Oliver Press Partners Nominates A Full Slate Of Highly Qualified Directors To Replace The Incumbent Board At GCOM

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Aug 15, 2013, 08:00 ET

NEW YORK, Aug. 15, 2013 /PRNewswire/ -- Oliver Press Partners, LLC ("OPP"), which beneficially owns interests in 989,832 shares of Globecomm Systems Inc. ("GCOM" or the "Company"), or 4.7% of the Company's outstanding shares, announced that it has nominated a full slate of directors to stand for election to the Board of Directors of GCOM (the "Board") at the upcoming 2013 annual meeting of shareholders (the "2013 Annual Meeting").

Clifford Press, Managing Member of OPP, commented: "It is now seven months since the Company announced the initiation of its strategic review and in the absence of any attempt by the Company to update the markets on its progress, the nomination deadline for the 2013 Annual Meeting has been reached.

The current Board at GCOM suffered a significant rebuke by shareholders at the last annual meeting, unprecedented in our experience, when they received a majority withhold vote on a majority of the incumbent directors. Shareholders demonstrated overwhelmingly that they have no confidence in the current Board's ability to supervise the operations of the Company and in light of this result it is regrettable that the Company did not address the reconstitution of the Board with its major shareholders prior to the nomination deadline. Accordingly, we have nominated a slate of highly qualified and very capable directors for election at the 2013 Annual Meeting."

The nominees selected by OPP are:

Christopher F. Carmel, an experienced private equity investor across a range of industries.

Kim S. Fennebresque, former co-head of investment banking at Lazard Freres & Co., and a senior executive at UBS AG, Cowen Group Inc. and Dahlman Rose & Co., LLC.

Michael A. Hamel, Senior Vice President of Orbital Sciences Corporation, Air Force Lieutenant General (Ret.) and former Commander of the Air Force Space Command's Space and Missile Systems Center.

Terry J. Hart, Professor at Lehigh University, former President of Loral Skynet and NASA astronaut in the Space Shuttle program.

Jerome Kapelus, former managing director at Bear Stearns and Senior Vice President of Comtech Telecommunications Corp.

Matthew O'Connell, former President and CEO of GeoEye, Inc.

Clifford Press, Managing Member of Oliver Press Partners, LLC.

Eric Zahler, former President and COO of Loral Space & Communications, Inc.

More detailed information regarding these nominees will be included in the proxy materials to be filed by OPP prior to the annual meeting.

OPP is confident that its nominees will provide the Board with the necessary experience, commitment and ownership alignment to attract broad based investor support, and that once elected, these new directors will work diligently to complete the strategic initiatives that are required at GCOM.

Investor contacts:

Clifford Press, (212) 277-5635

SOURCE Oliver Press Partners, LLC