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Novatel Wireless Enters into Agreement with Investor Group [Health & Beauty Close - Up](Health & Beauty Close - Up Via Acquire Media NewsEdge) Novatel Wireless, a provider of intelligent wireless solutions, said that it has reached an agreement with the investor group, Novatel Shareholders for Change, under which Richard Karp and Alex Mashinsky have been immediately appointed to the Company's board of directors. In a release on April 29, the Company noted that as a result of the appointments, the size of the board has been expanded from six to eight members. The size of the board will remain at eight until the 2014 Annual Meeting of Stockholders, at which time the board will be reduced to seven members. In connection with the 2014 Annual Meeting, Novatel Wireless will nominate Karp and Russell Gerns for re-election for terms expiring at the 2017 annual meeting of stockholders. Mashinsky's term will expire at the 2015 annual meeting. In addition, the Novatel Wireless board of directors has established the role of independent Chairman of the board of directors and elected Sue Swenson as Chairman, effective immediately. Swenson has served on the board of directors since 2012. "We look forward to drawing on the experience and perspectives that Dick and Alex each bring to the board as we focus on enhancing value for all Novatel Wireless stockholders. We are also pleased that we were able to come to an agreement with Novatel Shareholders for Change that we believe serves the best interests of Novatel Wireless and all our stockholders," said Swenson. Also as part of the agreement, the investors will vote all of their shares in favor of each of the Novatel Wireless board's nominees at the 2014 Annual Meeting and in accordance with the board's recommendation with respect to each other proposal, unless Institutional Shareholder Services Inc. recommends otherwise regarding the proposal. "We are pleased to have worked constructively with management and the board of Novatel Wireless to reach this agreement. We believe Novatel Wireless has significant value. Dick and Alex are well- respected, proven business leaders with decades of experience in the technology sector. We look forward to their active contribution in helping the Company realize its full potential," said Cobb Sadler, speaking on behalf of Novatel Shareholders for Change. About the new Novatel Wireless Directors: Karp is a private investor. From 1986 through 2009, Karp served as Chairman and CEO of Catapult Communications Corp., a telecommunications company he founded. Catapult was taken public and ultimately sold to Ixia in 2009. Prior to founding Catapult, Karp held senior positions in the telecommunications and information systems industries. Mashinsky has served as Managing Partner of Governing Dynamics since 2004. Governing Dynamics is an early stage investment and development company. Between May and December 2013, Mashinsky served on the board of directors of Tellabs, a publicly traded telecommunications company, until it was acquired in December 2013. In 2004, Mashinsky founded GroundLink, a transportation marketplace that aggregates, manages and execute ground travel services on a global scale. Mashinsky served as CEO of GroundLink through 2011. Also in 2004, Mashinsky founded Transit Wireless, a wireless distributed antenna systems company that provided wireless data coverage to 300 of New York City's subway stations. Between 1995 and 2003, Mashinsky founded and operated companies in the information technology sector, including Arbinet. ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |