CORAL SPRINGS, Fla., Jan. 3, 2017 /PRNewswire/ -- The following is a statement from Kanen Wealth Management LLC:
Dear Magic Jack Board, we applaud and commend you for your recent actions in favor of shareholders. We know Mr. Alan Howe to be a highly qualified candidate with a solid track record of creating shareholder value while working with "activist investors". He also brings a great deal of experience in VOIP/ Telco.
The addition of Mr. Don Carlos Bell lll , a "successful value creator" for shareholder activists, is commendable. We are impressed with his abilities, specifically in sales and marketing execution. After lengthy conversations with Mr. Bell, we are also pleased with his creativity ( thinking outside the box) insight, and energetic determination.
We wish Mr. Vento well in retirement, and thank him for his contribution to CALL.
We look forward to welcoming our incoming CEO, and a new era, that includes sustainable, profitable growth, creating value for all shareholders.
Overall, we are enthusiastic about the changes. We are excited to see some of our ideas for growth implemented. We have a strong conviction that CALL will grow in the near future, and reward shareholders.
While the recent board actions are by no means comprehensive, nonetheless, we acknowledge them as an excellent beginning, and pivot. We also hope the board has retrospectively learned , that acquisitions seldom work out as planned, and are inherently risky.( Harvard review states M&A has > 80% failure rate)We are hopeful of more effective "capital allocation" in the future.We will continue to evaluate all of our options, and hold the board accountable. We look forward to constructive and amicable engagement with new management and the board.
Best wishes for a healthy and prosperous 2017 to all!
President, Kanen Wealth Management LLC
Portfolio Manager, Philotimo
Contact: David Kanen, 631-863-3100, email@example.com
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/kanen-wealth-mgt-llc-delivers-letter-to-board-of-magic-jack-nasdaq-call-300384465.html
SOURCE Kanen Wealth Management LLC