Acacia Research Appoints Executive Leadership
September 09 2019 - 5:06PM
Business Wire
Clifford Press Named Chief Executive
Officer, Alfred Tobia Named Chief Investment Officer, to Implement
Absolute Return Investment Strategy
Acacia Research Corporation(1) ("Acacia" or "the Company")
(Nasdaq: ACTG) today announced that the Board of Directors has
named Clifford Press as Chief Executive Officer and Alfred V. Tobia
Jr. as Chief Investment Officer, effective immediately. The
appointment of new senior leadership is a key step of the
reconstitution of Acacia’s Board of Directors and management and is
aligned with Acacia’s absolute return asset management
strategy.
“Shortly after the stockholders of Acacia elected Clifford and
Al to join the Board, the previous directors resigned and members
of the former management team departed the company,” commented
Maureen O’Connell, Acacia’s Chairman of the Board of Directors.
“Clifford and Al stepped in to stabilize the business, safeguard
Acacia’s assets and establish sound governance. Over the past year,
it has become clear to the Board that Clifford and Al possess the
skillsets needed to execute our new strategy, including their asset
management, investment research, M&A transactional expertise
and corporate governance experience. Accordingly, the Board asked
Clifford and Al to put aside their other business interests and
take on these responsibilities at Acacia full time. We are
gratified that they agreed to do so, and we are confident that they
are the right people to lead Acacia’s management team going
forward.”
“With a clear strategy and a stabilized business, Acacia is
uniquely positioned to operate an IP-focused, absolute return
strategy,” commented Mr. Press. “This strategy involves
diversifying our business, including adding new revenue streams,
augmenting our IP portfolio through acquisitions and partnerships,
and opportunistically identifying situations where we can bring
expertise to create absolute returns. Strategic transactions are
expected to be a key component of this overall strategy as we build
the new Acacia management team.”
“For more than 30 years, I have researched technology companies,
initially from the perspective of a sell-side analyst and then as
an investor and board member,” commented Al Tobia. “Since joining
the board of Acacia, we have seen that there are significant
opportunities for a well-capitalized IP manager to partner with
leading technology companies. I am excited to begin to work
full-time with Clifford and Marc Booth, our Chief IP Officer to
accelerate the rebuilding of Acacia. We look forward to meeting
with our shareholders and reviewing our plan for Acacia.”
Mr. Press is an experienced governance-oriented investor with
deep operational and M&A expertise and a demonstrated record of
driving positive results at public companies where he has served on
the board. Mr. Press has served on the boards of numerous public
companies, including Coherent, Inc. (NASDAQ: COHR), SeaBright
Holdings, Inc. (NYSE: SBX), Newcastle Investment Corporation, now
Drive Shack (NYSE: DS), Quantum Corporation (OTCMKTS: QMCO) and
Stewart Information Services Corporation (NYSE: STC). As a board
member, Mr. Press oversaw stock appreciation, increased returns,
management transitions and successful mergers. Previously, Mr.
Press served as Partner and Managing Member at Oliver Press
Partners, LLC since co-founding the firm in March 2005. In 1986,
Mr. Press co-founded the investment company Hyde Park Holdings,
which engaged in a number of investment and acquisition activities
from its founding through March 2003. Prior to Hyde Park Holdings,
Mr. Press worked in the Mergers & Acquisitions Department of
Morgan Stanley.
Mr. Tobia has served as a portfolio manager at Sidus Investment
Management, a technology investment firm he co-founded in March
2000, with Michael Barone. As of this announcement, Mr. Tobia will
be relinquishing his role as a General Partner. Prior to Sidus, Mr.
Tobia was a publishing research analyst covering the Data
Networking and Telecommunications sectors as Senior Managing
Director at Montgomery Securities, Nations Bank and Bank of America
from 1996 to 2000. From 1992 to 1996, he was a Senior Technology
Analyst at Wertheim Schroeder & Co. During this period, Mr.
Tobia was twice named to the Wall Street Journal’s Analyst All-Star
team for stock selection. From 1986 to 1992 Mr. Tobia was a
technology analyst at Mabon Nugent & Co. Mr. Tobia has served
as a member of the board of Harte Hanks (NYSE: HHS) since July
2017.
ABOUT ACACIA RESEARCH CORPORATION
Founded in 1993, Acacia Research Corporation (ACTG) invests in
Intellectual Property Assets and partners with inventors and patent
owners to realize the financial value in their patented inventions.
Acacia bridges the gap between invention and application,
facilitating efficiency and delivering monetary rewards to the
patent owner.
Information about Acacia Research Corporation and its
subsidiaries is available at www.acaciaresearch.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995
This news release contains forward-looking statements within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based upon our
current expectations and speak only as of the date hereof. Our
actual results may differ materially and adversely from those
expressed in any forward-looking statements as a result of various
factors and uncertainties, including the ability to successfully
implement our strategic plan, the ability to successfully build out
a new leadership team within a certain timeframe, the ability to
streamline financial reporting, the ability to successfully develop
licensing programs and attract new business, changes in demand for
current and future intellectual property rights, legislative,
regulatory and competitive developments addressing licensing and
enforcement of patents and/or intellectual property in general,
general economic conditions and the success of our investments. Our
Annual Report on Form 10-K, recent and forthcoming Quarterly
Reports on Form 10-Q, recent Current Reports on Form 8-K, and any
amendments to the forgoing, and other SEC filings discuss some of
the important risk factors that may affect our business, results of
operations and financial condition. We undertake no obligation to
revise or update publicly any forward-looking statements for any
reason.
The results achieved in the most recent quarter are not
necessarily indicative of the results to be achieved by us in any
subsequent quarters, as it is currently anticipated that Acacia
Research Corporation’s financial results will vary, and may vary
significantly, from quarter to quarter. This variance is expected
to result from a number of factors, including risk factors
affecting our results of operations and financial condition
referenced above, and the particular structure of our licensing
transactions, which may impact the amount of inventor royalties and
contingent legal fees expenses we incur from period to period.
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Investor Contact: FNK IR Rob Fink, 646-809-4048
rob@fnkir.com
or
Media Contact: Sloane & Company Joe Germani / Kristen
Duarte, 212-486-9500 jgermani@sloanepr.com /
kduarte@sloanepr.com
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