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Zix Corporation,
("ZixCorp"), the leader in email encryption services, announced today that it
has reached an agreement with Meldrum Asset Management and affiliates (the
"Meldrum Group") in connection with the Meldrum Group's request for a special
meeting of shareholders.
Under the terms of the agreement, ZixCorp has agreed to add two Meldrum Group
designees, Mark J. Bonney and Michael E. Dailey, to its Board effective as of
January 1, 2013. Messrs. Bonney and Dailey, both of whom qualify as
independent directors within the meaning of NASDAQ listing standards, and
neither of whom is employed by Meldrum, will join the Board's Audit and
Compensation Committees, respectively. As part of the agreement, the Meldrum
Group has withdrawn its request for a special meeting of shareholders and
related proposals, and also has agreed to vote their shares in support of the
Board's nominees at ZixCorp's 2013 annual meeting of shareholders, and not to
solicit proxies in connection with this meeting.
"We are gratified to have reached this agreement without a costly and
distracting proxy contest," said Rick Spurr, Chairman and CEO. "We look
forward to working productively with the new members of our Board in
continuing to grow our business and enhance shareholder value."
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