MIAMI, Oct. 19 /PRNewswire-FirstCall/ -- Quipp, Inc. announced today that it has reached an agreement with a group led by JDL Partners, LP, which holds approximately 9.7% of Quipp's common stock. Under the agreement, Quipp has expanded its Board of Directors to seven members, elected John D. Lori as a director of the Company and agreed to nominate Mr. Lori in future years so that, if elected by shareholders, he will serve for at least three years. As part of the agreement, JDL Partners has withdrawn its proposed board nominations, agreed to support the reelection of Quipp's other nominees and agreed to standstill provisions. Quipp and the JDL Group also made other commitments.
Mr. Lori is the founder and managing member of JDL Partners, based in Garden City, New York. Prior to founding JDL Partners, Mr. Lori was a managing director and portfolio manager at U.S. Trust, and a portfolio manager with Brown Brothers Harriman, both in New York.
Mr. Lori will serve on the Audit Committee of the Board.
