BEDFORD, Mass., Dec. 1, 2015 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today issued the following statement in response to Red Mountain Capital:
At iRobot, our goal has always been – and continues to be – building value for all our stockholders. While it is the Company's policy not to comment on specific discussions with stockholders, it is important to note that members of iRobot's Board and senior management team have held numerous discussions and meetings with Red Mountain over the last seven months, including a meeting with our Lead Independent Director and Chairperson of the Nominating and Corporate Governance Committee. Given our willingness to engage and discuss Red Mountain's viewpoints with a goal of resolving this situation constructively, we are surprised that they have determined to take this course of action.
We are focused on allocating capital to the most accretive opportunities to create stockholder value. We remain committed to returning capital to stockholders through our $50 million stock repurchase program, of which we have repurchased $27 million. In addition, the Board recently approved an anti-share dilution repurchase program and, beginning in 2016, iRobot expects to repurchase up to one million shares annually.
Consistent with our commitment to enhance stockholder value, our Board and management team regularly evaluate the Company's strategic options and priorities for capital deployment, and are actively considering a range of options in conjunction with the development of the Company's operating plan for 2016.
The iRobot Board is composed of eight highly qualified and experienced directors, seven of whom are independent, and all of whom are active, engaged and committed to acting in the best interests of iRobot and all of its stockholders. Utilizing our standard director assessment process, four new directors have been appointed within the last five years, including one Board member appointed in August of this year. This strong Board includes individuals that bring a wide range of expertise in technology, consumer brands, marketing and finance to the Company.
PJT Partners is serving as financial advisor to iRobot and Goodwin Procter LLP is serving as legal counsel.
About iRobot Corp.
iRobot designs and builds robots that empower people to do more. The company's home robots help people find smarter ways to clean, its defense & security robots protect those in harm's way, and its remote presence robots enable virtual presence from anywhere in the world. iRobot's consumer and military robots feature proprietary technologies incorporating advanced concepts in navigation, mobility, manipulation and artificial intelligence. For more information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corporation's expectations concerning management's plans for execution of a stock repurchase program, including the maximum amount and duration of purchases of our common stock under our authorized stock repurchase program. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results and actions to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corporation undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corporation, see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.
SOURCE iRobot Corp.