Egan Jones Recommend Shareholders Vote FOR all Globecomm’s Proposals
Glass Lewis Recommends Shareholders Vote FOR Seven of the Eight Director Nominees and all other Proposals
HAUPPAUGE, N.Y.--(BUSINESS WIRE)-- Globecomm Systems Inc. (NASDAQ: GCOM), a leading communications solutions provider, today announced that independent advisory firms Institutional Shareholder Services (ISS) and Egan Jones have recommended that Globecomm shareholders vote FOR all proposals at Globecomm’s November 15th Annual Meeting and Glass Lewis recommended that Globecomm shareholders FOR seven of the eight director nominees and FOR all other proposals.
In recommending that shareholders vote FOR all proposals, ISS noted, “Based on review and evaluation of company disclosures and practices, ISS recommends support for all agenda items at this meeting.”
“We are pleased that all three independent proxy advisory firms support the amendment of the 2006 Stock Incentive Plan and the executive compensation plan, and that the three firms are supportive of the director nominees,” said Dave Hershberg, Globecomm’s Chairman and CEO.
Glass Lewis recommends voting FOR seven of the eight Board nominees, but recommends WITHHOLD on the chairman of the nominating and corporate governance committee, because the Company has neither appointed an independent chairman nor an independent lead or presiding director.
In reviewing the executive compensation plan Glass Lewis stated: “Globecomm Systems' executive compensation received an A grade in our proprietary pay-for-performance model.”
The Globecomm Board reiterates its recommendation that shareholders vote FOR all the proposals at the Company’s Annual Meeting of Stockholders on November 15, 2012.
Stockholders of record of Globecomm as of September 21, 2012, can vote in person at the Annual Meeting or by proxy in one of the following three ways:
1. Vote by Mail: If you received your proxy materials by mail, you can vote by mail by completing, signing, dating and mailing the enclosed proxy card in the postage-paid envelope.
2. Vote by Telephone: Call the toll-free number 1-800-690-6903. You will need to provide the control number printed on your proxy card, and follow the instructions on your card and the voice prompts.
3. Vote over the Internet: Go to the website www.proxyvote.com. You will need to provide the control number printed on your proxy card, and follow the instructions on your card and the website.
Stockholders that vote by telephone or over the Internet, should not return the proxy card. Shareholders that hold Globecomm common stock through a bank or broker will receive instructions from the record holder asking you how you wish to vote. Telephone and Internet voting will be offered by most brokers and banks.
Globecomm stockholders who have questions about the proposals to be voted on at the Annual Meeting, or would like additional copies of the proxy statement or additional proxy cards, may contact Globecomm’s proxy solicitors, Alliance Advisors, LLC: 973.873.7700.
About Globecomm Systems
Globecomm Systems Inc., (“we”, “our”, “us” or “Globecomm”), is a leading global communications solutions provider. Employing our expertise in emerging communication technologies, including satellite and other transport mediums, we are able to offer a comprehensive suite of system integration, system products, and network services enabling a complete end-to-end solution for our customers. We believe our integrated approach of in-house design and engineering expertise combined with a world-class global network and our 24 by 7 network operating centers provides us a unique competitive advantage. We focus this value proposition to selective vertical markets, including government, wireless, media, enterprise, and maritime. As a communications solutions provider we leverage our global network to provide customers managed access services to the United States Internet backbone, video content, the public switched telephone network or their corporate headquarters, or government offices. We currently have customers for which we are providing such services in the United States, Europe, South America, Africa, the Middle East, and Asia.
Based in Hauppauge, New York, Globecomm Systems also maintains offices in Maryland, New Jersey, Virginia, the Netherlands, South Africa, Hong Kong, Germany, Singapore, the United Arab Emirates and Afghanistan.
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements are based on management's current expectations and observations. You should not place undue reliance on our forward-looking statements because the matters they describe are subject to certain risks, uncertainties and assumptions that are difficult to predict. Our forward-looking statements are based on the information currently available to us and speak only as of the date of this press release. Over time, our actual results, performance or achievements may differ from those expressed or implied by our forward-looking statements, and such difference might be significant and materially adverse to our security holders.
We have identified some of the important factors that could cause future events to differ from our current expectations and they are described in our most recent Annual Report on Form 10-K, including without limitation under the captions ''Risk Factors'' and ''Management's Discussion and Analysis of Financial Condition and Results of Operations,'' and in other documents that we may file with the SEC, all of which you should review carefully. Please consider our forward-looking statements in light of those risks as you read this press release.
Matthew Byron, 631-457-1301
Senior Vice President, Corporate Office IR/M&A
Michael Fox / Phil Denning, 203-682-8200
Source: Globecomm Systems Inc.