Certified Results Confirm Election of Jeffrey J. Fenton and Jeffrey S. Wald to the ModusLink Board
ModusLink Global Solutions(TM), Inc. (NASDAQ: MLNK) today announced that IVS Associates, Inc., the independent Inspector of Elections ("Inspector"), has tabulated and certified the voting results for ModusLink's 2011 Annual Meeting of Stockholders held on January 20, 2012.
As confirmed by the final results, ModusLink stockholders voted to re-elect one of the Company's director nominees – Jeffrey J. Fenton – to the ModusLink Board of Directors. Stockholders have also elected Jeffrey S. Wald, a director nominee put forward by Peerless Systems Corporation.
ModusLink issued the following statement:
"We appreciate the consideration and support of our stockholders, as well as the many valuable insights they have offered to our Board and management team throughout this process. We would like to take this opportunity to thank Tom Johnson for his service on ModusLink's Board and many contributions to the Company. As we move forward, our Board and management team intends to work cooperatively with our new director, Mr. Wald, as we continue to execute our business strategy and deliver enhanced value for all ModusLink stockholders."
Separately, IVS also reported the final results for the other proposals voted on at the Annual Meeting:
- Approval, on an advisory basis, of the compensation of the Company's named executive officers.
- Approval of a frequency of every year for future say-on-pay advisory votes.
- Approval of the Tax Benefit Preservation Plan adopted by the Board on October 17, 2011.
- Ratification of the appointment of KPMG LLP as the Company's independent registered public accounting firm for the current fiscal year.
- Approval of a non-binding recommendation to eliminate the Company's classified Board.
ModusLink Global Solutions, Inc. designs and executes global value chain strategies to solve clients' cost, time-to-market, customer satisfaction and revenue objectives. Our supply chain, aftermarket, e-Business and entitlement management solutions support the end-to-end product lifecycles of the world's leading technology and consumer goods companies. ModusLink has more than 25 years of experience executing complex supply chain processes such as sourcing, configuration and fulfillment. We can manage these critical functions seamlessly with a client's global e-Business initiative or an integrated aftermarket program, including alternative channel recovery for at-risk inventory. Backed by a footprint of more than 25 solution centers in 15 countries, ModusLink clients can react quickly to shifting market dynamics impacting value chain performance and revenues. For more information about ModusLink's flexible, scalable and sustainable solutions, visit www.moduslink.com or www.valueunchained.com, the blog for value chain professionals.
ModusLink Global Solutions is a trademark of ModusLink Global Solutions, Inc. All other company names and products are trademarks or registered trademarks of their respective companies.
Forward Looking Information
This release contains forward-looking statements, which address a variety of subjects including, for example, the potential benefits of the continued execution of the Company's business strategy and prospects for enhancing stockholder value. All statements other than statements of historical fact, including without limitation, those with respect to the Company's goals, plans, expectations and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the Company's success, including its ability to meet its revenue, operating income and cost savings targets, maintain and improve its cash position, expand its operations and revenue, lower its costs, improve its gross margins, reach and sustain profitability, reach its long-term objectives and operate optimally, depends on its ability to execute on its business strategy, including its investment and costs savings plan and the continued and increased demand for and market acceptance of its services; global economic conditions, especially in the technology sector are uncertain and subject to volatility; demand for our clients' products may decline or may not achieve the levels anticipated by our clients; the Company's management may face strain on managerial and operational resources as they try to oversee the expanded operations; the Company may not realize the expected benefits of its restructuring and cost cutting actions; the Company may not be able to expand its operations in accordance with its business strategy; the Company's cash balances may not be sufficient to allow the Company to meet all of its business and investment goals; the Company may experience difficulties integrating technologies, operations and personnel in accordance with its business strategy; the Company derives a significant portion of its revenue from a small number of customers and the loss of any of those customers could significantly damage the Company's financial condition and results of operations; the Company frequently sells to its supply chain management clients on a purchase order basis rather than pursuant to contracts with minimum purchase requirements, and therefore its sales and the amount of projected revenue that is actually realized are subject to demand variability; risks inherent with conducting international operations; tax rate expectations are based on current tax law and current expected income and may be affected by the jurisdictions in which profits are determined to be earned and taxed, changes in estimates of credits, benefits and deductions, the resolution of issues arising from tax audits with various tax authorities, including payment of interest and penalties and the ability to realize deferred tax assets; there can be no assurance that the Company will be able to utilize its tax attributes at any time in the future; the mergers and acquisitions and IPO markets are inherently unpredictable and liquidity events for companies in the Company's venture capital portfolio may not occur; increased competition and technological changes in the markets in which the Company competes; and the Company's review of strategic alternatives may not ultimately lead to a transaction that results in increased value to its stockholders. For a detailed discussion of cautionary statements that may affect the Company's future results of operations and financial results, please refer to the Company's filings with the Securities and Exchange Commission, including the Company's most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us.
ModusLink Global Solutions:
Robert Joyce, 781-663-5120
Director, Investor Relations
Joele Frank, Wilkinson Brimmer Katcher
Joele Frank / Kelly Sullivan / Averell Withers