PHILADELPHIA, PA--(Marketwired - Sep 2, 2014) - Alteva, Inc. (
Alteva's Board thoroughly reviewed Juniper's unsolicited proposal with the assistance of its independent advisors and concluded that the proposal significantly undervalues the Company and its future prospects and is not in the best interests of shareholders.
Kelly Bloss, the Company's Chairman, stated, "We are always prepared to evaluate transactions that could improve shareholder value. However, we also have an obligation to ensure that our shareholders are treated fairly. We felt that adoption of the shareholder rights plan gives us an additional tool to preclude would-be acquirers from seeking to take advantage of temporary fluctuations in our stock price."
Further details about the shareholder rights plan will be contained in a Form 8-K to be filed with the Securities and Exchange Commission.
DLA Piper LLP (US) is serving as legal counsel to Alteva and its Board of Directors.
About Alteva
Alteva (
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements, without limitation, regarding expectations, beliefs, intentions, growth, profitability, dividends, or strategies regarding the future. Alteva intends that such forward-looking statements be subject to the safe-harbor provided by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Alteva's actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: expectations of future profitability; general economic and business conditions, both nationally and in the geographic regions in which Alteva operates; industry capacity; demographic changes; technological changes and changes in consumer demand; the successful integration of Alteva's acquired businesses; existing governmental regulations and changes in, or the failure to comply with, governmental regulations; legislative proposals relating to the businesses in which Alteva operates; reduction in cash distributions from the Orange County-Poughkeepsie Limited Partnership; competition; or the loss of any significant ability to attract and retain qualified personnel. Examples of forward-looking statements in this press release include, but are not limited to, statements regarding expected efficiencies, profitable and sustainable growth, and driving long-term shareholder value. Given these uncertainties, current and prospective investors should be cautioned in their reliance on such forward-looking statements. Except as required by law, Alteva disclaims any obligation to update any such factors or to publicly announce any revision to any of the forward-looking statements contained herein to reflect future events or developments. A more comprehensive discussion of risks, uncertainties, financial reporting restatements, and forward-looking statements may be found in Alteva's Annual Report on Form 10-K, as amended, and other periodic filings with the U.S. Securities and Exchange Commission.
