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Gad Announces Nomination of Five Uniquely Qualified Director Candidates for Election to Paragon's Board of Directors
Gad Announces Nomination of Five Uniquely Qualified Director Candidates for Election to Paragon's Board of Directors.
About this update from Paragon Technologies, Inc.
[{"type":"text","content":"Comments on Remainder of Board's Continued Entrenchment Actions and Recently Adopted Poison PillBelieves Paragon Stockholders Deserve a Highly Experienced Board Whose Interests are Aligned with Stockholders'Slate Includes Director Candidates with Significant Ownership including Paragon's Largest Stockholder and SEDC's Visionary LeaderContends that His Director Candidates Are Best Positioned to Continue Paragon's Path to Significant Growth and Profitability while Enhancing Corporate Governance by Separating Chairman and CEO Roles NEW YORK, NY / ACCESS Newswire / March 18, 2025 / Hesham "Sham" Gad is the largest stockholder of Paragon Technologies, Inc. (OTC PINK:PGNT) ("Paragon" or the "Company"), owning approximately 28.4% of the Company's outstanding shares. Today, Mr. Gad issued the below open letter to stockholders regarding his nomination of five highly qualified candidates for election to the Company's Board of Directors (the "Board") at the 2025 Annual Meeting of Stockholders (the "Annual Meeting").The full text of the letter is set forth below:Dear Fellow Paragon Stockholders:In August of 2024, the then Paragon Board announced my removal as Chairman and CEO, a strategic plan initiative and the termination of a costly activist campaign.Today, nearly eight months later, there has been no strategic plan delivered to stockholders and no clear plan outlined for Paragon's future. Instead, stockholders have witnessed significant stockholder money being expended on adopting and defending entrenchment devices and actions - a breathtakingly ironic situation considering Mr. Weiser cited the Company's past activist expenses as one of the reasons for the drastic management changes back in August.Further, in late September 2024, stockholders representing approximately 53% of the Company's outstanding shares delivered signed written consents removing Messrs. Weiser and Jacobs from the Board. Rather than respect the clear directive of a majority of the Company's stockholders, the remaining then-serving Board members rejected the written consents on a technicality and the following business day Messrs. Weiser and Jacobs amended the Company's bylaws to directly impede stockholders' ability to act by written consent in clear violation of the Delaware General Corporate Law (the "DGCL&quo...