MALVERN, Pa.--(BUSINESS WIRE)--
Vishay Precision Group, Inc. (NYSE: VPG), a leading producer of
precision sensors and systems, and Nokomis Capital, L.L.C. today
announced an agreement to further strengthen the Company’s Board of
Directors. The Company and Nokomis will work to identify a mutually
agreeable individual to appoint to the Board as a new independent
director, with a term expiring at the 2018 Annual Meeting of
Stockholders. If such an independent director is not identified by June
30, 2017, Wes Cummins of Nokomis will be appointed to the Board until
the new independent director is identified. The new director will serve
on the Board’s Nominating & Corporate Governance Committee and the
Compensation Committee.
Marc Zandman, VPG’s Chairman of the Board, said of the agreement, “We
regularly engage with our stockholders in order to ensure alignment on
strategic objectives. We have enjoyed several productive discussions
with Nokomis over the last few years regarding effective means to
enhance stockholder value, and we look forward to further engaging with
them to identify a qualified individual whose expertise and insights can
complement our Board and benefit our stockholders.”
Brett Hendrickson of Nokomis Capital commented, "We are pleased we were
able to reach an agreement with the Company on Board enhancement. We are
confident that the addition of another new independent director on the
VPG Board, along with the two independent directors whom the Company
added in 2016, will bring fresh perspective to the boardroom and will
help enhance value for the benefit of all the Company's stockholders."
Pursuant to the agreement, Nokomis, which owns approximately 15.9
percent of VPG’s outstanding common stock (14.7 percent of the
outstanding capital stock), has agreed to vote its shares in favor of
the Board’s recommendations regarding director elections and other
matters to be submitted to a vote at the 2017 Annual Meeting of
Stockholders. Nokomis has also agreed to customary standstill
commitments. The complete agreement will be included as an exhibit to
the Company's Current Report on Form 8-K to be filed with the Securities
and Exchange Commission.
About VPG
Vishay Precision Group, Inc. (VPG) is an internationally recognized
designer, manufacturer and marketer of: components based on its
resistive foil technology; sensors; and sensor-based systems
specializing in the growing markets of stress, force, weight, pressure,
and current measurements. VPG is a market leader of foil technology
products, providing ongoing technology innovations in precision foil
resistors and foil strain gages, which are the foundation of the
company's force sensors products and its weighing and control systems.
The product portfolio consists of a variety of well-established brand
names recognized for precision and quality in the marketplace. To learn
more, visit VPG at www.vpgsensors.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170327005283/en/
For Investors
ICR, Inc.
James
Palczynski, 203-682-8229
[email protected]
or
For
Media
ICR, Inc.
Phil Denning, 646-277-1258
[email protected]
Source: VPG