Benzinga | Dec 14, 2020 08:08AM EST

TESSCO Announces Says Robert B. Barnhill, Jr. Has Delivered The Consents From Shareholders With Respect To His Effort To Remove The Majority Of Its Directors And Elect Four New Directors

TESSCO Technologies Incorporated (NASDAQ:TESS), a leading value-added distributor and solutions provider for the wireless industry, today confirmed that Robert B. Barnhill, Jr. has delivered the consents from shareholders with respect to his effort to remove the majority of its directors and elect four new directors.

According to the materials delivered to the Company, the proposal naming John D. Beletic for removal has received sufficient support to be effective. None of the other proposals to remove named directors received sufficient shareholder support to become effective. The materials further assert that the technical language of the proposal to remove Mr. Beletic also implicates the removal of two directors who joined the Board in early November, Cathy-Ann Martine-Dolecki and Ronald D. McCray. Accordingly, Mr. Beletic, Ms. Dolecki and Mr. McCray have been removed from the Board.

In addition, J. Timothy Bryan and Kathleen McLean have been elected to the Board, and the other proposals that were the subject of the consent solicitation became effective. A report on Form 8-K confirming the final vote will be filed in due course.

The Special Committee of the Board of Directors notes that Ms. Dolecki and Mr. McCray are well qualified and have served as outstanding board members for TESSCO. In the Special Committee's engagements with a substantial number of shareholders and proxy advisor firms, the committee received favorable comments about their expertise and their ability to contribute meaningfully to the success of the Company. Based on these conversations, the Special Committee strongly believes that the consents that precipitated their removal are solely the result of the technical language of the proposal.

Sandip Mukerjee, President and Chief Executive Officer of TESSCO, provided the following statement:

"On behalf of the full Board and TESSCO's employees and stakeholders, I welcome Mr. Bryan and Ms. McLean to the Board. I look forward to getting to know them and to having them contribute to TESSCO's success. I also want to thank John Beletic for his years of dedication to TESSCO."