Business
Arosa Investment Management Calls on Datatrak to Comply with Law and Stop Endless Delay and Entrenchment Actions; Calls on Chairman/CEO Larry Birch to Immediately Resign
Arosa Investment Management Calls on Datatrak to Comply with Law and Stop Endless Delay and Entrenchment Actions; Calls on Chairman/CEO Larry Birch to Immediately Resign.
About this update from Datatrak International, Inc.
[{"type":"text","content":"\n \n Arosa Investment Management LLC, the beneficial owner of approximately \n 9.9% of the shares of Datatrak International, Inc. (OTC:DTRK) that \n initiated a proxy contest and has now obtained the most votes at two \n scheduled Annual Meetings that Datatrak management has abruptly delayed, \n calls on Datatrak to immediately hold the 2015 Annual Meeting and calls \n on Chairman/CEO Larry Birch to immediately resign.\n \n \n Datatrak has once again shamelessly and embarrassingly delayed its \n Annual Meeting at the last minute to avoid having to recognize the vote \n in favor of Arosa’s three director nominees. The last vote report \n received by Arosa showed that Arosa’s director nominees were winning the \n vote by at least 141,003 shares (and growing). This is an increased \n margin of victory from the November 11 scheduled meeting, when Arosa’s \n director nominees were winning the vote by at least 42,726 shares (and \n growing). Quite embarrassing for management, Datatrak attempted to call \n and hold this second meeting with little notice over the holidays in an \n attempt to prevent Arosa from having sufficient time to obtain votes. It \n did not work.\n \n \n Shareholders should not be misled by any statements from Datatrak or \n Chairman/CEO Larry Birch stating that management “won” or that they \n “believed” they won. It defies logic for management to twice delay the \n annual meeting out of fear that shareholders had insufficient \n information about Arosa if management had actually won the vote. We \n believe that Datatrak and Chairman/CEO Larry Birch are just being \n dishonest.\n \n \n By delaying the meeting past December 31, Datatrak has violated law by \n not holding an annual meeting and giving shareholders the ability to \n elect the company’s directors during 2015. Shareholders have had \n sufficient time to consider all relevant information, including \n management’s fraudulent campaign of misinformation against Arosa, and \n this second vote was returned for Arosa’s director nominees with an even \n greater margin of victory.\n \n \n Quite astonishingly, Datatrak once again seeks to blame Arosa for \n documents publicly filed by Chairman/CEO Larry Birch himself. Birch \n filed these documents in 2013 to obtain a restraining order against his \n ...