Contact Information: Contacts: Peerless Systems Corporation: Rick Roll President and Chief Executive Officer (310) 536-0908 Investor Contact: Geoff High Pfeiffer High Investor Relations, Inc. (303) 393-7044
Peerless Systems Announces Changes to Its Board of Directors
| Source: Peerless Systems Corporation
EL SEGUNDO, CA--(Marketwire - June 17, 2008) - Peerless Systems Corporation (NASDAQ : PRLS )
today announced that William B. Patton, Jr., John C. Reece and John Thomas
Zender have resigned as directors, effective June 12, 2008. The board of
directors now consists of Timothy E. Brog, Richard L. Roll, Steven J. Pully
and Steven M. Bathgate. Messrs. Bathgate, Brog and Pully now comprise the
Audit Committee, Compensation Committee and Nominating and Corporate
Governance Committee. The three vacancies on the board of directors caused
by the resignations are expected to be filled in the near future.
Rick Roll, President and Chief Executive Officer of Peerless, said the
changes reflect recent efforts to establish a cohesive board of directors
with a unified focus on guiding and supporting Peerless' new growth
strategies. "I believe our board of directors is now united in its
philosophy on how to maximize stockholder value. This board will be
actively involved with management and our investment bankers in the pursuit
of a meaningful, accretive transaction designed to enhance the value of the
company. The members of the Peerless board possess a wealth of experience
in mergers and acquisitions, corporate finance and corporate governance,
and have worked with a broad range of public companies to build value for
the benefit of shareholders."
Chairman of the Board Timothy E. Brog said, "As a board, we believe our
directors should own a meaningful amount of Peerless common stock and align
our financial interests directly with our fellow Peerless shareholders.
Our sole focus will be on maximizing shareholder value and therefore all
available options will be on the table and be considered."
About Peerless Systems Corporation
Founded in 1982, Peerless Systems Corporation is a provider of imaging and
networking technologies and components to the digital document markets,
which include manufacturers of color, monochrome and multifunction office
products and digital appliances. In order to process digital text and
graphics, digital document products rely on a core set of imaging software
and supporting electronics, collectively known as an imaging controller.
Peerless' broad line of scalable software and silicon offerings enables its
customers to shorten their time-to-market and reduce costs by offering
unique solutions for multiple products. Peerless' customer base includes
companies such as Canon, IBM, Konica Minolta, Kyocera Mita, Lenovo,
OkiData, Ricoh, RISO, Seiko Epson and Xerox. Peerless also maintains
strategic partnerships with Adobe and Novell. For more information, visit
Peerless' web site at www.peerless.com.
Safe Harbor Statement Under The U.S. Private Securities Litigation Reform
Act Of 1995
Statements made by us in this press release that are not historical facts
constitute "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. These forward-looking statements are necessarily estimates
reflecting the best judgment of our senior management based on our current
estimates, expectations, forecasts and projections and include comments
that express our current opinions about trends and factors that may impact
future operating results. Statements that use words such as we "believe,"
"anticipate," "estimate," "intend," "could," "plan," "expect," "project,"
"predict," "forecast," "outlook," "potential," "continue," "may," "future,"
"can," "enhance," and "should," or the negative of these, as well as
similar expressions, can be used to identify forward-looking statements.
These statements are not guarantees of future performance, rely on a number
of assumptions concerning future events, many of which are outside of our
control, and involve known and unknown risks and uncertainties that could
cause our actual results, performance or achievements, or industry results,
to differ materially from any future results, performance or achievements,
expressed or implied by such forward-looking statements. Such risks and
uncertainties include, among other things, changing competitive and market
conditions, our reliance on certain OEM customers for significant portions
of our revenues, the sufficiency of our capital resources, any adverse
change in our relationship with Adobe Systems Incorporated and/or Novell,
Inc., increased competition both from in-house OEM products and low cost
offshore competitors, the impact of Microsoft's Vista™ operating system,
reduced demand for our existing monochrome technologies or other products,
the rapid changes taking place in the emerging color print devices markets,
our ability to realize contract backlog, our ability to identify new
customers or place our technology in a broader base of products, our
ability to leverage core competencies and find product segments that blend
well with our core business, our ability to successfully enter new software
application sectors, our ability to maintain our profit objectives and
create compelling margins, the tenure of the competitive advantage of our
old and new technologies, our reliance on block licensing, our ability to
develop and market our advanced devices and software, the validity and
protection of our intellectual property rights, risks associated with
international business activities, our reliance on key personnel and our
board of directors and our ability to execute our business plan and
strategic partnering transactions.
The above risks, and others, are described in further detail in our reports
filed with the Securities and Exchange Commission, including, but not
limited to, those described under "Item 1A. Risk Factors" in our most
recent Annual Report on Form 10-K for the fiscal year ended January 31,
2008, filed on May 12, 2008.
Current and prospective stockholders are urged not to place undue reliance
on forward-looking statements, which speak only as of the date hereof. We
are under no obligation, and expressly disclaim any obligation, to update
or alter any forward-looking statements, whether as a result of new
information, future events or otherwise. All forward-looking statements
contained herein are qualified in their entirety by the foregoing
cautionary statements.