PR Newswire
SAN DIEGO, April 10, 2017
SAN DIEGO, April 10, 2017 /PRNewswire/ -- Maxwell Technologies, Inc. (NASDAQ: MXWL) ("Maxwell" or the "Company"), a leading developer and manufacturer of capacitor energy storage and power delivery solutions, announced today that it entered into a cooperation agreement with Viex Capital Advisors, LLC and its affiliates ("Viex") under which the Maxwell Board has agreed to appoint Mr. John Mutch as an independent director and to nominate Mr. Mutch for election at the 2017 Annual Meeting of Stockholders as a Class III director of the Company for a term expiring in 2020. Mr. Mutch was selected by Viex but is not an affiliate or associate of Viex. Additionally, the Company and Viex have agreed that, following the 2017 Annual Meeting, the Board will reduce its size to eight, including the Viex nominee.
"We are pleased to strengthen our Board with the addition of a new, highly qualified, independent director nominee, who will add valuable experience and fresh perspective to the Maxwell Board," said Dave Schlotterbeck, Maxwell's Chairman of the Board. "The entire Maxwell team is unified in its focus on maximizing stockholder value and looks forward to working collaboratively with our directors to generate enhanced returns for the Company's stockholders."
"We believe Maxwell is an excellent company, with solid fundamentals and a strong market position in the energy storage space," said Eric Singer, Founder and Managing Member of Viex. "We appreciate the constructive working relationship we have built with Franz and the team at Maxwell over the last year and are pleased to have reached this agreement. We believe that strengthening the Board with highly experienced and independent directors will support the Company in executing on its plans to drive sales growth and profitability for the benefit of all shareholders. We are excited to work collaboratively to realize the Company's full potential for value creation."
As part of the agreement, Viex has agreed to abide by certain customary standstill and voting provisions and has agreed to vote in favor of the Company's slate of director nominees at the 2017 Annual Meeting and certain other matters.
The complete agreement between Maxwell and Viex will be included as an exhibit to a Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission.
Barclays is serving as financial advisors to Maxwell and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel.
About Maxwell
Maxwell is a global leader in the development and manufacture of innovative, cost-effective energy storage and power delivery solutions. Our ultracapacitor products provide safe and reliable power solutions for applications in consumer and industrial electronics, transportation, renewable energy and information technology. Our CONDIS® high-voltage grading and coupling capacitors help to ensure the safety and reliability of electric utility infrastructure and other applications involving transport, distribution and measurement of high-voltage electrical energy. For more information, visit www.maxwell.com.
Forward-Looking Statements
Statements in this news release that are "forward-looking statements" are based on current expectations and assumptions that are subject to risks and uncertainties and are subject to the Safe Harbor provisions created by the Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and contingencies include, but are not limited to, the following:
For further information regarding risks and uncertainties associated with Maxwell's business, please refer to the "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" sections of our SEC filings, including, but not limited to, our annual report on Form 10-K and quarterly reports on Form 10-Q. Copies of these documents may be obtained by contacting Maxwell's investor relations department at (858) 503-3368, or at our investor relations website: www.investors.maxwell.com.
Investor Contact: Soohwan Kim, CFA, The Blueshirt Group, +1 (858) 503-3368, ir@maxwell.com
Media Contact: Sylvie Tse, Metis Communications, +1 (617) 236-0500, maxwell@metiscomm.com
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SOURCE Maxwell Technologies, Inc.
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