ISS Recommends That Live Current Media Inc.'s Stockholders Vote Management’s GOLD Proxy Card to Re-Elect Experienced Directors
October 06 2010 - 1:59PM
Business Wire
Live Current Media Inc. (OTCBB:LIVC) (the “Company”), an
e-commerce company that owns and operates the luxury fragrance
brand www.perfume.com, as well as a portfolio of other domain
names, is pleased to announce that Institutional Shareholder
Services Inc. (“ISS”), the leading provider of voting advisory
services, has recommended that stockholders vote on management’s
GOLD proxy card in favor of
substantially all of the Company’s board nominees at the Company’s
annual meeting of stockholders, scheduled for October 12, 2010. ISS
recommended that stockholders do not
vote on the dissident’s white proxy card.
In making its recommendation, ISS concluded that “Mr. Hampson's
and Mr. Morrison's specific knowledge of the fulfillment MSRP model
may be important to its implementation and success.” ISS also noted
that “Mr. Hampson’s interests appear to be rationally aligned with
shareholders given his large out of pocket investment in the
company ($1.5 million since becoming CEO) and the fact that his
position as the single largest shareholder (16.8 percent) is deeply
out-of-the-money based on the average cost basis of $0.40 of his
investment versus a current stock price of $0.08.”
ISS further stated that “the dissident is seeking the
replacement of the full board but has failed to produce a
well-reasoned and detailed business plan (including the dissidents'
strategic initiatives), a transition plan that describes how the
change in control of the company will be effected, and the
identification of a qualified and credible new operational
executive management team. We find such an omission or oversight
particularly curious given Mr. Jeffs’s intimate knowledge of the
company having been CEO, President and director from 2002 to 2007.”
In reaching its conclusion, ISS stated that “we do not feel the
dissident’s case is sufficiently compelling to justify wholesale
replacement and reconstitution of the entire board.”
C. Geoffrey Hampson, Chairman and CEO, said, “We are pleased
that ISS has recommended stockholders vote FOR substantially all of
management’s nominees, although we are disappointed with ISS’s
recommendation that stockholders withhold votes for James P.
Taylor. I urge all stockholders to vote the GOLD proxy card FOR C.
Geoffrey Hampson, James P. Taylor, Paul W. Morrison, Mark Benham
and Boris Wertz.”
VOTE “FOR” YOUR BOARD’S NOMINEESON
THE GOLD PROXY CARD TODAY
About Live Current Media Inc.
Live Current owns one of the most powerful and engaging content
and commerce destinations on the Internet in www.perfume.com. This
site and others in the Company’s portfolio can be built into
subject-specific DestinationHubs™, that can connect people to each
other and to the information, brands, and products they are
passionate about. Live Current has headquarters in Vancouver,
Canada with an office in Mt. Olive, NJ and is publicly traded on
the OTCBB (LIVC). For more information, visit
http://www.livecurrent.com or http://www.perfume.com
All statements in this press release that are not statements of
historical fact are forward-looking statements, including
particularly statements of projected future revenues and net
margins and the Company’s expectation that it will break even in
2012, as well as any projections of growth, earnings, revenue, cash
or other financial items, any statements of the plans, strategies,
objectives and goals of management for future operations, any
statements regarding future economic conditions or performance,
statements of belief and any statements of assumptions underlying
any of the foregoing. These statements are based on expectations
and assumptions as of the date of this press release and are
subject to numerous risks and uncertainties, which could cause
actual results to differ materially from those described in the
forward-looking statements. These risks and uncertainties include,
but are not limited to, general economic conditions particularly as
they relate to demand for our products and services; competitive
factors; pricing pressures; changes in operating expenses; our
ability to raise capital as and when we need it and other factors.
Live Current Media Inc. assumes no obligation to update these
forward-looking statements to reflect future events or actual
outcomes and does not intend to do so.
Additional Information
On September 24, 2010, Live Current filed a definitive proxy
statement with the SEC in connection with the Company’s 2010 Annual
Meeting of Stockholders. Live Current stockholders are strongly
advised to read carefully the Company’s definitive proxy statement
before making any voting or investment decision because the
definitive proxy statement contains important information. Live
Current’s definitive proxy statement and any other reports filed by
the Company with the SEC can be obtained free of charge at the
SEC’s web site at www.sec.gov or from Live Current at
www.livecurrent.com. A copy of the Company’s definitive proxy
statement is available for free by writing to our Corporate
Secretary at Live Current Media Inc., 780 Beatty Street, Suite 307,
Vancouver, British Columbia V6B 2M1. In addition, copies of the
proxy materials may be requested from our proxy solicitor,
Georgeson Inc., by phone at (888) 206-5896 or by email at
livecurrent.info@georgeson.com.
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