iRobot Responds to Red Mountain Capital; Says Numerous Discussions With Red Mountain have Taken Place

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iRobot Corp.
IRBT
today issued the following statement in response to Red Mountain Capital: At iRobot, our goal has always been – and continues to be – building value for all our stockholders.  While it is the Company's policy not to comment on specific discussions with stockholders, it is important to note that members of iRobot's Board and senior management team have held numerous discussions and meetings with Red Mountain over the last seven months, including a meeting with our Lead Independent Director and Chairperson of the Nominating and Corporate Governance Committee.  Given our willingness to engage and discuss Red Mountain's viewpoints with a goal of resolving this situation constructively, we are surprised that they have determined to take this course of action.  We are focused on allocating capital to the most accretive opportunities to create stockholder value.  We remain committed to returning capital to stockholders through our $50 million stock repurchase program, of which we have repurchased $27 million.  In addition, the Board recently approved an anti-share dilution repurchase program and, beginning in 2016, iRobot expects to repurchase up to one million shares annually.   Consistent with our
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Posted In: NewsManagementPress Releases
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