IRVINE, Calif., Oct. 26 /PRNewswire-FirstCall/ -- Gateway, Inc. (NYSE:
GTW) today announced that the Corporate Governance & Nominating Committee
of Gateway's Board of Directors will review Firebrand Partners' request to
appoint three unidentified Firebrand designees to Gateway's Board of
Directors, redeem the shareholder rights plan, and call a special meeting
of shareholders to adopt an amendment to Gateway's certificate of
incorporation to declassify the Board of Directors. Following its review,
the Committee, which consists solely of independent directors, will make a
recommendation to the full Board of Directors.
Gateway noted that according to public filings, Firebrand is a member
of a shareholder group that owns approximately 10.7% of the Company's
outstanding shares.
Gateway's Board currently consists of eight directors, of which seven
are independent directors. Gateway's Board and management team remain
committed to doing what is in the best interest of all Gateway
shareholders.
Goldman, Sachs & Co. is serving as financial advisor to Gateway,
Skadden, Arps, Slate, Meagher & Flom LLP is legal counsel, and MacKenzie
Partners, Inc. is proxy advisor.
About Gateway
Since its founding in 1985, Irvine, Calif.-based Gateway (NYSE: GTW)
has been a technology pioneer, offering award-winning PCs and related
products to consumers, businesses, government agencies and schools. Gateway
is the third largest PC company in the U.S. and among the top ten
worldwide. The company's value-based eMachines brand is sold exclusively by
leading retailers worldwide, while the premium Gateway line is available at
major retailers, over the web and phone, and through its direct and
indirect sales force. See http://www.gateway.com for more information.
Special note
This press release contains forward-looking statements that involve
risks and uncertainties, as well as assumptions that, if they do not
materialize or prove incorrect, could cause Gateway's results to differ
materially from those expressed or implied by such forward-looking
statements. All statements, other than statements of historical fact, are
statements that could be forward-looking statements, including any
projections or preliminary estimates of earnings, revenues, or other
financial items; any statements of plans, strategies and objectives of
management for future operations; the extent of seasonal changes in demand;
any statements regarding proposed new products, services or developments;
any statements regarding future economic conditions or performance;
statements of belief and any statement of assumptions underlying any of the
foregoing. The risks that contribute to the uncertain nature of these
statements include, among others, risks related to shifting our
distribution model to third-party retail; competitive factors and pricing
pressures, including the impact of aggressive pricing cuts by larger
competitors; general conditions in the personal computing industry,
including changes in overall demand and average selling prices, shifts from
desktops to mobile computing products and information appliances and the
impact of new microprocessors and operating software; the ability to
simplify the company's business, change its distribution model and
restructure its operations and cost structure; component supply shortages;
short product cycles; the ability to access new technology; infrastructure
requirements; risks of international business; foreign currency
fluctuations; risks relating to new or acquired businesses, joint ventures
and strategic alliances; risks related to financing customer orders;
changes in accounting rules; the impact of litigation and government
regulation generally; inventory risks due to shifts in market demand; the
impact of employee reductions and management changes and additions; and
general economic conditions, and other risks described from time to time in
Gateway's Securities and Exchange Commission periodic reports and filings.
Gateway assumes no obligation to update any forward-looking statements to
reflect events that occur or circumstances that exist after the date on
which they were made.
SOURCE Gateway, Inc.
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Related links:
http://www.gateway.com
CONTACT:
Media, David Hallisey, +1-949-471-7703,
david.hallisey@gateway.com, or Investors, Marlys Johnson,
+1-605-232-2709, marlys.johnson@gateway.com, both of Gateway,
Inc.; or Joele Frank or Barrett Golden, both of Joele Frank,
Wilkinson Brimmer Katcher, +1-212-355-4449, for Gateway, Inc.
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