Volt Information Sciences Concludes Strategic Alternatives Process & Appoints Linda Perneau to the Board of Directors & as Pr...
08 November 2018 - 1:45PM
Business Wire
Volt Information Sciences, Inc. (NYSE-AMERICAN:VISI) (the
“Company”) announced today that its Board of Directors (the
“Board”) has concluded its previously announced evaluation of
strategic alternatives. This formal review was deliberate and
comprehensive in its evaluation of potential alternatives,
including a sale of the Company. Over the course of the review
process, the Company engaged with a broad range of strategic
industry players and private equity investors. After careful
consideration of the results of the process, the available
alternatives, and the Company's go-forward business strategy, the
Board unanimously determined that executing on the Company's
strategic plan is in the best interests of shareholders.
In addition, the Company announced today that the Board
appointed Linda Perneau to serve as a member of the Board, and as
the Company’s President and Chief Executive Officer, effective
November 7, 2018. Ms. Perneau has been serving as the Company’s
Interim President and Chief Executive Officer since June 6,
2018.
Nick Cyprus, Chairman of the Board, said, “After an extensive
review of the strategic alternatives available to the Company,
including the several bids to acquire the Company that were
received, we have unanimously determined that executing our
business plan as an independent company is the best path forward to
maximize value for Volt’s shareholders. Under the leadership of
Linda Perneau, now our President and CEO, the Board is confident in
the Company’s ability to improve its market share and drive
profitable growth.”
Ms. Perneau commented, “I am pleased to see our revenue
generation efforts beginning to gain traction. Volt is now
well-positioned to return to top-line growth, margin improvement,
and driving better operating income levels. Our new leadership team
is committed to elevating our financial & operational
performance, embracing organizational change and executing on our
strategic priorities and well-defined plan to drive profitable
growth. We are convinced that the positive trends we are now seeing
will continue as we concentrate all of our attention on building a
successful 2019 for the Company and its stakeholders. I look
forward to providing a more detailed update on our progress when we
report our fourth quarter 2018 results in early January.”
Notwithstanding the formal termination of the strategic
alternatives process, the Board remains committed to maximizing
shareholder value and will consider opportunities to enhance value
that may present themselves in the future.
About Volt Information Sciences, Inc.
Volt Information Sciences, Inc. is a global provider of staffing
services (traditional time and materials-based as well as
project-based). Our staffing services consist of workforce
solutions that include providing contingent workers, personnel
recruitment services, and managed staffing services programs
supporting primarily administrative, technical, information
technology, light-industrial and engineering positions. Our managed
staffing programs involve managing the procurement and on-boarding
of contingent workers from multiple providers. Our customer care
solutions specialize in serving as an extension of our customers’
consumer relationships and processes including collaborating with
customers, from help desk inquiries to advanced technical support.
Our complementary businesses offer customer care call centers,
customized talent, and supplier management solutions to a diverse
client base. Volt services global industries including aerospace,
automotive, banking and finance, consumer electronics, information
technology, insurance, life sciences, manufacturing, media and
entertainment, pharmaceutical, software, telecommunications,
transportation, and utilities. For more information, visit
www.volt.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than those that are purely
historical are forward-looking statements, and include statements
regarding anticipated charges and restructuring costs and the
timing of these measures. These forward-looking statements are
subject to risks, uncertainties, assumptions and changes in
circumstances that may cause the estimated future impact of these
charges and restructuring costs to differ materially from the
forward-looking statements. These risks include the Company’s
ability to successfully execute its restructuring plan, higher than
anticipated costs in implementing the restructuring plan,
management distraction from ongoing business activities, and
workforce attrition beyond planned reductions. Additional
information regarding other factors that could cause the Company’s
results to differ can be found in the Company’s Annual Report on
Form 10-K for the fiscal year ended October 29, 2017, and the
Company’s subsequent filings with the U.S. Securities and Exchange
Commission, including its Quarterly Reports on Form 10-Q. The
forward-looking statements contained in this disclosure reflects
the Company’s views and assumptions only as of the date of this
release. The Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which this disclosure is made or to reflect the
occurrence of unanticipated events.
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Investor Contacts:Volt Information Sciences,
Inc.voltinvest@volt.comorAddo Investor RelationsLasse
Glassen310-829-5400lglassen@addoir.com
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