Costa Brava is Forced to Resume Proxy Solicitation and Continue Delaware 220 Investigation.BOSTON -- Costa Brava Costa Brava (kō`stä brä`vä), a strip of coastline, Girona prov., NE Spain, in Catalonia, near the French border on the Mediterranean. Partnership III LP ("Costa Brava") today announced that it has reluctantly terminated an attempt to settle the issues of contention between it and the current Board of Directors of TechTeam Global, Inc. (NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : TEAM). While the parties had apparently reached an agreement in principal on a joint slate of directors, the incumbent board was unable or unwilling to execute the agreed upon Adj. 1. agreed upon - constituted or contracted by stipulation or agreement; "stipulatory obligations"
noncontroversial, uncontroversial - not likely to arouse controversy settlement.
"Although Costa Brava bargained in good faith, an acceptable compromise was not achieved, and Costa Brava intends to continue its proxy contest Proxy contest
A battle for the control of a firm in which a dissident group seeks, from the firm's other shareholders, the right to vote those shareholders' shares in favor of the dissident group's slate of directors. Also called proxy fights. to replace the current Board with directors dedicated to maximizing value for all TechTeam shareholders" said Seth Hamot of Costa Brava. "Over a week ago, after tense and long negotiations we made in good faith, the parties agreed upon a joint slate of directors. We were excited by the chance to endorse a mutually agreeable slate and move forward quickly, without distractions, to improve the underlying value of the firm. The current board has again let the shareholders down. It is extremely frustrating."
Hamot continued, "The time for a settlement has now passed, we have no recourse other that to take our message directly to the shareholders and have them decide. We believe the current Board must be replaced with Directors focused on and committed to creating shareholder value. Our slate of Director Nominees is of the highest integrity and ability, with vast experience in the industry. We urge shareholders to consider the value of having our slate of active, experienced and interested professionals working with new CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Chris Brown Chris Brown may refer to:'''
"Furthermore, we are continuing the Delaware 220 investigation that is scheduled for an initial trial on April 11, 2006. No matter the outcome of the election for a new Board, it is our intention to "raise the bar" regarding acceptable business practices at our company."
Security holders are advised to read the proxy statement Proxy Statement
A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. and other documents related to solicitation of proxies by Costa Brava and its affiliates from the stockholders of TechTeam Global, Inc. for use at its annual meeting (a) when and if they become available, because they will contain important information, including information relating to relating to relate prep → concernant
relating to relate prep → bezüglich +gen, mit Bezug auf +acc the participants in any such proxy solicitation, and (b) when and if completed, a definitive proxy statement and a form of proxy will be mailed to stockholders of TechTeam Global, Inc. and will be available at no charge at the securities and exchange commission's website at http://www.sec.gov (http://www.sec.gov). Information relating to the potential participants in a potential proxy solicitation is contained in EXHIBIT 2 TO the SCHEDULE 14A FILED WITH the SECURITIES AND EXCHANGE COMMISSION BY COSTA BRAVA ON MARCH 31, 2006. That Schedule 14A and All of its amendments are currently available at no charge on the Securities and Exchange Commission's website.