Triple P N.V.: Highlights General Meeting of Shareholders
22 Juni 2005 - 4:33PM
Business Wire
Triple P N.V.(NASDAQ SCM: TPPP): -- Fezi Khaleghi Yazdi appointed
as Chief Executive Officer -- Henny IJsendoorn appointed as member
of the Board of Supervisory Directors -- Approval of subordinated
loan of EUR 1.5 million Triple P N.V. (NASDAQ SCM: TPPP), announced
the highlights of its General Meeting of Shareholders held on June
16, 2005. The General Meeting of Shareholders appointed Mr F.
Khaleghi Yazdi as Chief Executive Officer of Triple P N.V. After an
absence of six years, Mr. Khaleghi Yazdi, the founder of the
Company, returned as a member of the Supervisory Board in July
2003. In this position he already strengthened the Management Board
by providing advisory and management services on an interim basis.
Mr Khaleghi Yazdi commented on his appointment as CEO: "The Company
is in a transitional phase, which is a lengthy process. I am
convinced that the focus on higher margin activities is the right
strategic path for the future of the Company." In addition, the
General Meeting of Shareholders appointed Mr. H.J. IJsendoorn as a
member of the Board of Supervisory Directors. Mr. IJsendoorn will
also be a member of the Company's Audit Committee and will serve as
the audit committee financial expert. Mr. IJsendoorn is a certified
public accountant and previously held various positions at KPMG,
ACF Holding N.V. and the Van Dijk Group. The Company also announced
that the General Meeting of Shareholders had approved the potential
issuance by the Company of a 7.5%, five year, subordinated loan of
EUR 1.5 million. The interests in the loan will be offered to
non-U.S. shareholders of the Company, and has been fully subscribed
by TPM Europe B.V., a company wholly-owned by Mr. Khaleghi Yazdi,
on a standby basis. If consummated, this loan transaction is
expected to improve the short-term cash position of the Company.
About Triple P Triple P (Nasdaq SCM: TPPP) designs, supplies,
builds and manages ICT-solutions that in an efficient way
contribute to your company's results. The three p's - people,
performance and partnership - are the basis for long-lasting and
successful relationships with our customers. This release contains
a number of forward-looking statements based on current
expectations, including potential financing plans and the impact of
restructuring plans. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. Without limiting the foregoing, the words "believes,"
"anticipates," "plans," "expects," "intends," and similar
expressions are intended to identify forward-looking statements.
Actual results may differ materially due to a number of factors
which include, but are not limited to: overall ICT- spending and
demand for ICT services in the Netherlands; the timing of
significant orders; the ability to hire, train and retain qualified
personnel; the total amount of severance and other costs needed to
complete the Company's restructuring plans and fierce competition.
For a more thorough discussion of these risks and uncertainties,
see the Company's filings with the Securities and Exchange
Commission, particularly its most recent annual report on Form
20-F.
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