Iteris urges re-election of current directors
Iteris issued the following statement in response to a press release issued today by Laughing Water Capital: "Iteris welcomes input from all of our shareholders. Members of our Board and management team have had regular contact with Laughing Water Capital and take their input seriously, as we do all shareholder feedback. We are disappointed that Laughing Water Capital, after regular engagement with our company and leadership, has publicly called for withhold votes for certain of our directors. Our current Board and management team are dedicated to driving the success of the company and are constantly exploring new ways to enhance shareholder value. Since the Board installed a new management team four years ago, we have seen our share price grow 168.9 percent, compared with 23.6 percent growth in the Russell 2000. In the last year alone, our share price grew 7.8 percent while the Russell 2000 saw a 10.7 percent drop. We agree with Laughing Water Capital that we have a strong position in a market that is poised for continued growth. Iteris is committed to maintaining a highly qualified and high-performing Board, and we believe it is in the best interest of all our shareholders to vote to re-elect our current directors at the upcoming Iteris Annual Shareholder Meeting."