IRVINE, Calif., June 21, 2022 (GLOBE NEWSWIRE) — CalAmp (Nasdaq: CAMP), a connected intelligence company helping people and organizations improve operational performance through an ecosystem of data-driven solutions, announced today the appointment of Wes Cummins, Founder and Chief Executive Officer of B. Riley Asset Management, LLC (“BRAM”), to its Board of Directors (the “Board”), effective immediately. As part of today’s announcement, CalAmp has entered into a cooperative agreement with BRAM and one of its managed funds.
“We are delighted to welcome Wes to CalAmp’s Board of Directors, and we are confident that his experience as a technology investor and unique insight into our industry will bring valuable perspective to our Board of Directors,” said Amal Johnson, chair of CalAmp’s board of directors. “Wes’ appointment also reflects the board’s appreciation of shareholder views and its continued commitment to act in the best interests of the company and all shareholders. We look forward to working with Wes as we continue to execute our strategy to meet the growing demand for telematics solutions, advance our transformation, increase profitability and create value.
Mr. Cummins brings to CalAmp more than 20 years of experience as a technology investor, as well as extensive board and leadership experience. He is currently Chairman of BRAM as well as Chief Executive Officer and Chairman of the Board of Applied Blockchain, Inc. Mr. Cummins previously served as Chief Executive Officer of 272 Capital LP, a registered investment adviser which focused primarily on investing in technology hardware. , software and services companies, which he founded in 2020. Mr. Cummins’ extensive board experience includes current directorships on the boards of Sequans Communications and Vishay Precision Group, Inc. and previously as a board member of Telenav, Inc. until 2021.
Wes Cummins said, “I appreciate the constructive discussions with the Board of Directors and the management team and I am delighted to join CalAmp’s Board of Directors at a pivotal time in the company’s transformation journey. CalAmp is well positioned to expand its leadership in pioneering data-driven solutions around the world and I look forward to leveraging my expertise to enhance its strategic path forward.
Pursuant to the agreement, BRAM has agreed to customary voting and standstill provisions. The agreement between CalAmp and BRAM will be filed by the Company with the United States Securities and Exchange Commission (“SEC”) as an attachment to the current report on Form 8-K.
CalAmp (Nasdaq: CAMP) is a connected intelligence company that helps people and businesses work smarter. We partner with the transportation and logistics, industrial equipment, government, and automotive industries to provide insights that empower businesses to make the right decisions. Our smart apps, platforms and devices allow them to track, monitor and recover their vital assets with real-time visibility that reduces costs, maximizes productivity and improves safety. Based in Irvine, Calif., CalAmp has been publicly traded since 1983. We have nearly one million software and services subscribers and more than 20 million products installed worldwide. For more information, visit calamp.comWhere LinkedIn, Facebook, Twitter, Youtube Where CalAmp Blog.
CalAmp, LoJack, TRACKER, Here Comes The Bus, Bus Guardian, iOn Vision, CrashBoxx and related logos are among the trademarks of CalAmp and/or its affiliates in the United States, certain other countries and/or EU. Spireon acquired the LoJack® CalAmp’s American Stolen Vehicle Recovery (SVR) business and holds an exclusive license to the LoJack brand in the United States and Canada. All other trademarks or trade names mentioned are the property of their respective owners.
This announcement contains forward-looking statements (including within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, and Section 27A of the US Securities Act of 1933, as amended) regarding CalAmp. These statements include, but are not limited to, statements that address our expected future business and financial performance and statements about (i) our plans, objectives and intentions regarding future operations, services and products, (ii) our position competitive and our opportunities, and (iii) other statements identified by words such as “may”, “will”, “expect”, “intend”, “plan”, “potential”, “believes”, “seeks”, “could”, “estimates”, “judges”, “targeting”, “should”, “anticipates”, “predicts”, “projects”, “aims”, “goal” and words, similar phrases or expressions. These forward-looking statements are based on management’s current expectations and beliefs, as well as assumptions made by management and information currently available to management, current market trends and conditions, and involve risks and uncertainties, many of which are beyond our control. , and which may cause actual results to differ materially from those contained in the forward-looking statements. Accordingly, you should not place undue reliance on such statements. Particular uncertainties that could materially affect future results include risks associated with global economic conditions and concerns; the effects of or fear of global pandemic or contagious disease outbreaks, such as the recent coronavirus (COVID-19) pandemic; global component shortages due to supply chain constraints caused by the COVID-19 pandemic; disruptions to sales, operations, customer, supplier, employee and consumer relationships due to our sale of the LoJack North America business; our ability to successfully and in a timely manner complete our transformation into a SaaS solutions provider; our transition out of the automotive finance business; competitive pressures; prices go down; demand for our telematics products; the growth rates of our target markets; prolonged disruptions to our contract manufacturers’ facilities or other major operations; force majeure or force majeure events at our contract manufacturers’ facilities, including component shortages; the continued diversification of our global supply chain; our reliance on outsourced service providers for certain key business services and their ability to meet our requirements; our ability to improve gross margin; cost containment measures; legislative, commercial, pricing and regulatory measures; integration, unanticipated charges or expenses related to acquisitions; the impact of legal proceedings and compliance risks; implementation of our new ERP system; the impact on our business and reputation of computer system failures, network disruptions, cyber attacks, loss or unauthorized access or dissemination of confidential information; the Company’s ability to comply with data protection laws and regulations; our ability to protect our intellectual property and the unpredictability of associated litigation costs; any expense or damage to reputation associated with the resolution of customer product and warranty and indemnification claims; our ability to sell to new types of customers and keep pace with technological advances; market acceptance of the end products into which our products are designed; and other national, regional and global events and trends, including those of a political, economic, business, competitive and regulatory nature. Further information about these risks and other potential factors that could affect our financial results is included in our filings with the U.S. Securities and Exchange Commission (“SEC”), including “Factors of Risk” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our most recent periodic reports filed on Form 10-K and Form 10-Q and subsequent filings, which you may obtain free of charge from the the SEC at http://www.sec.gov. We assume no intention or obligation to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events or otherwise, which speaks as of their dates. respectively, except as required by law.
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