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RESN

Resonant

$4.53

-0.07 (-1.52%)

, ARIS

ARI Network

08:32
10/06/17
10/06
08:32
10/06/17
08:32

Park City Capital announces proxy contest at Resonant to maximize investor value

Park City Capital, LLC, the beneficial owner with its affiliates of approximately 6.5% of the shares of Resonant (RESN), announced that it will initiate a proxy contest to elect a new board of directors at Resonant's next annual meeting of shareholders expected to be held in early June 2018. Resonant's full board of directors is elected annually. Park City believes that Resonant is in critical need of new leadership at the board level to take the company in a new direction. Park City is concerned that the Resonant board includes two company executives and a company service provider and overall lacks representation by shareholders with meaningful ownership in the company. Park City believes that a board with true "skin in the game" will better advance shareholder interests. Park City is concerned that the current Resonant board -- with a lack of meaningful ownership in the company -- has been all too eager to continually return to the capital markets to effectuate dilutive financings and to implement excessive equity programs for executives. Park City is even more concerned that the Resonant board has carried out its dilutive financing strategy while deliberately excluding Park City's current board representative from the board's review process. Park City has attempted to work constructively with the board, but has repeatedly been rebuffed and excluded simply for raising valid board matters for consideration. Park City believes that Resonant's stock price does not reflect the true value of the company based on the potential for the company's technology. Park City believes that Resonant may be able to achieve a better outcome for shareholders by pursuing a sale of the company, which Park City believes is likely to attract a buyer willing to value the company more favorably than the current market for Resonant stock. Park City intends to nominate a full slate of highly qualified and independent director candidates to replace Resonant's current board. Over the next several months, Park City will complete its review and selection of a full slate of highly capable director candidates. Park City encourages shareholders to contact Park City to propose potential board candidates for inclusion in the slate. Resonant and ARI (ARIS) are in different industries and at different stages of development, and Park City believes that Resonant could attract a much higher premium to its stock price in a sale transaction. However, although Park City's efforts at ARI were highly successful, it cannot guarantee the same or better results at Resonant. Park City can promise, however, that it will make every effort to maximize value for shareholders.

RESN

Resonant

$4.53

-0.07 (-1.52%)

ARIS

ARI Network

RESN Resonant
$4.53

-0.07 (-1.52%)

04/25/17
RODM
04/25/17
INITIATION
Target $8
RODM
Buy
Resonant initiated with a Buy at Rodman & Renshaw
Rodman & Renshaw analyst Kevin Dede started Resonant with a Buy rating and $8 price target.
ARIS ARI Network

06/21/17
CHLM
06/21/17
DOWNGRADE
CHLM
Hold
ARI Network downgraded to Hold from Buy at Craig-Hallum
Craig-Hallum downgraded ARI Network (ARII) to Hold following the acquisition by affiliates of True Wind Capital Management for $7.10 per share.
06/22/17
BRRR
06/22/17
DOWNGRADE
BRRR
Underperform
ARI Network downgraded to Underperform from Outperform at Barrington
ARI Network (ARIS) is being acquired by True Wind Capital Management for $7.10 per share in cash.

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