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TESSCO Technologies, Inc. (NASDAQ: TESS) is a prominent technology distributor, manufacturer, and solutions provider that has been catering to both commercial and retail customers in the wireless infrastructure and mobile device accessories markets for over 30 years. Established with a vision to deliver industry-leading products, expert knowledge, innovative solutions, and unparalleled customer service, TESSCO has become a cornerstone in the wireless industry.
TESSCO offers an extensive portfolio of more than 50,000 products sourced from over 400 of the most respected manufacturers in mobile communications, Wi-Fi, Internet of Things (IoT), wireless backhaul, and other related fields. This vast catalog includes everything from essential components to high-end equipment, ensuring that customers have access to the tools they need to succeed in a rapidly evolving technological landscape.
As a single-source provider, TESSCO excels in delivering a comprehensive customer experience. The company prides itself on its deep industry knowledge and its ability to offer complete end-to-end solutions, making it a preferred partner for businesses looking to implement or upgrade their wireless infrastructure. TESSCO’s commitment to innovation is evident in its ongoing projects and partnerships, which aim to push the boundaries of what’s possible in wireless technology.
Financially, TESSCO maintains a strong position, continually investing in its product offerings and expanding its market reach. The company’s recent achievements include significant advancements in IoT solutions and the development of new partnerships that enhance its capabilities and service offerings.
For investors and stakeholders, TESSCO represents a solid investment opportunity, supported by a robust product lineup, a proven track record of success, and a forward-thinking approach to technology and customer service. Stay updated with the latest developments and financial news about TESSCO Technologies Incorporated to make informed decisions about your investments.
TESSCO Technologies Incorporated (NASDAQ: TESS) issued a statement regarding Robert B. Barnhill, Jr.'s refusal to engage in settlement talks over a consent solicitation. On November 23, 2020, TESSCO proposed a settlement aimed at restructuring its Board of Directors, which would replace most current members while retaining Barnhill. Advisory firms ISS and Glass Lewis advised against Barnhill's control, stating it wouldn't benefit shareholders. TESSCO urges shareholders to reject Barnhill's proposals and support their settlement plan by returning the provided GREEN Consent Revocation Card.
TESSCO Technologies Incorporated (NASDAQ: TESS) recently announced its ongoing Board refreshment efforts, highlighting a contrast with Robert B. Barnhill, Jr.'s attempts to replace the majority of its directors. The Board has engaged with over 60 candidates since February 2020, successfully adding three new directors, while two departed. Despite COVID-19 disruptions, the Board approved a strategic exit from the retail business. TESSCO urges shareholders to vote for stability by rejecting Barnhill's white consent card and supporting their governance structure with the enclosed green card.
TESSCO Technologies (NASDAQ: TESS) addressed recent comments from Robert B. Barnhill, Jr., stating they are misleading. The Board confirmed the agreement to exit the Retail Business, executed on October 28, 2020, is not inhibiting board changes as Barnhill claims. Any fears regarding changes of control and liquidated damages are unfounded, according to the Board's statement. They also emphasized the addition of three new directors in the last five months. Shareholders are encouraged to support the current Board by using the GREEN Consent Revocation Card and disregarding Barnhill's WHITE card.
TESSCO Technologies (NASDAQ: TESS) held an investor presentation detailing its business performance and strategy, while addressing Robert B. Barnhill, Jr.'s attempt to replace a majority of the Board of Directors through a consent solicitation. Chairman John D. Beletic highlighted TESSCO's three-pillar strategy aimed at enhancing shareholder value and overcoming legacy issues from Barnhill's tenure. The presentation emphasized TESSCO's leadership position in the wireless industry and ongoing transformation under new CEO Sandip Mukerjee. Shareholders are encouraged to support the current Board by returning a GREEN Consent Revocation Card.
On November 9, 2020, Robert Barnhill, Jr., TESSCO's founder and major shareholder, criticized the company's board for adding two new directors amidst a consent solicitation process. He argued these additions are a failure in corporate governance aimed at entrenching existing control rather than benefiting shareholders. Barnhill noted the rushed process and the potential conflict of interest in electing new members without sufficient shareholder input. Despite welcoming the resignations of two directors, he emphasized that the board's current structure remains problematic, urging shareholders to engage in the ongoing consent solicitation.
TESSCO Technologies (NASDAQ: TESS) has announced the addition of Cathy-Ann Martine-Dolecki and Ronald D. McCray to its Board of Directors, effective immediately. The appointments aim to enhance the company's strategic execution, following a comprehensive search process. Martine brings over 30 years of experience from AT&T, while McCray offers expertise from several Fortune 150 companies. The Board will temporarily expand to nine members, with seven being independent, before returning to eight after an ongoing consent solicitation. Current members Dennis J. Shaughnessy and Morton F. Zifferer will step down.
TESSCO Technologies (NASDAQ: TESS) announced that Stephanie Dismore, the newest Independent Director, sent a letter to shareholders discussing the company's strategy and board composition. Dismore expressed optimism about TESSCO's management and their focus on profitable growth through core distribution, Ventev products, and managed services. She highlighted the strategic plan's potential and urged shareholders to support the board against a consent solicitation initiated by Robert B. Barnhill, Jr., who seeks to remove independent directors. The board is pushing for shareholders to return the GREEN consent revocation card.
TESSCO Technologies (NASDAQ: TESS) has established a new asset-based revolving credit facility, providing up to $75 million in revolving credit, maturing in January 2024. This replaces the previous facility set to mature on October 19, 2021. CFO Aric Spitulnik stated that this facility enhances their financial flexibility, allowing them to pursue strategic initiatives and growth in the wireless sector. The company serves commercial customers within the wireless infrastructure ecosystem.
VoiceComm has signed an agreement to acquire certain assets of TESSCO Technologies' Retail Division, including the Ventev Mobile Device Accessories Brand. This acquisition aims to enhance VoiceComm's standing in the wireless industry, particularly during the anticipated 5G upgrade super cycle. Closing is expected in Q4 2020. CEO Derek Weiss highlighted the synergies and best practices integration from both companies, while former TESSCO executive Liz Robinson joins VoiceComm as COO to oversee product, sales, and marketing operations.
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