The Company issued the following statement:
"Progress' Board of Directors and management team are dedicated to
building value for all shareholders through the implementation of our
new strategic plan, which we announced on
"Starboard's withdrawal of its nominees demonstrates its support of our strategic plan and confidence in our Board to help oversee its execution. We appreciate the positive and constructive feedback and valuable insights we received from Starboard and our other shareholders. We look forward to focusing exclusively on executing our plan to drive growth and enhance our operating margins for the benefit of all Progress shareholders."
As a result of Starboard's withdrawal of its candidates, any shareholders who previously voted the White Starboard proxy are urged to vote the Company's GOLD card to ensure their shares are cast for the Progress director candidates as well as all other proposals to be considered at the Annual Meeting.
The Company reminds shareholders to vote the GOLD proxy card today by
telephone, by Internet or by signing, dating and returning the GOLD
proxy card. Progress shareholders with questions about how to vote their
shares should contact the Company's proxy solicitor,
Progress' 2012 Annual Meeting of Shareholders will be held on
About
Forward-Looking Statements
This press release contains statements that are "forward-looking
statements" within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Progress has identified some of these forward-looking
statements with words like "believe," "may," "could," "would," "might,"
"should," "expect," "intend," "plan," "target," "anticipate" and
"continue," the negative of these words, other terms of similar meaning
or the use of future dates. Forward-looking statements in this press
release include, but are not limited to, statements regarding Progress's
strategic plan and the expected timing for completion; the components of
that plan including operational restructuring, product divestitures and
return of capital to shareholders; acquisitions; future revenue growth,
operating margin and cost savings; product development, strategic
partnering and marketing initiatives; the growth rates of certain
markets; and other statements regarding the future operation, direction
and success of Progress's business. There are a number of factors that
could cause actual results or future events to differ materially from
those anticipated by the forward-looking statements, including, without
limitation: (1) Progress's ability to realize the expected benefits and
cost savings from its strategic plan; (2) market acceptance of
Progress's strategic plan and product development initiatives; (3)
disruption caused by implementation of the strategic plan and related
restructuring and divestitures on relationships with employees,
customers, vendors and other business partners; (4) pricing pressures
and the competitive environment in the software industry and
Platform-as-a-Service market; (5) Progress's ability to complete the
proposed product divestitures in a timely manner, at favorable prices or
at all; (6) Progress's ability to make technology acquisitions and to
realize the expected benefits and anticipated synergies from such
acquisitions; (7) the continuing weakness in the U.S. and international
economies, which could result in fewer sales of Progress's products
and/or delays in the implementation of Progress's strategic plan and may
otherwise harm Progress's business; (8) business and consumer use of the
Internet and the continuing adoption of Cloud technologies; (9) the
receipt and shipment of new orders; (10) Progress's ability to expand
its relationships with channel partners and to manage the interaction of
channel partners with its direct sales force; (11) the timely release of
enhancements to Progress's products and customer acceptance of new
products; (12) the positioning of Progress's products in its existing
and new markets; (13) variations in the demand for professional services
and technical support; (14) Progress's ability to penetrate
international markets and manage its international operations; and (15)
changes in exchange rates. For further information regarding risks and
uncertainties associated with Progress's business, please refer to
Progress's filings with the
Important Shareholder Information
Progress will hold its 2012 Annual Meeting of Shareholders on May 31,
2012. Progress has filed with the
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT SOLICITATION MATERIALS WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION.
The proxy statement and other relevant solicitation materials (when they
become available), and any and all documents filed by Progress with the
Progress and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from the shareholders of
Progress in connection with the Annual Meeting. Information regarding
Progress's directors and executive officers is contained in Progress's
annual report on Form 10-K filed with the
Investor Relations Contact:
tobarth@progress.com
or
Public
Relations Contact:
jstewart@progress.com
Source:
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