PENNSAUKEN, N.J., Dec. 9, 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 stockholders have elected Bradley S. Vizi and Roger H. Ballou as new members of the RCM Board of Directors, based on preliminary results from its 2013 Annual Meeting of Stockholders held on Thursday, December 5, 2013.
Based on preliminary tabulation report from the independent inspector of elections, IVS Associates, Inc. stockholders have elected Messrs. Vizi and Ballou with votes of 64.2% and 50.5%, respectively. Messrs. Vizi and Ballou were nominated by Legion Partners Asset Management, LLC and the other members of its stockholder group which, as the beneficial holder of 13.3% of RCM's common stock, is RCM's largest stockholder. The one-year terms of office of the new directors will commence upon final certification of the results of the stockholder vote by IVS.
"We welcome Brad Vizi and Roger Ballou to the RCM Board and I look forward to working collaboratively with them," said Leon Kopyt, RCM's Chairman and Chief Executive Officer. "As we move past a contested election for representation on the RCM Board, we look forward to returning our full attention to our ongoing efforts to position RCM for long-term growth, sustainable profitability, market leadership and enhanced value for our stockholders. We are grateful to our departing directors, Robert B. Kerr and Lawrence Needleman, for their service, dedication and commitment to RCM and its Board of Directors. I am particularly grateful to Bob Kerr for his exemplary leadership as our lead independent director."
"Roger Ballou and I are excited to join the RCM Board at a pivotal point in RCM's history. We look forward to participating in RCM's ongoing efforts to enhance stockholder value," said Bradley S. Vizi. "We believe that working together with RCM's management team, we can make a contribution to leverage RCM's traditional strengths, while also creating significant value for all stockholders. Our recent conversations with management have been constructive and encouraging and have only validated our beliefs about the quality and character of RCM's management team and the path that lies ahead. With all parties willing to work together constructively and cooperatively, there is no reason that RCM cannot continue to make strong progress."
RCM also announced that preliminary information indicates that stockholders have voted to (i) ratify the RCM Audit Committee's selection of EisnerAmper LLP as RCM's independent registered public accounting firm for our fiscal year ending December 28, 2013; (ii) not approve, on an advisory basis, the compensation of RCM's named executive officers for 2012; (iii) approve, on an advisory basis, holding annual advisory votes to approve the compensation of RCM's named executive officers; and (iv) approve a non-binding stockholder proposal requesting that RCM's Board adopt a policy that its Chairman be an independent director according to the definition set forth in the NASDAQ listing standards.
These preliminary results are subject to receipt of the official confirmation by the independent inspector of elections, which is expected to be received within the next week.
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.