NEW YORK, March 12, 2020 (GLOBE NEWSWIRE) -- MRAG, an investment company focused on facilitating the advancement of innovative healthcare companies, which offered Rockwell Medical (RMTI; NASDAQ) funding of $15 million and put up a slate of three new directors to replace current Directors Lisa Colleran, John Cooper and Mark Ravich, announces that it properly delivered notice of MRAG’s three director nominations under Rockwell’s Bylaws and prescribed advance notice period, entirely refuting Rockwell’s assertion otherwise.
MRAG maintains and, as confirmed by its legal counsel Loeb & Loeb, that it, without question, correctly submitted its slate of directors for the upcoming annual shareholder meeting and that this was done in accordance with the bylaws of Rockwell Medical and the state laws of Delaware.
Mr. Shroff, MRAG General Partner and one of three new nominee Directors contesting the election of Rockwell’s Directors, stated, “We are very disappointed in Rockwell Medical’s Board and management for using baseless tactics in an attempt to insulate themselves and protect their excessive compensation. We have made the Board an extremely generous offer to fund the Company with $15 million, at very beneficial terms, and their choice to decline it in an environment where there are few funding options available, and in circumstances where they are continually burning excessive cash, shines a bright light on their motives. For the sake of all shareholders, we will use all options available to us, including litigation, in order to ensure that our slate of directors is considered by the shareholders at the upcoming annual shareholder meeting.”
Mr. Shroff further stated, “Our three director nominees continue to purchase and accumulate RMTI shares with their personal money, demonstrating the clear contrast to the current Rockwell Directors and management who I understand have not purchased a single share of stock during the last two years. In fact, of the six directors, I understand that five have never purchased a single share from the market, even at record lows. Our offer to fund the company in exchange for the three board seats up for election, remains available.”
Mr. Shroff added, “Unfortunately, Rockwell’s Board and management has resorted to improper tactics in an attempt to put their own personal interests before their fiduciary duty to the shareholders of the Company. Protracted litigation will cost Rockwell significant amounts of money that the Company can ill afford to waste, and that will be expended to the detriment of the Company’s financial health and cause prejudice to shareholders who must have a choice of directors to elect at the upcoming annual shareholder meeting. We hope that shareholders will be given the opportunity to voice and vote their opinion and have their say in the management and Board of Rockwell. Had the Board of Directors governed well, they would have nothing to fear from those they govern on behalf of. Choice should not be limited by those that fear they will not be re-elected.”
Forward Looking Statements
Certain information set forth in this presentation contains “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward looking statements). These forward-looking statements are based on current expectations, estimates, forecasts and projections. Words such as “expect,” “anticipate,” “should,” “believe,” “hope,” “target,” “project,” “goals,” “estimate,” “potential,” “predict,” “may,” “will,” “might,” “could,” “intend,” “shall” and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Forward looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond MRAG’s control.
These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause events to differ materially from any expectations or projections of future performance or result expressed or implied by such forward looking statements. These risks include, among other things: (i) market perception regarding MRAG and the viability of the proposed transactions; (ii) the availability of financing for the proposed transaction with Rockwell Medical; and (iii) the recent outbreak of the novel coronavirus and the global impact it may have on financial markets and the life sciences sector.
Although forward-looking statements contained in this presentation are based upon what management of MRAG believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. MRAG undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements
CONTACT:
Tien Ma
c/o Redhill Communications
011 49 163 835 8774