ADDvantage Technologies Group, Inc. Announces that Institutional Stockholder Services (“ISS”) Recommends Stockholders Vot...
May 15 2019 - 4:10PM
ADDvantage Technologies Group, Inc. (“ADDvantage” or the “Company”)
today announced that Institutional Stockholder Services Inc.
(“ISS”), a leading proxy advisory firm, has recommended that
ADDvantage stockholders vote “FOR” the two proposals related to the
sale of the Company’s Cable TV segment at the Company’s upcoming
Special Meeting to be held on May 29, 2019.
ISS is widely recognized as one of the leading
institutional proxy advisory firms in the world and their analysis
and recommendations are relied on by many major institutional
investment firms, mutual funds and fiduciaries around the
globe.
In its report, ISS concluded,
“Pursuing a sale with Leveling 8 appears to be the company’s
best option in light of the declining cable television market, the
eroding financial and operating results of the company’s cable
segment, the informal market check that implied little third party
Interest, and the company’s failed attempt at disposing of the
cable segment in 2010. The proceeds from the transaction are
necessary to address working capital needs from the company's
recent purchase of Fulton and the Telco businesses, as well as to
fund growth initiatives and strategic acquisition
opportunities. In consideration of these factors, support for
the transaction is warranted.”
Commenting on the ISS report, Joe Hart,
President and CEO of the Company stated, “The ISS recommendation is
consistent with our view that the sale transaction is in the best
interests of the Company and its stockholders and is necessary to
fund our growth initiatives in the telecommunications
industry.”
The Sale Transaction was unanimously recommended
by our Board of Directors, who urges our stockholders to vote
FOR the Sale Transaction proposal today.
THE SALE TRANSACTION WILL NOT GO FORWARD
UNLESS OUR STOCKHOLDERS VOTE TO APPROVE THE
TRANSACTION
NOT VOTING IS THE SAME AS VOTING AGAINST
THE TRANSACTION!
ADDvantage stockholders – Please
vote TODAY!
If you are an ADDvantage stockholder and you
have questions or require assistance in submitting your proxy or
voting your shares, please contact the Company's proxy
solicitor:
Saratoga Proxy Consulting
LLC
Toll Free: (888)
368-0379Collect: (212) 257-1311
info@saratogaproxy.com
About ADDvantage Technologies Group,
Inc.
ADDvantage Technologies Group, Inc.
(NASDAQ: AEY) is a communications infrastructure services and
equipment provider operating a diversified group of
companies. Through Fulton Technologies, the Company provides
turn-key wireless infrastructure services including the
installation, modification and upgrading of equipment on
communication towers and small cell sites for wireless carriers,
national integrators, tower owners and major equipment
manufacturers. Through its Nave Communications, Triton
Datacom and cable television subsidiaries, ADDvantage sells
equipment and hardware used to acquire, distribute, and protect the
communications signals carried on fiber optic, coaxial cable and
wireless distribution systems, including high-speed data
(Internet), telephony and television programming. Through its
Nave subsidiary, ADDvantage offers repair services focused on
telecommunication equipment and recycles surplus and obsolete
telecommunications equipment. In addition, through its cable
television subsidiaries, ADDvantage operates a national network of
technical repair centers focused primarily on supporting cable
television equipment.
ADDvantage operates through its subsidiaries,
Fulton Technologies, Nave Communications, Triton Datacom, Tulsat,
Tulsat-Atlanta, Tulsat-Texas, NCS Industries and ComTech Services.
For more information, please visit the corporate web site at
www.addvantagetechnologies.com.
The information in this announcement may include
forward-looking statements. All statements, other than
statements of historical facts, which address activities, events or
developments that the Company expects or anticipates will or may
occur in the future, are forward-looking statements. These
statements are subject to risks and uncertainties, which could
cause actual results and developments to differ materially from
these statements. A complete discussion of these risks and
uncertainties is contained in the Company’s reports and documents
filed from time to time with the Securities and Exchange
Commission.
For further information |
KCSA Strategic Communications |
Company Contact: |
Elizabeth Barker |
Scott Francis |
(212) 896-1203 |
(918) 251-9121 |
ebarker@kcsa.com |
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