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November 27, 2013
12:31 EDTRCMTRCM Technologies confirms recent offer to Legion Group to settle proxy contest
RCM Technologies confirmed it recently made an offer to the Legion Group in an attempt to settle the ongoing proxy contest with respect to the upcoming 2013 Annual Meeting of Stockholders. As previously announced, the Legion Group is pursuing a proxy contest to elect two nominees to the Board of Directors of RCM at RCM's 2013 Annual Meeting of Stockholders to be held on Thursday, December 5, at 6:00 p.m., at the offices of Morgan, Lewis & Bockius LLP in Philadelphia, Pennsylvania. RCM has established October 18 as the record date for stockholders entitled to vote at the 2013 Annual Meeting. RCM's settlement offer contemplates adding three new independent directors to the RCM Board of Directors. If the Legion Group accepts the offer, RCM would revise its proposed slate of nominees for election at the 2013 Annual Meeting to include Michael E.S. Frankel, Roger H. Ballou and Christopher S. Kiper. Each of these nominees would stand for election to serve as directors until the 2014 Annual Meeting. RCM's settlement offer also contemplates that the Legion Group would agree to a one-year standstill so that RCM, its Board and its management can return their focus to operating and growing the business with the full confidence that they will not be responding to another proxy contest from the Legion Group at the 2014 Annual Meeting. RCM's settlement offer further contemplates that the Legion Group and RCM would each agree to dismiss their respective lawsuits against each other and not initiate further litigation against each other during the standstill period.
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