ModusLink Global Solutions™, Inc. (NASDAQ: MLNK) announced today that it
will further adjourn its 2013 Annual Meeting to allow additional time
for stockholders to vote on Proposal 2. The Annual Meeting will
reconvene on March 11, 2014 at 9:00 a.m. Eastern time at the offices of
Olshan Frome Wolosky LLP, located at 65 East 55th Street, New York, NY
10022 for the purpose of holding a stockholder vote on Proposal 2.
Proposal 2 would eliminate the classification of the Board and provide
instead for the annual election of Directors commencing with the
Company’s 2014 annual meeting of stockholders, which will be held after
the fiscal year ending on July 31, 2014. The proposal is described in
detail in the Company’s definitive proxy statement for the Annual
Meeting as filed with the Securities and Exchange Commission on October
29, 2013.
As of February 11, 2014, the proposal had the support of approximately
73% of the Company’s outstanding shares. Under the Company’s by-laws the
proposal requires support from 75% of the outstanding shares.
During the period of the adjournment, ModusLink will continue to solicit
proxies from its stockholders with respect to Proposal 2. Stockholders
who have already voted need not take any action on the proposal,
although they may change their vote for the proposal by executing a new
proxy, revoking a previously given proxy, in the manner set forth in
ModusLink’s proxy statement.
ModusLink encourages all stockholders who have not yet voted on Proposal
2 to do so before March 11, 2014. If stockholders need any assistance in
voting their shares, please contact our proxy solicitor, MacKenzie
Partners, Inc. at 800-322-2885 or via email at proxy@mackenziepartners.com.
This information is being provided to stockholders in addition to
ModusLink’s definitive proxy statement, filed with the Securities and
Exchange Commission (the “SEC”) on October 29, 2013. Copies of
ModusLink’s definitive proxy statement and any other materials filed by
the Company with the SEC can be obtained free of charge at the SEC’s
website at www.sec.gov
or from the Company’s website at www.moduslink.com.
Please read the complete proxy statement, the accompanying materials and
any additional proxy soliciting materials that ModusLink may file with
the SEC carefully before you make a voting decision as they contain
important information. Only stockholders who held the Company’s common
stock as of the record date of October 21, 2013 are eligible to vote.
ModusLink, its directors and certain of its executive officers may be
deemed to be participants in the solicitation of proxies from
stockholders. Detailed information regarding the identity of the
potential participants, and their direct or indirect interests, by
security holdings or otherwise, is set forth in ModusLink’s definitive
proxy statement.
About ModusLink Global Solutions
ModusLink Global Solutions,
Inc. (NASDAQ: MLNK) executes comprehensive supply chain and logistics
services that are designed to improve clients’ revenue, cost,
sustainability and customer experience objectives. ModusLink is a
trusted and integrated provider to the world’s leading companies in
consumer electronics, communications, computing, medical devices,
software and retail. The Company’s operating infrastructure annually
supports more than $80 billion of its clients’ revenue and manages
approximately 451 million product shipments through more than 25 sites
across North America, Europe, and the Asia/Pacific region. For details
on ModusLink’s flexible and scalable solutions visit www.moduslink.com
and www.valueunchained.com,
the blog for supply chain professionals.
ModusLink Global Solutions is a registered trademark of ModusLink Global
Solutions, Inc. All other company names and products are trademarks or
registered trademarks of their respective companies.
This release contains forward-looking statements, which address a
variety of subjects. All statements other than statements of historical
fact, including without limitation, those with respect to the Company’s
goals, plans, expectations and strategies set forth herein are
forward-looking statements. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking statements: the
Company’s ability to execute on its business strategy, including its
cost reduction plans and the continued and increased demand for and
market acceptance of its services, which could negatively affect the
Company’s ability to meet its revenue, operating income and cost savings
targets, maintain and improve its cash position, expand its operations
and revenue, lower its costs, improve its gross margins, reach and
sustain profitability, reach its long-term objectives and operate
optimally; uncertainties and volatility relating to global economic
conditions, especially in the technology sector; unanticipated declines
in, or failure to achieve the anticipated levels of, the demand for our
clients’ products; potential strains on managerial and operational
resources resulting from expanded operations; failure to realize
expected benefits of restructuring and cost-cutting actions; inability
to expand operations in accordance with the Company’s business strategy;
insufficient cash balances that could prevent the Company from meeting
business or investment goals; difficulties integrating technologies,
operations and personnel in accordance with the Company’s business
strategy; customer losses; demand variability in supply chain management
clients, to which the Company sells on a purchase order basis rather
than pursuant to contracts with minimum purchase requirements; risks
inherent with conducting international operations; changes in tax rates
in jurisdictions where profits are determined to be earned and taxed;
changes in estimates of tax credits, benefits and deductions;
unfavorable resolution of issues arising from tax audits with various
tax authorities, including payment of interest and penalties and the
ability to realize deferred tax assets; adverse conditions in the
mergers and acquisitions or IPO markets, which could prevent liquidity
for securities in the Company’s venture capital portfolio; and increased
competition and technological changes in the markets in which the
Company competes. For a detailed discussion of cautionary statements
that may affect the Company’s future results of operations and financial
results, please refer to the Company’s filings with the Securities and
Exchange Commission, including the Company’s most recent Annual Report
on Form 10-K and Quarterly Reports on Form 10-Q. Forward-looking
statements represent management’s current expectations and are
inherently uncertain. We do not undertake any obligation to update
forward-looking statements made by us.
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