CANTON, Mass., Dec. 10, 2015 /PRNewswire/ -- LoJack
Corporation (NASDAQ: LOJN), a provider of vehicle theft recovery
systems and advanced fleet management solutions, today confirmed
that it has received the unsolicited proposal from CalAmp Corp.
(NASDAQ: CAMP) to acquire all of LoJack's outstanding shares for
$5.50 per share in cash.
Consistent with its fiduciary duties, the LoJack Board of
Directors, in consultation with its legal and financial advisors,
has been carefully reviewing and considering the proposal to
determine the course of action that it believes is in the best
interests of the company and its shareholders.
Over recent years, the LoJack Board, together with its
advisors, has considered a variety of options for enhancing
shareholder value. In light of recent business developments,
including receipt of CalAmp's November
10th proposal, the Board commenced a formal
process for conducting a review of strategic alternatives to
maximize shareholder value. The Board is being advised in this
review by Pacific Crest Securities, a division of KeyBanc Capital
Markets Inc., as its financial advisor, and Goodwin Procter
LLP, as its legal advisor. This review may result in LoJack
continuing to pursue value-enhancing initiatives as a standalone
company, a sale, merger or other business combination involving
LoJack, or another strategic alternative with CalAmp or other
parties.
Rory J. Cowan, Chairman of the Board, commented, "The Board
of Directors is pleased with the value-enhancing results that our
management team has driven, including unit growth in our domestic
stolen vehicle recovery business, higher gross profit,
significantly reduced operating expenses, and growth of our
emerging telematics business. However, the Board determined,
consistent with its obligations to the company and its
shareholders, that it was also prudent to explore strategic
alternatives to determine the best opportunities for enhancing
shareholder value."
There can be no assurance that this strategic review will result
in any specific action or consummation of any transaction, and
there is no set timetable for the strategic review process.
LoJack does not intend to comment further regarding the
strategic review process until the Board approves a specific action
or concludes its review.
About LoJack Corporation
LoJack Corporation, the
company that has helped more than nine million people protect their
vehicles in the event of theft over the past 25+ years, today
provides safety, security and protection for an ever-growing range
of valuable assets and people. Leveraging its core strengths,
including its well-known brand, direct integration with law
enforcement and dealer distribution network, LoJack Corporation is
expanding our business to include our traditional vehicle and
equipment theft recovery, people at risk and new telematics based
products and services. LoJack is delivering new telematics-based
solutions for on-road and off-road fleet management, as well as,
dealer inventory management. By expanding our brand beyond stolen
vehicle recovery, LoJack Corporation is committed to creating a new
level of value for its dealer, licensee, customer and investor
communities by delivering innovative offerings and multiple
technologies in expanding geographies.
For more information, visit www.lojack.com,
www.autotheftblog.com, www.youtube.com/lojack,
www.twitter.com/LoJackCorp or www.Facebook.com/LoJackCorp.
Safe Harbor Regarding Forward-Looking Statements
From
time to time, information provided by the Company or statements
made by its employees may contain "forward-looking" statements
within the meaning of the Private Securities Litigation Reform Act
of 1995 and other securities laws, which involve risks and
uncertainties. You can identify these statements by use of
the words "assumes," "believes," "estimates," "expects," "will,"
"intends," "plans," "projects" and similar expressions that do not
relate to historical matters. Any statements in this
news release that are not statements of historical fact are
forward-looking statements, including, but not limited to,
statements regarding the Company's review of strategic
alternatives. Such forward-looking statements are based on a number
of assumptions and involve a number of risks and uncertainties, and
accordingly, actual results could differ materially. For
further discussion of factors to consider in connection with
forward-looking statements concerning the Company, reference is
made to the Company's Annual Report on Form 10-K for the year ended
December 31, 2014 and the Company's
other filings with the Securities and Exchange Commission.
Readers should not place undue reliance on any forward-looking
statements, which only speak as of the date made. Except as
required by law, the Company undertakes no obligation to release
publicly the result of any revision to the forward-looking
statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated
events.
©2015 LoJack Corporation. All rights reserved. LoJack and the
LoJack logo are trademarks or registered trademarks of LoJack
Corporation in the United States
and other countries.
CONTACT:
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Ken Dumas
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Scott
Solomon
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Senior Vice President
and CFO
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Senior Vice
President
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LoJack
Corporation
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Sharon Merrill
Associates, Inc.
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(781)
302-4200
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(617)
542-5300
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LOJN@investorrelations.com
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SOURCE LoJack Corporation