SED International Holdings, Inc. (NYSE MKT: SED) (“the Company”, “SED”, “our”, “we”), a multinational supply chain management provider and distributor of leading computer technology, consumer electronics, and small appliances products, today announced that its Board of Directors has reached an agreement with Paragon Technologies, Inc. and its affiliates (“Paragon”) to transition leadership of the company’s Board of Directors.
Under terms of the agreement, the Board announced the following transitions, effective immediately:
- Executive Chairman Samuel A. Kidston and each of the other directors of the Company, J.D. Abouchar, Arthur Goldberg, J.K. Hage, Steven Metayer and Robert G. O’Malley have resigned from the board.
- The following designees of Paragon have been appointed to the board: Dennis L. Chandler, Hesham M. Gad, Jack H. Jacobs and Samuel S. Weiser.
- Robert G. O’Malley will continue as Chief Executive Officer of the Company.
“We are all pleased that the situation with our largest shareholder has been resolved and I commend both Paragon and the SED Board for their efforts in reaching an agreement,” said CEO Bob O’Malley. “I look forward to working with the new Board to create enhanced value for all of our shareholders.”
The Company also announced today that it will hold its annual shareholders meeting on Wednesday, December 11, 2013 at 11:00 AM Eastern Time at the Company’s headquarters in Lawrenceville, Georgia. Holders of SED common stock of record as of Tuesday, October 29, 2013 will be entitled to attend and vote at the meeting. The Company currently expects to begin mailing a proxy statement to its shareholders shortly after the record date. The proxy statement will provide information to shareholders, as well as instructions for shareholders on how to vote their shares.
About SED International Holdings, Inc.
Founded in 1980, SED International Holdings, Inc. is a multinational, preferred distributor of leading computer technology, consumer electronics, and small appliances products. The company also offers custom-tailored supply chain management services ideally suited to meet the priorities and distribution requirements of the e-commerce, Business-to-Business and Business-to-Consumer markets. Headquartered near Atlanta, Georgia with business operations in California; Florida; Georgia; Bogota, Colombia and Buenos Aires, Argentina, SED serves a customer base of over 10,000 channel partners and retailers in the United States, Latin America, and Caribbean. To learn more, please visit www.SEDonline.com; or follow us on Twitter @SEDIntl.
Statements made in this Press Release that are not historical or current facts are "forward-looking statements.” These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond the control of the Company that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. These factors include adverse economic conditions, entry of new and stronger competitors, inadequate capital, unexpected costs, failure to gain product approval in foreign countries and failure to capitalize upon access to new markets. The Company disclaims any obligation to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events. These factors and others are discussed in the “Management's Discussion and Analysis" section of the Company's Reports on Forms 10-K and 10-Q available at www.sec.gov.
SED International Holdings, Inc.
Robert O’Malley, CEO
E.E. Wang Lukowski
On behalf of SED Investor Relations
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