<< Back

TeleCommunication Systems Announces Agreement with Investors to Expand Board

February 2, 2015 at 12:00 AM EST
TeleCommunication Systems Announces Agreement with Investors to Expand Board

Note: Comtech Acquired TCS on 2/23/2016

ANNAPOLIS, Md., Feb. 2, 2015 /PRNewswire/ -- TeleCommunication Systems, Inc. (TCS) (NASDAQ: TSYS), a world leader in highly reliable and secure wireless communication technology, announced that it has reached a settlement agreement with Becker Drapkin Management, L.P. and its affiliated funds (Becker Drapkin).  

On January 30, 2015, the company's Board of Directors agreed with Becker Drapkin to expand the Board from eight to nine members and to appoint to the Board two of three candidates submitted by Becker Drapkin within thirty days, when one of the two non-CEO insider directors will resign from the Board.

"Our Board of Directors and management team are committed to maximizing shareholder value while providing superior products and services to our customers,  We are always open to the inputs of our shareholders and are pleased that this agreement could be reached." stated Maurice B. Tose, chairman, president and CEO.  "This agreement allows us to inject new ideas and expertise into our Board while avoiding the expense and distraction of a proxy battle.  We look forward to working with the two new Board members to help us deliver value to our shareholders and leading solutions to our customers."

About TeleCommunication Systems, Inc.
TeleCommunication Systems, Inc. (TCS), headquartered in Annapolis, Maryland, is a world leader in secure and highly reliable wireless communications. Our patented solutions, global presence, operational support and engineering talent enable 9-1-1 infrastructure, cybersecurity, deployable wireless terminals, space components, and applications for mobile location-based services and messaging. Our principal customers are wireless network operators, defense and public safety government agencies, and Fortune 150 enterprises requiring high reliability and security. Learn more at www.telecomsys.com.

Forward-looking Statements
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. These statements are based upon TCS' current expectations and assumptions that are subject to a number of risks and uncertainties that would cause actual results to differ materially from those anticipated. Statements in this announcement that are forward-looking include, but are not limited to statements about enhancing shareholder value. Additional risks and uncertainties are described in the company's filings with the Securities and Exchange Commission (SEC). Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The company undertakes no obligation to update or revise the information in this press release, whether as a result of new information, future events or circumstances, or otherwise.

Media Contact for Comtech Telecommunications Corp.:
Michael D. Porcelain, Senior Vice President and Chief Financial Officer
(631) 962-7103
Info@comtechtel.com