Bassi Holding Votes FOR Sevcon Board’s Director Nominees and Charter Amendment Urges Ryan Morris/Meson Capital to Stop Dis...
January 25 2017 - 11:30AM
Bassi Holding S.r.l – a significant stockholder in Sevcon, Inc.
(Nasdaq:SEV), owning 11.4% of Sevcon’s outstanding shares –
announced today that it has voted its shares “FOR ALL” the Sevcon
Board’s nominees for election at the Annual Meeting of Stockholders
to be held on February 7, 2017, and “FOR” the charter amendment
proposed for that meeting.
The Bassi family urges dissident director Ryan
Morris and Meson Capital Partners to stop their disruptive proxy
campaign against Sevcon. The Bassis believe that the current
Board and management are pursuing the best course to create
long-term value for Sevcon’s stockholders, including Bassi Holding,
and that continuing with a divisive proxy fight is wasteful and
counterproductive. Importantly, the Bassis reject Ryan
Morris’s assertions that he is responsible for Sevcon’s
forward-looking strategy or that he could improve on it.
“We accepted Sevcon shares when we sold our
company to Sevcon because we have great faith in the current
Board’s strategy, and we continue to support it. We believe that
giving Mr. Morris a position of control would be a step backwards
and bad for the stockholders.”
“We are confident that the current Sevcon Board
is on the right path. A continued proxy campaign by Mr. Morris and
Meson Capital will only draw resources away from the Board’s focus
on increasing stockholder value. We urge Mr. Morris to do the right
thing for stockholders and withdraw the proxy campaign now.”
About SevconSevcon is a global
supplier of control and power solutions for zero-emission, electric
and hybrid vehicles. Its products control on- and off-road vehicle
speed and movement, integrate specialized functions, optimize
energy consumption and help reduce air pollution. Sevcon’s Bassi
Division produces battery chargers for electric vehicles; power
management and uninterrupted power source systems for industrial,
medical and telecom applications; and electronic instrumentation
for battery laboratories. The company supplies customers from its
operations in the U.S., U.K., France, Germany, Italy, China and the
Asia Pacific region, as well as through an international dealer
network. Learn more about Sevcon at www.sevcon.com/.
Important Additional
InformationSevcon, Inc., seven of its directors and its
executive officers, and Marvin G. Schorr are participants in the
solicitation of proxies from Company stockholders in connection
with the matters to be considered at the Company's 2017 Annual
Meeting. Sevcon has filed a definitive proxy statement and
WHITE proxy card with the Securities and Exchange Commission
(“SEC”) in connection with such solicitation. COMPANY
STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY
STATEMENT AND ACCOMPANYING WHITE PROXY CARD AS THEY CONTAIN
IMPORTANT INFORMATION. Information regarding the identity of
the participants, and their direct or indirect interests, by
security holdings or otherwise, is set forth in the proxy statement
and other materials filed with the SEC. Shareholders can
obtain any proxy statement, any amendments or supplements to the
proxy statement and other documents filed by the Company with the
SEC for no charge at the SEC's website at www.sec.gov, by
request to Sevcon, Inc., 155 Northboro Road, Southborough, MA 01772
Attn: Corporate Secretary, telephone: (508) 281-5500, or from the
Company's website, http://ir.sevcon.com/sec.cfm.
Contacts:
Matt Boyle
President and CEO
011 44 7802 260706
matt.boyle@Sevcon.com
Matt Goldfarb
Chairman of the Board
(917) 664-0051
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