ISS Notes Management's Failure to Create Shareholder Value and the
Company's Dismal Corporate Governance Practices in its Analysis
NEW YORK, July 16 /PRNewswire/ -- Everest Special Situations Fund L.P.
("Everest") announced today that the nation's leading proxy advisory
service, Institutional Shareholder Services ("ISS"), has recommended that
Simon Worldwide, Inc. (OTC Bulletin Board: SWWI) shareholders vote FOR the
Everest nominees, Elchanan Maoz and Meron Mann, to Simon's Board of
Directors. ISS, whose clients include thousands of institutional investors
throughout the world, also recommended that shareholders vote FOR Everest's
recapitalization proposal that is designed to align the interests of all
Simon Worldwide shareholders. Everest urges all Simon Worldwide
shareholders to vote the GOLD proxy card before the Company's Annual
Meeting that is scheduled to be held on July 19, 2007.
In its analysis, ISS stated that, "Management has not taken proper
steps to improve shareholder value, as Simon Worldwide has acted as a shell
company generating zero revenues for almost six years now." ISS also
condemned Simon's disregard for shareholder democracy by noting "that Simon
Worldwide has not called a shareholder meeting since 2001 and that its
board is classified, non-majority independent, has not established a formal
nominating committee, and includes insiders and affiliated outsiders on its
other key board committees." Recognizing the need for oversight of the
current board, ISS concluded that Simon Worldwide should vote FOR Elchanan
Maoz and Meron Mann on the GOLD proxy card.
Speaking on behalf of Everest, Elchanin Maoz said, "We are happy that a
respected independent proxy advisory service like ISS has recognized that a
shareholder voice is needed on the Simon Worldwide Board in order to
promote the creation of value for ALL shareholders and to end the needless
squandering of assets on excessive executive and board compensation at a
company that generates zero revenue. The fact that the incumbent board
failed to accept ISS's invitation to present their case for reelection
further bolsters our conviction that they lack the energy and vision
necessary to create shareholder value and that fresh views and voices are
desperately needed on the Board. Both Meron Mann and I look forward to
working with the current board to promote the creation of shareholder value
at our Company."
Shareholders are reminded that the Annual Meeting is scheduled to be
held on July 19, 2007 and are urged to call Everest's proxy advisors,
MacKenzie Partners, Inc., Toll-Free at 800-322-2885 of 212-929-5500 (call
collect) if they have any questions or need assistance in voting their GOLD
proxy card.
SOURCE Everest Special Situations Fund L.P.
 back to top
CONTACT:
Dan Burch or Bob Marese, both of MacKenzie
Partners, Inc., +1-212-929-5500, for Everest Special Situations
Fund L.P.
|
