Clinton Group, Inc. ("Clinton Group"
or "CGI"), a stockholder of Imation Corp. ("Imation" or the "Company"),
announced today that, on November 18, 2014, it had previously recently
provided notice of its intention to nominate:
o Joseph A. De Perio, Senior Portfolio Manager, Public Equity and Private at
Clinton Group, Inc.
o Robert B. Fernander, veteran executive in technology space with domain
expertise in, among other things, data storage
o Barry L. Kasoff, President of Realization Services, Inc., a full service
management consulting firm specializing in assisting companies and capital
stakeholders in troubled business environments
"We anticipate articulating our case for change and our proposed path forward
to all shareholders in the coming months," said Joseph A. De Perio, Senior
Portfolio Manager at Clinton Group. "We would like to give our fellow
shareholders an option in the next annual meeting to empanel a board of
directors that we believe is more equipped and more aligned to tackle the
issues at hand at Imation. I encourage my fellow shareholders to reach out to
me and share their views."
A copy of a letter sent to the Board of Directors today is also included in
this release.
Clinton Group filed its nomination notice on November 18, 2014 and revised its
nomination notice on December 15, 2015. The Clinton Group independent
nominees for the Company's Board are:
Joseph A. De Perio has served as a Senior Portfolio Manager of CGI, a
registered investment adviser, since October 2010; he also served in a similar
capacity from 2006 until December 2007. Mr. De Perio oversees trading,
research and portfolio management for CGI's public equity and private equity
portfolios. Mr. De Perio currently serves as the President of ROI Acquisition
Corp. II, a company formed for the purpose of acquiring one or more businesses
or assets, and has done so since its inception in September 2011. From
December 2007 until October 2010, Mr. De Perio was a Vice President at
Millennium Management, L.L.C., a global investment management firm. Mr. De
Perio was a Private Equity Associate at Trimaran Capital Partners, a private
investment firm, from 2004 until 2006 and an analyst and associate in the
mergers and acquisitions department at CIBC Oppenheimer, a national investment
boutique, from 2000 until 2004.
Robert B. Fernander served as the Chief Executive Officer of Datagres
Technologies Inc., a data storage optimization software company, from
September 2013 until September 2014. During his time at Datagres Technologies
Inc., Mr. Fernander also served on its board of directors. Mr. Fernander
served as the Chief Executive Officer and a member of the board of directors
of Gnodal Limited, a storage and computer networking company, from 2012 until
2013 when it was acquired by Cray Inc. From 2007 until 2012, Mr. Fernander
served on the board of directors and as the Chief Executive Officer of Pivot3
Inc., a hyper converged storage and compute platform. Prior to serving at
Pivot3, Mr. Fernander served as an executive at several private startup
companies, a vice president at Compaq (over 4 years) and held several sales
and marketing leadership positions at Sun Microsystems (over 9 years).
Barry L. Kasoff currently serves as the President of Realization Services,
Inc., a full service management consulting firm specializing in assisting
companies and capital stakeholders in troubled business environments, and has
served in such capacity since he founded it in 1997. In connection with Mr.
Kasoff's management consulting work with Realization Services, Inc., Mr.
Kasoff served as the Chief Restructuring Officer of numerous companies, that
were clients of Realization Services, Inc. and that were undergoing
operational and/or liquidity issues. From 1990 until 1997, Mr. Kasoff was the
general manager of Takarajimasha, a Japanese communications conglomerate.
There, he identified and evaluated its investments and supervised the
company's U.S. and European-based operations. From 1987 until 1990, Mr. Kasoff
was the Chief Financial Officer of various portfolio companies and Vice
President of Operations of Selzer Group, a New York investment banking and
leveraged buyout group comprised of public and private companies.
This communication is not a proxy solicitation, which may be done only
pursuant to a definitive written proxy statement.
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