ALTA, Wyo., May 18, 2016 /PRNewswire/ -- Clients advised by Cannell Capital LLC ("Cannell") own more than 2 % of shares outstanding of U.S. Auto Parts Network, Inc. (NASDAQ: PRTS).
Cannell announces that Cannell intends to withhold its votes from all incumbent directors at the annual meeting of PRTS shareholders to be held on May 26th. Cannell urges all shareholders to also vote to withhold.
Cannell has been investing in small capitalization stocks such as PRTS for over 27 years. Cannell prefers to maintain positive and open dialogues with the executive suites and incumbent board of directors of companies in which it invests. It has observed that easier money is made investing with prudent and humble stewards who don't need to be told how to allocate capital of its owners.
When such dialogue breaks down, however, Cannell is oft forced to act on behalf of all shareholders. Cannell believed it had reached settlement with PRTS but the true nature of the "settlement" contained sundry "muzzle" provisions which Cannell felt were not in the best interests of shareholders. Cannell will not be gagged. Cannell will not, and does not, negotiate in the face of such demands.
Recently, Cannell has run "Vote No" campaigns at Envivio, Inc. and Telecommunication Systems, Inc. ("TSYS").
The Envivio and TSYS campaigns were both successful and created a great deal of support by many shareholders not affiliated with Cannell. Both Envivio and TSYS enjoyed outcomes that created wealth for ALL shareholders. Cannell believes that its "Vote No" campaigns were integral to the positive outcomes achieved for both Envivio and TSYS shareholders.
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SOURCE Cannell Capital LLC