Chairman David Martin and Director Nancy Knowlton resign Board seats
Robert Hagerty appointed Acting Chairman of the Board
All multiple vote Class B Shares convert to single vote Class A
Subordinate Voting Shares
SMART to announce its fourth quarter and fiscal 2014 results on May 15,
CALGARY, April 21, 2014 /CNW/ - SMART Technologies Inc. (the "Company")
(NASDAQ: SMT) (TSX: SMA), a leading provider of collaboration
solutions, announced today that Mr. David Martin, Chairman of the
Board, and Ms. Nancy Knowlton, have resigned from SMART Technologies
Inc.'s Board of Directors, effective April 17, 2014.
Mr. Robert Hagerty has been appointed by the Board of Directors as
Acting Chairman of the Board, effective immediately. Mr. Hagerty has
been on the Board of the Company since July 2010, and has been the Lead
Independent Director since June 2011.
In accordance with the provisions of the Company's articles and share
provisions, all of the issued and outstanding Class B shares of the
Company have automatically converted into single vote Class A
Subordinate Voting Shares, such conversion being effective commensurate
with the resignations of Mr. Martin and Ms. Knowlton. The Company no
longer has any issued and outstanding Class B shares that carry
multiple voting privileges and no further Class B shares are permitted
to be issued by the Company. On April 17, 2014, there were 79,464,195
Class B shares outstanding and such shares have now converted into
79,464,195 Class A Subordinate Voting Shares, representing 65.6% of the
outstanding Class A Subordinate Voting Shares. After accounting for this conversion the breakdown of Class A
Subordinate Voting Shares is as follows: Mr. Martin and Ms. Knowlton
own 23.5%, entities related to and funds advised by Apax Partners hold
31.1%, Intel Corporation holds 14.4% and the remaining 31.0% of shares
are widely held.
"David and Nancy founded SMART Technologies over twenty-five years
ago. Over that time, they grew it from a small start-up into a company
that has truly changed the way the world works and learns. I want to
thank David and Nancy for their many years of unparalleled service to
the Company," said Mr. Hagerty, Acting Chairman of the Board.
Over the last year, the Company has been successfully executing against
its strategic plan and continues to make positive progress. The Company
will be reporting its year-end results for fiscal 2014 on May 15, 2014
and President and CEO Neil Gaydon will be providing additional detail
on the Company's strategic plan at that time.
About SMART Technologies
SMART Technologies Inc. is a leading provider of technology solutions that enable inspired
collaboration in schools and workplaces around the world by turning
group work into a highly interactive, engaging and productive
experience. SMART delivers integrated solutions of hardware, software
and services designed for superior performance and ease of use, and
remains a world leader in interactive displays.
Certain information contained in this press release may constitute
forward-looking information or statements. In particular and without
limitation, this press release contains forward-looking statements
pertaining to the appointment of a permanent Chairman of the Board and
the anticipated timing of the announcement of FY14 financial results.
By their very nature, forward-looking information and statements
involve inherent risks and uncertainties, both general and specific,
and risks that predictions, forecasts, projections and other
forward-looking information and statements will not be achieved. We
caution readers not to place undue reliance on these statements as a
number of important factors could cause the actual results to vary
materially from the forward-looking information or statements. We do
not assume responsibility for the accuracy and completeness of the
forward-looking information or statements. Any forward-looking
information and statements contained in this press release are
expressly qualified by this cautionary statement.
©2014 SMART Technologies ULC. All rights reserved. All third-party
product and company names are for identification purposes only and may
be trademarks of their respective owners. To view a list of SMART
trademarks please visit our Trademarks and Guidelines page.
Please note that SMART is written in all capital letters.
Image with caption: "SMART Technologies Inc. logo. (CNW Group/SMART Technologies Inc.)". Image available at: http://photos.newswire.ca/images/download/20140421_C4435_PHOTO_EN_39457.jpg
SOURCE: SMART Technologies Inc.
For further information:
For more information, please contact:
Investor Relations Manager
SMART Technologies Inc.
Public Relations Contact
Vice President, Marketing
SMART Technologies Inc.