Guidance Software’s Board Issues Response to Former Chairman
February 11 2016 - 04:01PM
Business Wire
Guidance Software, makers of EnCase®, the gold standard for
digital investigations and endpoint data security, today said its
Board of Directors issued the following statement as it carefully
evaluates the proposals that were filed by Mr. Shawn McCreight:
“Under Mr. McCreight’s leadership, Guidance Software and its
shareholders have endured declining revenues, market share, stock
value and employee morale for three consecutive years. Beginning
last November, the Guidance Board and management launched a series
of restructuring initiatives to improve the performance of the
company. The first priority of these initiatives has been to
deliver new products that match customers’ needs and drive product
revenue growth.
“Mr. McCreight's departure as an employee, announced in January
2016, was a part of needed changes in Guidance's product
engineering leadership team and also the result of the Board’s loss
of confidence in Mr. McCreight’s ability to lead the company as its
Chairman.
“In the months since the Board launched these initiatives,
Guidance has begun to see progress in its strategies to return to
growth and value creation for all shareholders. The company last
week launched its first new software solution in years, and
reported a positive trend in quarterly revenues.
“Guidance’s Board and newly formed management team are executing
on a clear strategy to address the company’s longstanding
challenges. The Board believes management is pursuing the right
direction in the right way and that a return to the strategies and
leadership of the past would needlessly disrupt this progress and
put significant value at risk.”
About Guidance Software
Guidance (NASDAQ: GUID) exists to turn chaos and the unknown
into order and the known—so that companies and their customers can
go about their daily lives as usual without worry or disruption,
knowing their most valuable information is safe and secure. Makers
of EnCase®, the gold standard in digital investigations and
endpoint data security, Guidance provides a mission-critical
foundation of applications that have been deployed on an estimated
25 million endpoints and work in concert with other leading
enterprise technologies from companies such as Cisco, Intel, Box,
Dropbox, Blue Coat Systems, and LogRhythm. Our field-tested and
court-proven solutions are used with confidence by more than 70 of
the Fortune 100 and hundreds of agencies worldwide.
Guidance Software®, EnCase®, EnScript®, EnCE™, EnCEP™, EnForce™,
Linked Review™, EnPoint™ and Tableau™ are trademarks owned by
Guidance Software and may not be used without prior written
permission. All other trademarks and copyrights are the property of
their respective owners.
Participants in the Solicitation
Guidance and its directors, executive officers and other
employees and persons may be deemed to be “participants” in the
solicitations of proxies from Guidance’s stockholders in connection
with the upcoming annual meeting of the Company’s stockholders (the
“Annual Meeting”). Guidance plans to file a proxy statement (the
“2015 Proxy Statement”) with the Securities Exchange Commission
(the “SEC”) in connection with the solicitation of proxies for the
Annual Meeting. Information regarding the persons who may, under
the rules of the SEC, be considered to be participants in the
solicitation of Guidance’s stockholders in connection with the
Proposals and their respective interests in Guidance by security
holdings or otherwise is set forth in Guidance’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2014, filed with
the SEC on February 24, 2015 (the “Annual Report”) and will also be
included in the 2015 Proxy Statement and other materials filed with
the SEC. To the extent holdings of Guidance’s securities have
changed since the amounts printed in the Annual Report, such
changes have been reflected on Initial Statements of Beneficial
Ownership on Form 3 or Statements of Change in Ownership on Form 4
filed with the SEC. These documents are available free of charge at
the SEC’s website at www.sec.gov.
Important Additional Information and Where to Find It
Promptly after filing its definitive 2015 Proxy Statement with
the SEC, Guidance will mail the definitive 2015 Proxy Statement and
a proxy card to each stockholder entitled to vote at the Annual
Meeting. BEFORE MAKING ANY VOTING DECISION, GUIDANCE’S STOCKHOLDERS
ARE URGED TO CAREFULLY READ THE 2015 PROXY STATEMENT (INCLUDING ANY
AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS
THAT GUIDANCE WILL FILE WITH THE SEC WHEN THEY BECOMES AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders will
be able to obtain, free of charge, copies of the definitive 2015
Proxy Statement and any other documents filed by Guidance with the
SEC in connection with the Annual Meeting at the SEC’s website at
www.sec.gov. In addition, copies will also be available at no
charge at the Investors section of Guidance’s website at
http://investors.guidancesoftware.com/.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Investors are cautioned that
forward-looking statements in this release involve risks and
uncertainties that could cause actual results to differ materially
from current expectations. There can be no assurance that demand
for Guidance’s products will continue at current or greater levels,
that new products will be successful, or that Guidance will
continue to grow revenues, or be profitable. There are also risks
that Guidance’s pursuit of providing network security and
e-discovery technology might not be successful, or that if
successful, it will not materially enhance Guidance’s financial
performance; that Guidance could fail to retain key employees; that
changes in customer requirements and other general economic and
political uncertainties could impact Guidance’s relationship with
its customers; and that delays in product development, competitive
pressures or technical difficulties could impact timely delivery of
next-generation products; and other risks and uncertainties that
are described from time to time in Guidance’s periodic reports and
registration statements filed with the Securities and Exchange
Commission. Guidance specifically disclaims any responsibility for
updating these forward-looking statements.
GUID-F
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Abernathy MacGregorIan Campbell or Jim
Lucas213-630-6550jbl@abmac.com
Guidance Software, Inc. (NASDAQ:GUID)
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