VIENNA, Va., Nov. 10 /PRNewswire/ -- GRC International (NYSE: GRH) today
reported that Institutional Shareholder Services (ISS), the nation's leading
institutional shareholder advisory firm, has recommended that its subscribers
vote to reelect Joseph R. Wright Jr., chairman, and Gary L. Denman, president
and CEO, to the company's board of directors.
GRC International will hold its annual meeting on Monday, November 15,
1999, when shareholders will vote to reelect Wright and Denman.
In its analysis, ISS said: "(W)e believe that shareholders would be best
served by retaining management's nominees for the board." The report also
noted that "the company has showed strong signs of a turnaround since the
arrival of Messrs. Wright, Denman and their team, and we believe that
interruption of the company's strategy is not warranted at this early stage."
The ISS report added: "On balance, therefore, we believe that the weight
of the evidence on the performance related aspects of this contest appears to
favor management's position."
Institutional Shareholder Services, based in Rockville, Md., is a highly
respected independent advisor to more than 500 institutional shareholders on
corporate governance and proxy voting matters, including proxy contests,
management and shareholder resolutions, and other shareholder-related issues.
Gary Denman, president and CEO of GRCI said, "Management's focus has been
and will continue to be to execute our strategy of increasing growth and
profitability and maintaining healthy ratios on the balance sheet. We are
pleased that ISS has endorsed management's slate of board candidates after
listening to both our strategy and the views of the alternative board slate."
GRCI encouraged its shareholders to return their WHITE proxy cards to GRCI
or its proxy solicitor, Georgeson Shareholder Communications Inc., by November
15. If you need assistance with voting your shares, you may call Georgeson
toll-free at (800) 223-2064 or by collect call at (212) 440-9800.
GRC International Inc., headquartered in Vienna, Va., is a leading
provider of professional services focusing on information technology,
management consulting, and engineering services for a national clientele in
the government and commercial sectors. GRCI is a publicly traded company
listed on the New York Stock Exchange under the symbol GRH. Additional details
about GRC International can be obtained on the Internet at
http://www.grci.com/.
For more information: Wayne Jackson, Director, Corporate Communications,
(703) 506-5038. GRCI press releases are available on the Internet through
Company News On-Call at http://www.prnewswire.com/.
SOURCE GRC International Inc.
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Related links:
http://www.grci.com
Company News On-Call:
http://www.prnewswire.com/comp/320275.html or fax,
800-758-5804, ext. 320275
CONTACT:
Wayne Jackson, Director, Corporate
Communications, of GRC International Inc., 703-506-5038
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