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iRobot Issues StatementBEDFORD, Mass., Dec. 1, 2015 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today issued the following statement in response to Red Mountain Capital: At iRobot, our goal has always been – and continues to be – building value for all our stockholders. While it is the Company's policy not to comment on specific discussions with stockholders, it is important to note that members of iRobot's Board and senior management team have held numerous discussions and meetings with Red Mountain over the last seven months, including a meeting with our Lead Independent Director and Chairperson of the Nominating and Corporate Governance Committee. Given our willingness to engage and discuss Red Mountain's viewpoints with a goal of resolving this situation constructively, we are surprised that they have determined to take this course of action. We are focused on allocating capital to the most accretive opportunities to create stockholder value. We remain committed to returning capital to stockholders through our $50 million stock repurchase program, of which we have repurchased $27 million. In addition, the Board recently approved an anti-share dilution repurchase program and, beginning in 2016, iRobot expects to repurchase up to one million shares annually. Consistent with our commitment to enhance stockholder value, our Board and management team regularly evaluate the Company's strategic options and priorities for capital deployment, and are actively considering a range of options in conjunction with the development of the Company's operating plan for 2016. The iRobot Board is composed of eight highly qualified andexperienced directors, seven of whom are independent, and all of whom are active, engaged and committed to acting in the best interests of iRobot and all of its stockholders. Utilizing our standard director assessment process, four new directors have been appointed within the last five years, including one Board member appointed in August of this year. This strong Board includes individuals that bring a wide range of expertise in technology, consumer brands, marketing and finance to the Company. PJT Partners is serving as financial advisor to iRobot and Goodwin Procter LLP is serving as legal counsel. About iRobot Corp. For iRobot Investors Logo - http://photos.prnewswire.com/prnh/20131104/NE10106LOGO To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/irobot-issues-statement-300186606.html SOURCE iRobot Corp. |