Arosa Investment Management LLC, the beneficial owner of approximately 9.9% of the shares of Datatrak International, Inc. (OTC:DTRK) that initiated a proxy contest and obtained the most votes at two scheduled annual meetings that Datatrak management abruptly postponed, is alerting shareholders to the Datatrak board’s secretive and shameless last-minute adoption of golden parachutes and by-law amendments.
The Datatrak board has adopted golden parachutes for each of Chairman/CEO Larry Birch, CFO Jennifer Mabe, and VP of Legal Affairs Varnesh Sritharan, and has attempted to keep it secret from shareholders.
Although Datatrak has widely disseminated at least 17 press releases through PRNewswire, Marketwired and the company’s website since this proxy contest commenced, Datatrak did not do the same with its secretive adoption of golden parachutes and by-law amendments. Instead, Datatrak only quietly posted brief summaries of these shameless actions in the little-used “News” section of the OTC Markets website.
Shareholders can read about these latest shameless actions by the Datatrak board at the following link:
Arosa believes this is just another shameless and appalling action taken by an entrenched board that is long overdue for change. Shareholders can read about Datatrak’s endless and unprecedented campaign of entrenchment in our proxy materials and press releases. We urge shareholders to reject this shameless and self-serving course of behavior and vote for the change that is urgently needed in the Datatrak board.
If you already voted our BLUE proxy card, you do not need to do anything further at this time. Please disregard any proxy materials provided by Datatrak. You do not need to, and should not, vote “withhold” on Datatrak’s proxy card. Shareholders should simply discard Datatrak’s proxy materials.
If you need any assistance with voting a BLUE proxy card for Arosa, please contact our proxy advisor, Alliance Advisors, toll-free at 855-737-3183.
If you would like to speak with Alex Tabatabai, the Managing Member of Arosa and one of our director nominees, regarding Arosa’s proxy campaign, you may reach him at 312-998-8755.
Arosa continues to receive strong support from shareholders and expects to again receive the most votes for its director nominees by a wide margin at the third scheduled annual meeting to be held on January 8.
Arosa has vowed to shareholders that our three director nominees will work productively with the Datatrak board, employees and other constituencies after the election of our director nominees is honored. It is Arosa’s strong belief that Datatrak’s relationships with all of its constituencies will only be strengthened when our director nominees are added to the board. Our director nominees will serve shareholders with honesty and integrity and will be committed to obtaining the best possible results for all shareholders.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160106006774/en/