SYNERCOM TECHNOLOGY ANNOUNCES AGREEMENT WITH STEEL PARTNERS, L.P.
HOUSTON, Feb. 5 /PRNewswire/ -- Synercom Technology, Inc. (NASDAQ: SYNR) and Steel Partners, L.P., organizer of the Synercom Technology Shareholder Committee, announced that they had entered into an Agreement resolving Steel Partners proposed solicitation of proxies for election of nominees to the board of directors of Synercom Technology. Pursuant to the Agreement, and subject to the conditions contained in the Agreement, the present board of directors will nominate and recommend the election of a slate of directors consisting of Donald K. Grierson, Arthur C. Patterson and David J. Stewart, who are presently directors, and Warren G. Lichtenstein, Marshall D. Butler and Frederic A. Heim at the 1993 Annual Meeting of Stockholders to be held in Houston on April 2, 1993, with a record date of March 17, 1993. Under certain circumstances, the Agreement provides that the board of directors can postpone or adjourn the Annual Meeting if the company receives a bona fide written proposal for an acquisition of the company or its operations which, in the opinion of the directors, is in the best interest of the shareholders. Synercom President and CEO, David Stewart, stated, "We consider this agreement to be in the best interest of the company, its shareholders and its employees, and I look forward to working with Mr. Lichtenstein, Mr. Butler and Mr. Heim in continuing the progress we have made so far this year. We have recently signed a number of contracts with new and existing customers and expect to report a profit for the first quarter ended Jan. 31. As we announced earlier this week, we have retained Robert Fleming Pacific Inc., as the company's investment banker to evaluate opportunities for maximizing shareholder value." Warren Lichtenstein of Steel Partners, L.P., stated, "I am delighted that we were able to avoid a contested election and satisfy the desires of our Shareholder Committee. We are looking forward to working as directors to enhance the value of the company for all stockholders." -0- 2/5/93 /CONTACT: David J. Stewart, president and CEO, or Steve E. Chupik, vice president - human resources, 713-954-7000 of Synercom Technology; or Warren Lichtenstein of Steel Partners, L.P., 212-446-5217/ (SYNR)
CO: Synercom Technology, Inc.; Steel Partners, L.P. ST: Texas IN: MNG SU:
SH -- NY006 -- 3413 02/05/93 09:42 EST
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|Date:||Feb 5, 1993|
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