MEQUON, Wis., May 7, 2019 /PRNewswire/ -- Global Value Investment Corp. ("GVIC"), a value-oriented investment research and advisory firm located in Mequon, Wisconsin, today issued an open letter to the Board of Directors of Bristow Group Inc. (NYSE: BRS) calling on the Board to publicly address questions about recent developments at Bristow.
GVIC has published an operational turnaround plan, which can be viewed by visiting its website: https://www.gvi-corp.com/category/press-releases/. Additionally, for the benefit of all stakeholders, GVIC has made all of its previous written communications to Bristow's Board available on its website.
"There are many troubling questions that surround the recent actions taken by Bristow," said Jeffrey Geygan, President and CEO of GVIC. "In particular, we believe that Bristow's Board is rushing toward a Chapter 11 filing and is not fully and fairly considering all available alternatives."
Questions put forward concern the promotion of Don Miller to CEO, Bristow's recent retention of financial advisors Houlihan Lokey and Alvarez & Marsal, and the absence of meaningful sales of non-core assets. GVIC believes that recent actions (and inaction) by the Board may not adequately consider all alternatives to a Chapter 11 filing or the interests of equity owners.
The letter also requests a meeting with Bristow's Board to discuss the turnaround plan that GVIC has developed. This turnaround plan would return Bristow to profitability without a Chapter 11 filing.
Additional Information and Where to Find It
Global Value Investment Corp. ("GVIC"), Sten Gustafson, Jonathan Meretsky, Anthony Gray, Jeffrey Geygan and James Geygan are participants in the solicitation of proxies from shareholders of Bristow Group Inc. ("Bristow") in connection with Bristow's 2019 Annual Meeting of Shareholders (the "Annual Meeting"). GVIC intends to file a proxy statement (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC") in connection with the solicitation of proxies for the Annual Meeting.
GVIC is the beneficial owner of 245,940 shares of Bristow's common stock. Messrs. Jeffrey Geygan and James Geygan, by virtue of their position as President and Chief Executive Officer and as Vice President, respectively, of GVIC may each be deemed to be the beneficial owner of the shares of Bristow common stock beneficially owned by GVIC. In their respective personal capacities, Mr. Jeffrey Geygan owns 14,910 of these shares and Mr. James Geygan owns 2,295 of these shares. Mr. Meretsky is the beneficial owner of 73,275 shares of Bristow's common stock, and Messrs. Gray and Gustafson do not own any shares. Additional information regarding such participants, including any other direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant documents to be filed by GVIC with the SEC in connection with the Annual Meeting.
Promptly after filing its definitive Proxy Statement with the SEC, GVIC will mail its definitive Proxy Statement and a WHITE proxy card to each shareholder entitled to vote at the Annual Meeting. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT GVIC WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Shareholders may obtain, free of charge, the Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by GVIC with the SEC in connection with the Annual Meeting at the SEC's website (http://www.sec.gov). Copies of GVIC's definitive Proxy Statement, any amendments or supplements thereto and any other relevant documents filed by GVIC with the SEC in connection with the Annual Meeting will also be available, free of charge, by contacting GVIC's proxy solicitor, InvestorCom, at 19 Old Kings Highway S., Suite 210, Darien, CT 06820, or by phone at (203) 972-9300.
About Global Value Investment Corp.
Global Value Investment Corp. is a value-oriented investment research and advisory firm focused on investing in the equity and debt of publicly traded companies around the world. The firm was founded in 2007 in Mequon, WI, and has since opened additional offices in Boston, MA, Charleston, SC and Hyderabad, India.
SOURCE Global Value Investment Corp.