MILWAUKEE, WI --(Marketwired - December 27, 2016) - ARI Network Services, Inc. (
"The recommendations made by both ISS and Glass Lewis in support of ARI's Director nominees affirm our strongly held belief that our strategy will continue to produce significant results," said ARI Chairman of the Board, William H. Luden, III. "Our highly qualified Director nominees are critical members of our team and have helped maintain our focus on growing the business both organically and by acquisition. By executing on our strategic plan, we have invested in the future while continuing to deliver results for our shareholders."
In its Dec. 23, 2016, report, ISS stated:
- "It is difficult to dispute that the current board and management have driven significant, long-term total return for shareholders, with robust TSR (total shareholder return) of 262.0 percent over the tenure of the current CEO."
- "... the positive TSR suggests that the market expects ARI's recent investments will pay off in the medium term. In fact, our analysis suggests that, if management's topline and EBITDA targets are achieved, over the next five years ROIC should expand into the low teens."
- "The dissident has failed to make a compelling case that change at the board level is necessary, no support for the dissident nominees is warranted."
ISS' position is supported by the opinions stated in the Dec. 23, 2016, Glass Lewis report:
- "We find that the Company's share price returns have been better than the performance of various relevant market indices over both the short and long run."
- "We also believe that the Dissident's recent track record at other public firms should give ARI shareholders a great deal of pause."
- "We believe a dissident shareholder seeking minority board representation must: (i) make a compelling case that the board either has mismanaged or failed to properly oversee the company's direction, or suffers from serious governance concerns; and (ii) nominate qualified board candidates, free from significant conflicts, who can be expected to proactively address the dissident's concerns. In this case, we believe that the Dissident has failed to meet both of our aforementioned criteria."
With the annual meeting rapidly approaching, ARI encourages its shareholders to vote the WHITE proxy card to VOTE FOR ALL of ARI's Director nominees. ARI also urges shareholders to discard any blue proxy card or voting instruction form they may receive from Park City. Even a WITHHOLD vote with respect to Park City's nominees on its blue proxy card or voting instruction form will cancel any proxy or voting instruction form previously given to ARIS.
If you have any questions or require assistance with your vote, please contact our proxy solicitor:
Morrow Sodali 470 West Avenue Stamford, CT 06902 Banks and Brokerage Firms Call 203.658.9400 Shareholders Call Toll Free: 800.662.5200
Important Additional Information
ARI has filed a definitive proxy statement on Schedule 14A (the Proxy Statement) with the Securities and Exchange Commission (SEC) in connection with its Board of Directors' solicitation of proxies to vote in favor of the directors nominated by the Board and to vote on the other matters described therein and any other matters that properly come before the 2017 Annual Meeting of Shareholders. On November 28, 2016, ARI commenced the mailing of the Proxy Statement and a WHITE proxy card to each ARI shareholder entitled to vote at the Annual Meeting. ARI has engaged Morrow Sodali (Morrow) to assist it in soliciting proxies from its shareholders. ARI has agreed to pay customary compensation to Morrow for such services and to indemnify Morrow and certain related persons against certain liabilities relating to or arising out of the engagement. Directors and certain officers of ARI may solicit proxies, although they will receive no additional compensation for such services. Information regarding securities ownership by the Board of Directors and certain members of management as of October 28, 2016, is contained in the Proxy Statement. ARI shareholders should read the Proxy Statement (including any amendments or supplements thereto) because these documents contain (or will contain) important information. The Proxy Statement and other public filings made by ARI with the SEC are available without charge from the SEC's website at sec.gov and from ARI at http://investor.arinet.com .
About ARI ARI Network Services, Inc. (ARI) (
Additional Information
- Follow @ARI_Net on Twitter: twitter.com/ARI_Net
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- LinkedIn: linkedin.com/company/ari_2
- Read more about ARI: investor.arinet.com/about-us
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For media inquiries, contact: Colleen Malloy Director of Marketing ARI 414.973.4323 colleen.malloy@arinet.com For investor inquiries, contact: Theresa DeNicola ARI 414.973.4334 theresa.denicola@arinet.com