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Urges Board to Accept Resignation of Chairman Paul Gaffney
Reiterates Its Call for Tessco to Run a Full and Fair Sale Process
CHICAGO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Lakeview Investment Group & Trading Company, LLC, which beneficially owns approximately 11.6% of the outstanding shares of TESSCO Technologies Incorporated (NasdaqGS: TESS) (“Tessco” or the “Company”), making it Tessco’s second largest stockholder, today issued the following statement regarding the results of Tessco’s 2021 annual meeting of stockholders:
“Tessco stockholders have spoken and delivered a clear and convincing vote of no confidence in Chairman Paul Gaffney, with approximately 53% of the votes cast against his re-election to the Board. It is now incumbent on the Board to carry out the will of stockholders and accept Mr. Gaffney’s resignation without delay. We also believe that the annual meeting results (including stockholders’ staunch opposition to CEO Sandip Mukerjee) represent a strong statement of support for our view that a sale of the Company is in the best interests of all stockholders. Accordingly, we reiterate our call for the Board to immediately commence a full and fair process to sell the Company with the singular goal of maximizing value for all stockholders.”
About Lakeview Investment Group
Lakeview Investment Group is a Chicago-based investment manager, founded in 2004, with a focus on small- and mid-cap companies. Lakeview’s strategy focuses primarily on long-term investments in companies trading at significant discounts to its estimate of intrinsic value. On select occasions, Lakeview engages directly with company management to help drive shareholder value.
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