DALLAS, May 27 /PRNewswire-FirstCall/ -- The Board of
Directors of Blockbuster Inc. (NYSE: BBI, BBI.B) today offered its
strong and unwavering support for Gary J.
Fernandes, former vice chairman of Electronic Data Systems
Corporation and the latest candidate on the company's slate of
director nominees to be baselessly targeted by Greg Meyer, who is pursuing an ill-conceived
proxy contest to get himself elected to the Blockbuster Board.
"Gary has an impressive record of business accomplishments and
more valuable experience than Meyer," said Ed Bleier, Chairman of the Board's
Nominating/Corporate Governance Committee at Blockbuster. "Gary has
an extensive background in technology and services, including his
current service as a director of CA Technologies – the leading
independent IT software and service company and a key player in
cloud computing – and BancTec, Inc. – a global leader in processing
technology. He has a long history as both a senior executive and
director of public companies – an area where Meyer has no
experience. It is clear that technology will play a large role in
Blockbuster's future as we have expanded from stores into digital
downloads, mail services, and automated retail kiosks, and Gary has
been and will continue to be a great help to the Board and
management in pursuing opportunities in these areas."
Since his retirement as Vice Chairman from Electronic Data
Systems Corporation in 1998, Mr. Fernandes founded Convergent
Partners, a venture capital fund focusing on buyouts of
technology-enabled companies. He has served as Chairman of FLF
Investments, a privately-held entity involved with the acquisition
and management of commercial real estate properties and other
assets, since 1999. In addition, from 2000 to 2001, Mr. Fernandes
served as Chairman and CEO of GroceryWorks.com, an internet grocery
fulfillment company. He is also a member of the board of governors
of the Boys & Girls Clubs of America and Trustee for the O'Hara
Trust and the Hall-Voyer Foundation.
"In his latest proxy filing, Meyer offers nothing constructive
or helpful," said Bleier. "He repeats his overly simplistic
observations which only demonstrate a lack of understanding about
the complex challenges Blockbuster faces. He has not offered any
meaningful, concrete suggestions about what he would do differently
if on the Blockbuster Board. Quite the opposite, his latest attack
– on Gary this time – further convinces us that he would only serve
as a disruptive force on the Board. His references to unproven
allegations in prior lawsuits are reckless and irrelevant, and all
claims against Gary and Jim Keyes in
those lawsuits were ultimately dismissed.
"Throughout his tenure as a director at Blockbuster, Gary has
consistently enjoyed overwhelming support from our stockholders,
and this Board is stronger with him on it. He is an experienced
leader with an outstanding resume of accomplishments. We do not see
any merit in Meyer's efforts to undermine Gary and strongly urge
our fellow stockholders to vote their "WHITE" proxy cards in favor
of all the nominees on the company's slate of directors," said
Bleier.
About Blockbuster Inc.
Blockbuster Inc. is a leading global provider of rental and
retail movie and game entertainment. The company provides customers
with convenient access to media entertainment anywhere, any way
they want it - whether in-store, by-mail, through vending kiosks or
digitally to their homes and mobile devices. With a highly
recognized brand and a library of more than 125,000 movie and game
titles, Blockbuster leverages its multichannel presence to serve
nearly 47 million global customers annually. The company may be
accessed worldwide at www.blockbuster.com.
Company Statement
Stockholders are urged to read Blockbuster's definitive proxy
statement because it contains important information regarding
Blockbuster's annual meeting of stockholders to be held on
June 24, 2010. Stockholders and other
interested parties may obtain, free of charge, copies of the proxy
statement, and any other documents filed by Blockbuster with the
SEC, at the SEC's Internet website at www.sec.gov. The proxy
statement and these other documents may also be obtained free of
charge by contacting Morrow & Co., Inc., the firm assisting
Blockbuster in the solicitation of proxies, toll-free at
1-800-607-0088.
Blockbuster and certain of its directors and executive officers
may, under the rules of the SEC, be deemed to be "participants" in
the solicitation of proxies from Blockbuster's stockholders in
respect of the 2010 annual meeting of stockholders. Information
regarding the interests of such persons, including such persons'
beneficial ownership of Blockbuster common stock is set forth in
Blockbuster's definitive proxy statement, filed with the SEC on
May 21, 2010, with respect to the
2010 annual meeting of stockholders.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Forward-looking
statements may also be included from time to time in our other
public filings, press releases, our website and oral and written
presentations by management. Specific forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts and include, without limitation, words
such as "may," "will," "expects," "believes," "anticipates,"
"plans," "estimates," "projects," "predicts," "targets," "seeks,"
"could," "intends," "foresees" or the negative of such terms or
other variations on such terms or comparable terminology.
Similarly, statements that describe our strategies, initiatives,
objectives, plans or goals are forward-looking. These
forward-looking statements are based on management's current
intent, belief, expectations, estimates and projections. These
statements are not guarantees of future performance and involve
risks, uncertainties, assumptions and other factors that are
difficult to predict. Therefore, actual results may vary materially
from what is expressed in or indicated by the forward-looking
statements. The risk factors set forth under "Item 1A. Risk
Factors" in our Annual Reports on Form 10-K and other matters
discussed from time to time in our filings with the Securities and
Exchange Commission, including the "Disclosure Regarding
Forward-Looking Information" and "Risk Factors" sections of our
Quarterly Reports on Form 10-Q, among others, could affect future
results, causing these results to differ materially from those
expressed in our forward-looking statements. In the event that the
risks disclosed in our public filings cause results to differ
materially from those expressed in our forward-looking statements,
our business, financial condition, results of operations or
liquidity could be materially adversely affected and investors in
our securities could lose part or all of their investments.
Accordingly, our investors are cautioned not to place undue
reliance on these forward-looking statements because, while we
believe the assumptions on which the forward-looking statements are
based are reasonable, there can be no assurance that these
forward-looking statements will prove to be accurate. Further, the
forward-looking statements included in this release and those
included from time to time in our other public filings, press
releases, our website and oral and written presentations by
management are only made as of the respective dates thereof. Except
as otherwise required by law, we undertake no obligation to update
publicly any forward-looking statement in this release or in other
documents, our website or oral statements for any reason, even if
new information becomes available or other events occur in the
future.
SOURCE Blockbuster Inc.