ATLANTA, Aug. 29, 2016 (GLOBE NEWSWIRE) -- Concurrent (NASDAQ:CCUR), a global provider of high-performance Linux® and storage solutions, today announced that it has reached an agreement under which Wayne Barr will join Concurrent’s Board of Directors. This agreement was reached between the Company and JDS1, LLC and Julian Singer, beneficial owners of the Company’s common stock. Under the terms of the agreement:
- JDS1, LLC and Julian Singer, as beneficial owners, will vote their shares in favor the Company’s slate of board nominees at the Company’s 2016 Annual Meeting of Stockholders.
- C. Shelton James has resigned from the Board and the Board has appointed Wayne Barr to serve as a new director for a term that expires at the 2016 Annual Meeting of Stockholders.
- The Board will nominate Wayne Barr for election as a director of the Company together with Steve Nussrallah, Derek Elder, Charles Blackmon, Larry Enterline, Dilip Singh, and Robert Pons and will recommend in favor of their election by stockholders at the 2016 Annual Meeting of Stockholders.
Mr. Barr has extensive experience in the telecommunications, technology, and real estate sectors, currently working as the managing director of full-service real estate firm, Alliance Group of NC, LLC, as well as the principal at Oakleaf Consulting Group, which he founded in 2001. Mr. Barr co-founded and worked as the president of Capital & Technology Advisors and has held board memberships at numerous companies, including Anacomp, Leap Wireless International, NEON Communications, Globix Corporation, and nanotechnology company Evident Technologies. Since January 2014, Barr has been a director of public financial and diversified holding company HC2 Holdings (NYSE:HCHC).
Steve G. Nussrallah, Chairman of the Board, stated, “On behalf of the entire Concurrent board, I would like to thank Mr. James for his time, dedication and invaluable contributions to Concurrent. He has been an asset to our company and he will be genuinely missed. We are also pleased that Mr. Barr is joining the Concurrent board. Mr. Barr brings to Concurrent a broad range of experience and knowledge and we are confident that he will be a great contributor to the Company.”
In connection with the appointment of Mr. Barr to the Board, the Company has entered into a customary standstill agreement with JDS1, LLC and Julian Singer. Details of this agreement can be found in Concurrent’s 8-K filed today with the U.S. Securities and Exchange Commission.
Concurrent (NASDAQ:CCUR) is a global software and solutions company that develops advanced applications on a core foundation of high-performance Linux and storage technologies. We serve industries and customers that demand uncompromising performance, reliability and flexibility to gain a competitive edge, drive meaningful growth and confidently deliver best-in-class solutions that enrich the lives of millions of people around the world every day. Offices are located in North America, Europe and Asia. Visit www.concurrent.com for further information and follow us on Twitter:www.twitter.com/Concurrent_CCUR.
Certain statements made or incorporated by reference in this release may constitute "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments, including, but not limited to, Concurrent’s intent to recommend in favor of the election of the slate of directors described above at the 2016 Annual Meeting of Stockholders, are forward-looking statements within the meaning of these laws. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected.
Some of these risks and uncertainties include, without limitation: changes in the value, character or nature of Concurrent’s net operating loss carryforwards; the potential consolidation of the markets that we serve, U.S. government sequestration; European austerity measures; delays or cancellations of customer orders; non-renewal of maintenance and support service agreements with customers; changes in product demand; economic conditions; various inventory risks due to changes in market conditions; margins of video solutions business to capture new business; fluctuations and timing of large video solutions orders; doing business in the People's Republic of China; uncertainties relating to the development and ownership of intellectual property; uncertainties relating to our ability and the ability of other companies to enforce their intellectual property rights; the pricing and availability of equipment, materials and inventories; the concentration of our customers; failure to effectively manage change; delays in testing and introductions of new products; the impact of reductions in force on our operations; rapid technology changes; system errors or failures; reliance on a limited number of suppliers and failure of components provide by those suppliers; uncertainties associated with international business activities, including foreign regulations, trade controls, taxes, and currency fluctuations; the impact of competition on the pricing of video solutions products; failure to effectively service the installed base; the entry of new well-capitalized competitors into our markets; the success of new video solutions; the success of our relationships with technology and channel partners; capital spending patterns by a limited customer base; the current challenging macroeconomic environment; continuing unevenness of the global economic recovery; privacy concerns over data collection; our ability to utilize net operating losses to offset cash taxes in the event of an ownership change as defined by the Internal Revenue Service; earthquakes, tsunamis, floods and other natural disasters in areas in which our customers and suppliers operate; and the availability of debt or equity financing to support our liquidity needs.
Other important risk factors are discussed in Concurrent's Form 10-K filed August 26, 2015 with the Securities and Exchange Commission ("SEC"), and in subsequent filings of periodic reports with the SEC. The risk factors discussed in the Form 10-K and subsequently filed periodic reports under the heading "Risk Factors" are specifically incorporated by reference in this press release. Forward-looking statements are based on current expectations and speak only as of the date of such statements. Concurrent undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information, or otherwise.
Concurrent Computer Corporation and its logo are registered trademarks of Concurrent. All Concurrent product names are trademarks or registered trademarks of Concurrent while all other product names are trademarks or registered trademarks of their respective owners.
Source:Concurrent Computer Corporation