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Numerex Announces Agreement With Viex Capital Advisors Concerning Board Seats

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Numerex Corp. (NASDAQ: NMRX), a provider of machine-to-machine enterprise solutions, announced on Thursday it has reached an agreement Viex Capital Advisors concerning its board of directors' structure.

Viex Capital, an activist investment firm is also a major shareholder of Numerex. As part of the agreement, Viex Capital's founder and managing member, Eric Singer, will gain a seat at the company's board of directors, effective immediately. Singer will also serve on the Audit and Nominating/Corporate Government Committees.

Numerex also agreed to nominate a new independent director, Brian Igo for election to the board of directors. Finally, the agreement also calls for the company to expand its board of directors to eight people.

"We are pleased to welcome Eric and Brian to the Numerex Board of Directors. They will bring financial expertise and significant industry relationships to our Board," said Marc Zionts, Numerex's Chief Executive Officer. "We believe Viex's involvement at Numerex has contributed to a positive change to the Board's composition and are confident that the agreement we have reached today will benefit all Numerex shareholders."

Eric Singer of Viex said, "We appreciate the meaningful dialogue we have had with Marc and commend the Board's thoughtful engagement with us over the past couple of months. We are pleased we were able to reach this agreement with Numerex and I look forward to working constructively with the other Board members to enhance shareholder value for the benefit of all shareholders."

Shares of Numerex were trading up by around 0.2 percent Thursday morning at $5.83.

 

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Posted-In: Activist investors Brian Igo Eric Singer MAr Zionts NumerexNews Management Trading Ideas

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