CSP Inc. Announces Overwhelming Shareholder Support for Company's Director
Nominees at Annual Meeting
BILLERICA, Mass., Feb. 13, 2013 (GLOBE NEWSWIRE) -- CSP Inc. (Nasdaq:CSPI), a
provider of IT solutions, systems integration services and dense cluster
computing systems, announced that shareholders overwhelmingly voted for the
Company's director nominees at its annual meeting today. Of the votes cast,
89% of shareholders voted for CSP's director nominees to 11% for those put
forward by North & Webster. North & Webster announced it was withdrawing its
proxy contest today shortly before the annual meeting.
"We appreciate the continued support of our shareholders and remain committed
to enhancing shareholder value," said CSP Inc. President and Chief Executive
Officer Victor Dellovo. "While this proxy contest unfortunately necessitated a
high level of management time and significant Company expense, we are pleased
with the positive and decisive result."
The Company's slate of directors was unanimously supported by the leading
proxy advisory firms, Institutional Shareholder Services (ISS) and Glass
Lewis. Nevertheless, the proxy fight with North & Webster was expensive and
time-consuming. Those expenses will necessarily be reflected in the Company's
results for the quarter and fiscal year. In addition, North & Webster made a
number of public statements that mischaracterized our audited financial
statements, and impugned our Board of Directors and management team without
any basis in fact.
About CSP Inc.
Based in Billerica, Massachusetts and founded in 1968, CSP Inc. and its
subsidiaries develop and market IT integration solutions and high-performance
computer systems to meet the diverse requirements of our industrial,
commercial, and defense customers worldwide.
CSP's Systems segment includes the MultiComputer Division, which designs and
manufactures commercial high-performance computer signal processing systems
for a variety of complex real time applications in defense and commercial
markets. The Company's MODCOMP Inc. subsidiary, also part of its Service and
Systems Integration segment was founded in 1970, and has offices in the U.S.,
U.K. and Germany. Modcomp provides solutions and services for complex IT
environments including storage and servers, unified communications solutions,
IT security solutions and consulting services. More information about CSP is
available on the company's website at www.cspi.com. To learn more about
MODCOMP, Inc., consult www.modcomp.com.
The CSP, Inc. logo is available at
The Company wishes to take advantage of the "Safe Harbor" provisions of the
Private Securities Litigation Reform Act of 1995 with respect to statements
that may be deemed to be forward-looking under the Act. Such forward-looking
statements may include, but are not limited to, the Company's efforts to
enhance shareholder value. Such risks include general economic conditions,
market factors, competitive factors and pricing pressures, and others
described in the Company's filings with the SEC. Please refer to the section
on forward-looking statements included in the Company's filings with the
Securities and Exchange Commission.
CONTACT: Gary Levine
Chief Financial Officer
Tel: 978.663.7598 ext. 1200
CSP Inc. Logo
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