BOSTON, Jan. 9, 2013 /PRNewswire/ -- North & Webster, LLC, together with its affiliates ("North & Webster"), issued a statement today to the shareholders of CSP Inc. (Nasdaq: CSPI) ("CSP" or the "Company") urging them to STOP, LOOK and LISTEN before signing or returning any white proxy card distributed by CSP in connection with the 2013 Annual Meeting. North & Webster also announced that shareholders will soon be receiving its proxy materials and GOLD proxy card. We believe the Company deliberately took action to prevent North & Webster from having sufficient time to present an alternative slate of director candidates at the 2013 Annual Meeting, thereby limiting the availability of choice to all shareholders in the process. We are now seeking shareholder support to prevent a quorum from existing at the 2013 Annual Meeting to demonstrate disapproval of the Board's actions and as a referendum to demonstrate shareholders prefer the Company to immediately commence a sale process designed to maximize shareholder value than the status quo.
North & Webster believes that the CSP Board has manipulated the corporate machinery in an apparent effort to entrench the Board and management by filing its preliminary proxy materials between Christmas and New Year's Day and just 40 days ahead of the February 5, 2013 date set for the 2013 Annual Meeting. The Board has also acknowledged that it had notice of North & Webster's intention to nominate an opposing slate of directors well ahead of setting the 2013 Annual Meeting date.
North & Webster strongly believes that now is the time to maximize value for all shareholders through an open and transparent sale process conducted by a reputable investment bank. As disclosed in further detail in the open letter below to the CSP Board, nearly two months ago, North & Webster made a bona fide offer to acquire all of the shares of common stock of CSP for $5.50 per share in cash which, at the time, represented a 15% premium to the 60-day moving average and was higher than the stock's 3-year high. The Board has repeatedly refused to meet with North & Webster to engage in substantive negotiations regarding its offer. The Board's egregious anti-shareholder behavior has left North & Webster with little choice but to make its offer and interest in a thorough sale process known publicly.
North & Webster's Open Letter to the Board of Directors is available at the SEC's website and can be viewed by clicking the following link: http://tinyurl.com/openlettertoboard
North & Webster Sam Kidston, 617-395-8121
SCB Advising Steve Balet, 646-290-5243
SOURCE North & Webster