RCM Urges Stockholders to Vote WHITE Proxy Card and Reject the Legion Group's Problematic Nominees
PENNSAUKEN, N.J., Nov. 21, 2013 (GLOBE NEWSWIRE) -- RCM Technologies, Inc. (Nasdaq:RCMT), a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced information technology, engineering and specialty healthcare services, today announced that Egan-Jones Proxy Services, a leading independent proxy advisory service, has recommended to its clients that stockholders vote the WHITE proxy card FOR both of the RCM Board of Directors' highly qualified and very experienced director nominees, Michael E.S. Frankel and Robert B. Kerr, at RCM's Annual Meeting of Stockholders to be held on December 5, 2013. Egan-Jones' clients include institutional investors, mutual funds, pension funds and other fiduciaries.
In recommending that stockholders vote the WHITE proxy card FOR both of the director nominees recommended by the RCM Board, Egan-Jones recognized the qualifications of the RCM Board's nominees and indicated that it believes that "voting FOR the management ballot and the Company's nominees is in the best interest of the Company and its stockholders" and that the election of the RCM Board's nominees will "enable the Company to continue to build on its strong record of increasing stockholder value." Egan Jones also recognized RCM's efforts in strengthening its corporate governance practices, including RCM's termination of its stockholder rights plan, retention of a prominent executive search firm to enhance board composition, adoption of corporate governance guidelines reflective of best practices, declassification of its Board, adoption of majority voting in uncontested director elections, adoption of a director resignation policy, adoption of stock ownership guidelines for directors and executive officers and the appointment of a lead independent director.
Commenting on the nominees proposed by the Legion Group, Egan-Jones noted as follows: "We are not convinced that the dissidents' nominees would work to the benefit of the stockholders, given Mr. Vizi's apparent lack of public company board or public company management experience, and given Mr. Ballou's reported past experience as chairman and CEO of Global Vacation Group, Inc. and as president & CEO of CDI Corporation and his unsuccessful takeover attempt of RCM while there."
"We are very pleased that a well−respected, independent third party such as Egan-Jones has carefully reviewed the voting alternatives and recommends that stockholders vote for RCM's highly qualified and experienced director nominees," said Leon Kopyt, RCM's Chairman and Chief Executive Officer.
To protect the value of their investment, the RCM Board strongly recommends that all stockholders vote for the RCM Board's highly qualified and experienced nominees –Michael E.S. Frankel and Robert B. Kerr – on the WHITE proxy card TODAY—by telephone, Internet, or by signing, dating and returning the WHITE proxy card.
Stockholders that need assistance in voting their shares or have any questions are urged to call RCM's proxy solicitor, Mackenzie Partners, Inc., at (800) 322-2885 (Toll Free) or at (212) 929-5500.
About RCM
RCM Technologies, Inc. is a premier provider of business and technology solutions designed to enhance and maximize the operational performance of its customers through the adaptation and deployment of advanced information technology and engineering services. RCM is an innovative leader in the delivery of these solutions to commercial and government sectors. RCM is also a provider of specialty healthcare services to major health care institutions and educational facilities. RCM's offices are located in major metropolitan centers throughout North America. Additional information can be found at www.rcmt.com.
Forward-Looking Statements
The Statements contained in this release that are not purely historical are forward-looking statements within the Private Securities Litigation Reform Act of 1995 and are subject to various risks, uncertainties and other factors that could cause the Company's actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. These statements often include words such as "may," "will," "expect," "anticipate," "continue," "estimate," "project," "intend," "believe," "plan," "seek," "could," "can," "should" or similar expressions. In addition, statements that are not historical should also be considered forward-looking statements. These statements are based on assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate in these circumstances. Forward-looking statements include, but are not limited to, those relating to demand for the Company's services, expected demand for our services and expectations regarding our revenues, the Company's ability to continue to utilize goodwill, to continue to increase gross margins, to achieve and manage growth, to develop and market new applications and services, risks relating to the acquisition and integration of acquired businesses, the ability of the Company to consummate acquisitions as to which it executes non-binding letters of intent, demand for new services and applications, timing of demand for services, industry strength and competition and general economic factors. Such statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors, which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Risk, uncertainties and other factors may emerge from time to time that could cause the Company's actual results to differ from those indicated by the forward-looking statements. Investors are directed to consider such risks, uncertainties and other factors described in documents filed by the Company with the Securities and Exchange Commission. The Company assumes no obligation (and expressly disclaims any such obligation) to update any forward-looking statements contained in this release as a result of new information or future events or developments, except as may be required by law.
Additional Information and Where to Find It
RCM, its directors and certain of its executive officers and employees are deemed to be participants in the solicitation of proxies from RCM's stockholders in connection with the 2013 Annual Meeting. RCM filed a definitive proxy statement and WHITE proxy card with the SEC in connection with the solicitation of proxies for the 2013 Annual Meeting on October 30, 2013 (the "2013 Proxy Statement"). STOCKHOLDERS ARE URGED TO READ THE 2013 PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT RCM WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Additional information regarding the identity of these participants and their direct or indirect interests, by security holdings or otherwise, is set forth in the 2013 Proxy Statement. To the extent holdings of RCM's securities have changed since the amounts shown in the 2013 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.
Stockholders can obtain, free of charge, copies of the 2013 Proxy Statement and any other documents filed by RCM with the SEC in connection with the 2013 Annual Meeting at the SEC's website (www.sec.gov), at RCM's website (www.rcmt.com) or by writing to Mr. Kevin D. Miller, Chief Financial Officer, RCM Technologies, Inc., 2500 McClellan Avenue, Suite 350, Pennsauken, NJ 08109. In addition, copies of the proxy materials, when available, may be requested from RCM's proxy solicitor, MacKenzie Partners, Inc., 105 Madison Avenue, New York, NY 10016 or toll-free at (800) 322-2885.