ATLANTA, Oct. 27, 2017 (GLOBE NEWSWIRE) -- Concurrent Computer Corporation (NASDAQ:CCUR) reported today that it
has filed with the U.S. Securities and Exchange Commission (SEC) a preliminary proxy statement in connection with the Asset
Purchase Agreement executed on October 13, 2017 and announced on October 16, 2017, between Concurrent, as seller, and Vecima
Networks Inc. (TSX:VCM), as purchaser. The Asset Purchase Agreement contemplates the sale and transfer of all of Concurrent’s
assets and certain liabilities related to Concurrent’s “content delivery and storage” business to Vecima for a purchase price of
$29 million (subject to an adjustment for net working capital). At closing, Concurrent’s assets are expected to consist
primarily of $67 million in working capital and Concurrent’s remaining net operating loss carryforwards under federal, state, and
foreign tax laws.
The Asset Purchase Agreement has been unanimously approved by Concurrent’s Board of Directors. As
previously reported by Concurrent, the Board of Directors has formed an Investment Committee comprised of directors Wayne Barr,
Robert Pons, and Steven Singer to evaluate options to maximize the value of Concurrent’s remaining assets, including the proceeds
of the proposed Vecima transaction.
Certain stockholders of Concurrent, including all of the directors and officers of Concurrent that are
stockholders (but solely in their capacity as stockholders) and JDS1, LLC, Concurrent’s largest stockholder, have entered into a
Voting Agreement (on a several and not joint and several basis, and not with each other) with Vecima regarding Asset Purchase
Agreement. So long as the Voting Agreement has not been terminated in accordance with its terms, the Voting Agreement
requires the stockholder signatories thereto to vote in favor of Concurrent’s consummation of the transactions contemplated by the
Asset Purchase Agreement and against any action or proposal in favor of an alternative acquisition proposal. As of October
13, 2017, the signatories to the Voting Agreement held, in the aggregate, approximately 17% of Concurrent’s issued and outstanding
common stock. As of October 24, 2017, that amount had increased to approximately 20.5% of Concurrent’s issued and outstanding
common stock. Investors and security holders may obtain a copy of the Voting Agreement, which is attached as Exhibit 99.2 to
the Schedule 13D filed by Vecima on October 23, 2017, from the SEC’s website at www.sec.gov and Concurrent’s website at
http://www.concurrent.com/about/investors/sec-filings/.
Dividend Policy
The Board of Directors has determined that Concurrent will make the regularly scheduled quarterly dividend
payment of $0.12 per share of common stock on December 28, 2017 to stockholders of record as of December 14, 2017. In
addition, the Board of Directors has determined to suspend future dividends after the December 28, 2017 dividend. The Board
of Directors’ determined to suspend Concurrent’s quarterly dividend following the payment of the December 28, 2017 dividend to
preserve Concurrent’s liquidity while the Investment Committee considers potential acquisition targets and alternative uses of
Concurrent’s remaining assets, including the proceeds of the Vecima transaction. The Board of Directors will continue to
regularly assess Concurrent’s allocation of capital and evaluate whether and when to reinstate the quarterly dividend.
Forward Looking Statements
Certain statements in this communication constitute forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by words such as
“anticipate,” “believe,” “intend,” “estimate,” “expect,” “see,” “continue,” “could,” “can,” “may,” “will,” “likely,” “depend,”
“should,” “would,” “plan,” “predict,” “target,” and similar expressions, and may include references to assumptions and relate to
Concurrent’s future prospects, developments and business strategies. Except for the historical information contained herein, the
matters discussed in this communication are forward-looking statements that involve risks and uncertainties that may cause
Concurrent’s actual results to be materially different from such forward-looking statements and could materially adversely affect
its business, financial condition, operating results and cash flows. These risks and uncertainties include the occurrence of any
event, change or other circumstances that could give rise to the termination of the Asset Purchase Agreement; the failure to obtain
the approval of Concurrent’s stockholders or required third party consents or the failure to satisfy any of the other closing
conditions to the Asset Purchase Agreement; potential disruption of management’s attention from Concurrent’s ongoing business
operations due to the transaction; the effect of the announcement of the Asset Purchase Agreement on the ability of Concurrent to
retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business, or on
its operating results and business generally; general business conditions; changes in overall economic conditions that impact
consumer spending; the impact of competition; and other factors which are often beyond the control of Concurrent, as well other
risks listed in the preliminary proxy statement filed on October 27, 2017 or Concurrent’s Form 10-K filed September 20, 2017 with
the Securities and Exchange Commission and risks and uncertainties not presently known to Concurrent or that Concurrent currently
deems immaterial. Concurrent wishes to caution you that you should not place undue reliance on such forward-looking statements,
which speak only as of the date on which they were made. Concurrent does not undertake any obligation to update forward-looking
statements, except as required by law.
Important Additional Information and Where to Find It
In connection with the proposed transaction with Vecima, Concurrent filed a preliminary proxy statement with the
SEC on October 27, 2017. A definitive proxy statement containing information about the proposed transaction with Vecima will
be filed with the SEC and mailed to each Concurrent stockholder entitled to vote at the special meeting called for the purpose of,
among other things, approving the proposed transaction with Vecima. BEFORE MAKING ANY VOTING DECISION, CONCURRENT’S STOCKHOLDERS
ARE URGED TO CAREFULLY READ THE PROXY STATEMENT IN ITS ENTIRETY WHEN IT BECOMES AVAILABLE AND ANY OTHER DOCUMENTS FILED WITH THE
SEC IN CONNECTION WITH THE PROPOSED TRANSACTION OR INCORPORATED BY REFERENCE THEREIN BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES TO THE PROPOSED TRANSACTION. Investors and security holders may
obtain a free copy of the preliminary proxy statement and other documents that Concurrent files with the SEC (when available) from
the SEC’s website at www.sec.gov and Concurrent’s website at http://www.concurrent.com/about/investors/sec-filings/. In addition,
the preliminary proxy statement and other documents filed by Concurrent with the SEC (when available) may be obtained from
Concurrent free of charge by directing a written request to Corporate Secretary, Concurrent Computer Corporation, 4375 River Green
Parkway, Suite 100, Duluth, Georgia 30096. Phone: (678) 258-4000.
Derek Elder, director and Chief Executive Officer, Warren Sutherland, Chief Financial Officer, and certain other
directors and officers of Concurrent, are or may be deemed participants in Concurrent’s solicitation. Other than Mr. Elder, none of
such participants owns in excess of 1% of Concurrent’s common stock. Mr. Elder may be deemed to own approximately 2.3% of
Concurrent’s common stock. Additional information regarding such participants, including their direct or indirect interests, by
security holdings or otherwise, is included in the preliminary proxy statement and will be included in the definitive proxy
statement and other relevant documents to be filed with the SEC in connection with the transaction. Information relating to the
foregoing can also be found in Concurrent’s definitive proxy statement for its 2017 Annual Meeting of Stockholders (the “2017 Proxy
Statement”), which was filed with the SEC on October 2, 2017. To the extent that holdings of Concurrent’s securities have changed,
such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. The foregoing
documents may be obtained free of charge from the SEC’s website at www.sec.gov and Concurrent’s website at http://www.concurrent.com/about/investors/sec-filings/.
Media Relations:
Sandra Dover
(678) 258-4112
Sandra.dover@concurrent.com
Investor Relations:
EVC Group, Inc.
Todd Kehrli
310-625-4462
tkehrli@evcgroup.com
Doug Sherk
415-652-9100
dsherk@evcgroup.com
