations section of the Company’s
website, www.ameri100.com, under “SEC Filings”.
James ShadMr. Shad is a seasoned executive with
39 years of extensive experience in business management and
consulting in a diverse set of industries spanning consumer
products, health care, consumer electronics, major appliances and
housing. Mr. Shad began his career as a territory salesman with
Procter and Gamble in 1979, rising to the head of North American
Market Strategy in 2000. He was appointed Global Chief Customer
Officer for Novartis' Consumer Health Division in 2003; he joined
LG USA first as Global Chief Go-to-Market Officer in 2008 and was
appointed President and CEO in 2009. Mr. Shad later became Viking’s
Chief Revenue Officer, prior to the sale of the company in 2012,
and in 2013 he became President of C3 Design, a small start-up in
the housing sector. He is currently Principal of Renaissance Growth
Consultants.
Robert ShawahMr. Shawah brings to the Board of
Directors of Ameri100 over 20 years of experience in business
management and a strong background in accounting and financial
reporting. Currently, and from 2005 to 2013, Mr. Shawah serves as a
Partner & Vice President of Baldwin Pearson & Co., Inc., a
commercial real estate company, focusing on structuring
transactions in the commercial and industrial real estate market in
Fairfield County, Connecticut, as well as financial reporting
responsibilities for the company. From March 2014 to April 2017,
Mr. Shawah served as the Chief Accounting Officer and Treasurer of
Dipexium Pharmaceuticals, Inc., a NASDAQ listed biopharmaceutical
company. From 1997 to 2005, he served as Sales and Financial
Engineer for CC1 Inc., a private New Hampshire firm that designed
and manufactured camera-based technical equipment for the printing
industry. Prior to 1997, Mr. Shawah held financial management
positions at Victorinox/Swiss Army Brands and Grace Cocoa, a
division of W.R. Grace. Mr. Shawah is a certified public accountant
in the Commonwealth of Pennsylvania (inactive) and spent the first
five years of his career in the audit division of Arthur Andersen
LLP. Mr. Shawah received his Bachelor’s Degree in Business
Administration from Bucknell University.
About Ameri100Ameri100 is a
specialized SAP® cloud, digital and enterprise services company
which provides SAP® services to customers worldwide. Headquartered
in Suwanee, Georgia, Ameri100 has offices in the U.S. and Canada.
The Company also has global delivery centers in India. With its
bespoke engagement model, the Company delivers transformational
value to its clients across industry verticals. For further
information, visit www.ameri100.com.
Forward-Looking StatementsThis
press release includes forward-looking statements that relate to
the business and expected future events or future performance of
Ameri100 and involve known and unknown risks, uncertainties and
other factors that may cause its actual results, levels of
activity, performance or achievements to differ materially from any
future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. Words
such as, but not limited to, "believe," "expect," "anticipate,"
"estimate," "intend," "plan," "targets," "likely," "will," "would,"
"could," and similar expressions or phrases identify
forward-looking statements. Forward-looking statements include, but
are not limited to, statements about Ameri100's financial and
growth projections as well as statements concerning our plans,
predictions, estimates, strategies, intentions, beliefs and other
information concerning our business and the markets in which we
operate. The future performance of Ameri100 may be adversely
affected by the following risks and uncertainties: the level of
market demand for our services, the highly-competitive market for
the types of services that we offer, market conditions that could
cause our customers to reduce their spending for our services, our
ability to create, acquire and build new businesses and to grow our
existing businesses, our ability to attract and retain qualified
personnel, currency fluctuations and market conditions around the
world, and other risks not specifically mentioned herein but those
that are common to industry. For a more detailed discussion of
these factors and risks, investors should review Ameri100's reports
on Form 10-K and other reports filed with the Securities and
Exchange Commission (the “SEC”), which can be accessed through the
SEC's website. Forward-looking statements in this press release are
based on management's beliefs and opinions at the time the
statements are made. All forward-looking statements are qualified
in their entirety by this cautionary statement, and Ameri100
undertakes no duty to update this information to reflect future
events, information or circumstances.
Corporate Contact:Viraj Patel, Chief Financial
OfficerIR@ameri100.com
Investor Relations Contact:Jody Burfening or
Sanjay M. HurryLHA Investor Relations(212)
838-3777IR@ameri100.com
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