Sevcon Announces Glass Lewis Recommendation FOR Board Proposals at Annual Meeting
SOUTHBOROUGH, Mass., Jan. 27, 2017 (GLOBE NEWSWIRE) -- Sevcon, Inc. (Nasdaq:SEV) today announced that Glass Lewis, a respected advisor on proxy voting matters, has recommended that Sevcon stockholders vote FOR all the Board of Directors' proposals at the upcoming annual meeting, including FOR the proposed amendment to the charter to declassify the Board and FOR all the Board's nominees for director. Glass Lewis recommended that stockholders NOT vote for any of the nominees of the dissident, Ryan Morris, and his Meson hedge funds.
In making its recommendations to support the Board's proposals, Glass Lewis said that the dissident had not made a compelling case that the Board has failed to properly oversee the Company's direction, nor had he presented a realistic plan to improve the Company's performance. Indeed, Glass Lewis agreed with Sevcon's Board that Mr. Morris's actions "tend to point more to an unjustified power grab."
Matt Boyle, Sevcon's CEO, said, "We are gratified that an important, independent proxy advisory firm has seen through what we know to be Ryan's persistent misstatements and baseless attacks on a dedicated Board and employee team. We urge our stockholders to vote their proxies in support of the Board so that we can move past this unfortunate distraction and focus all our efforts on optimizing the value of our stockholders' investment in our Company."
Separately, Sevcon announced that Dr. Marvin G. Schorr, the Company's Founder, a director, and the holder of 6.7% of the voting shares, has voted FOR the Board's proposals and nominees.
Stockholders should vote via the internet or telephone by following the instructions on the WHITE proxy card they have received, or by returning the WHITE proxy card, signed and dated, as soon as possible.
If you have any questions about voting your shares, please call The Proxy Advisory Group,
which is assisting Sevcon, at (888) 616-2620.
Sevcon is a global supplier of control and power solutions for zero-emission, electric and hybrid vehicles. Its products control on- and off-road vehicle speed and movement, integrate specialized functions, optimize energy consumption and help reduce air pollution. Sevcon's Bassi Division produces battery chargers for electric vehicles; power management and uninterrupted power source systems for industrial, medical and telecom applications; and electronic instrumentation for battery laboratories. The company supplies customers from its operations in the U.S., U.K., France, Germany, Italy, China and the Asia Pacific region, as well as through an international dealer network. Learn more about Sevcon at www.sevcon.com/.
Important Additional Information
Sevcon, Inc., seven of its directors and its executive officers, and Marvin G. Schorr are participants in the solicitation of proxies from Company stockholders in connection with the matters to be considered at the Company's 2017 Annual Meeting. Sevcon has filed a definitive proxy statement and WHITE proxy card with the Securities and Exchange Commission ("SEC") in connection with such solicitation. COMPANY STOCKHOLDERS ARE STRONGLY ENCOURAGED TO READ THE DEFINITIVE PROXY STATEMENT AND ACCOMPANYING WHITE PROXY CARD AS THEY CONTAIN IMPORTANT INFORMATION. Information regarding the identity of the participants, and their direct or indirect interests, by security holdings or otherwise, is set forth in the proxy statement and other materials filed with the SEC. Shareholders can obtain any proxy statement, any amendments or supplements to the proxy statement and other documents filed by the Company with the SEC for no charge at the SEC's website at www.sec.gov, by request to Sevcon, Inc., 155 Northboro Road, Southborough, MA 01772 Attn: Corporate Secretary, telephone: (508) 281-5500, or from the Company's website, http://ir.sevcon.com/sec.cfm.