INDIANAPOLIS, July 28, 2009 (GLOBE NEWSWIRE) -- Brightpoint, Inc. (Nasdaq:CELL) today announced that in connection with of the recent sale of 16.5 million shares of the Company's common stock by one of its shareholders, NC Telecom Holding A/S ("NC Holding"), pursuant to an underwritten public offering, and in accordance with the terms of the shareholder agreement entered into by the Company with NC Holding upon the closing of the Company's acquisition of Dangaard Telecom A/S (the "Shareholder Agreement"), it has requested that NC Holding identify two of the three directors that it proposed for nomination to resign from the Company's Board of Directors. NC Holding has identified Messrs. Jorn P. Jensen and Jan Gesmar-Larsen, who have resigned from the Company's Board of Directors effective today. Mr. Thorleif Krarup, who was also proposed for nomination by NC Holding, will remain on the Company's Board of Directors as NC Holding's remaining designee.
Pursuant to the terms of the Shareholder Agreement, NC Holding had the right to designate up to three nominees to the Company's Board of Directors for so long as it maintained certain specified ownership percentages of the Company's outstanding common stock. Upon completion of the recent offering, NC Holding holds 13.5 million shares of the Company's common stock, or approximately 16.5% of the Company's outstanding common stock, and thus, under the Shareholder Agreement, has the right to propose only one director nominee for election to the Company's Board of Directors.
Mr. Robert J. Laikin, Chairman of the Board and Chief Executive officer of Brightpoint, Inc. stated, "I want to thank Jan and Jorn for their two years of service to the Board and to the Company."
Mr. Jerre L. Stead, Brightpoint's Lead Independent Director, stated, "I, too, would like to thank Jan and Jorn for their contributions to the Board over the past two years and wish them well in their future endeavors."
About Brightpoint, Inc.
Brightpoint, Inc. (Nasdaq:CELL) is a global leader in the distribution of wireless devices and in providing customized logistic services to the wireless industry. In 2008, Brightpoint handled approximately 84 million wireless devices globally. Brightpoint's innovative services include distribution, channel development, fulfillment, product customization, e-Business solutions, and other outsourced services that integrate seamlessly with its customers. Brightpoint's effective and efficient platform allows its customers to benefit from quickly deployed, flexible, and cost effective solutions. The company has approximately 2,800 employees in more than 25 countries. In 2008 Brightpoint generated revenue of $4.6 billion. Brightpoint provides distribution and customized services to more than 25,000 B2B customers worldwide. Additional information about Brightpoint can be found on its website at www.brightpoint.com, or by calling its toll-free Information and Investor Relations line at 877-IIR-CELL (877-447-2355).