Glowpoint Announces Changes to its Board of Directors
April 07 2014 - 8:05AM
Glowpoint, Inc. (NYSE MKT:GLOW), a leading provider of video
collaboration services and network solutions, today announced the
resignation of Jon DeLuca and Grant Dawson as directors of the
Company and the appointment of James H. Cohen and Patrick Lombardi
to the Board of Directors.
"On behalf of Glowpoint and the entire Board I want to express
our appreciation for Jon's and Grant's service to the
Company. Their contributions have been highly valued, and I
wish them the very best in future endeavors," said Peter Holst, CEO
and President of Glowpoint. "I am pleased to welcome Jim and
Pat to the Board of Directors and believe they bring a valuable
perspective to both the Company and shareholders alike."
From 2005 until February 2014, Mr. Cohen served as Executive
Vice President of Mergers & Acquisitions for Consolidated
Graphics, Inc., which until its acquisition by RR Donnelly &
Sons on January 31, 2014 was a public company traded on the NYSE
with revenues of approximately $1.1 billion. Prior to
Consolidated Graphics, Mr. Cohen's work experience includes
investment banking (Morgan Stanley & Co.), private equity (Main
Street Capital) and corporate law (Simpson Thacher & Bartlett
and Baker Botts).
From 1996 until March 2013, Patrick Lombardi was the owner of
PJL Associates, Inc., a consultancy company that provided strategic
business, merger and acquisition, and financial consulting services
to global communication service providers. Mr. Lombardi has
previously served on the Board of Directors of Jones Intercable
Inc., Bell Cablemedia plc and as Chairman of the Audit Committee of
Raindance Communications, Inc., prior to its sale to West
Corporation in 2006.
In connection with the changes to its Board of Directors, the
Company also announced that it had reached an agreement with
GP Investment Holdings, LLC and certain related investors (the
"GPI Investor Group"), who collectively own approximately 43% of
the outstanding shares of the Company's common stock. Under
the agreement, the Company appointed Messrs. Cohen and Lombardi to
the Board and agreed to nominate them to stand for election as
directors at the Company's 2014 annual meeting of stockholders.
The GPI Investor Group agreed to vote for the Company's
director nominees, including Messrs. Cohen and Lombardi, at the
2014 annual meeting and to not take certain actions during a
standstill period that expires at the conclusion of the 2014 annual
meeting.
About Glowpoint
Glowpoint, Inc. (NYSE MKT:GLOW) provides video collaboration,
network, and support services to large enterprises and mid-sized
companies to support their unified communications (UC) strategies
and business goals. More than 600 organizations in 96 countries
rely on our unmatched experience, business-class support and
cloud-based services to collaborate with colleagues, business
partners, and customers more effectively. To learn more please
visit www.glowpoint.com.
INVESTOR CONTACT: |
Investor Relations |
Glowpoint, Inc. |
+1 973-855-3411 |
investorrelations@glowpoint.com |
www.glowpoint.com |
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