North Pittsburgh Systems, Inc.; Board Rejects Investment Group's Proposal
19 July 2006 - 11:23PM
Business Wire
North Pittsburgh Systems, Inc., (the "Company") (NASDAQ:NPSI)
confirmed today that its Board of Directors received, and
unanimously rejected, a proposal from an investing group holding
approximately 7.85% of the Company's common stock, to engage an
investment banker for the purpose of marketing the Company for
sale. In response to the proposal (which has been attached to a
Schedule 13D amendment filed by Bulldog Investors, Santa Monica
Partners, Monarch Activist Partners and related individuals and
entities (the "Bulldog Group")), Harry R. Brown, the Company's
President and Chief Executive Officer stated, "After careful
consideration, our Board of Directors felt that the Bulldog Group's
proposal would not be in the best interests of the Company or its
shareholders. The Board believes that it is the best interests of
the Company and its shareholders for us to continue to manage the
Company for both short and long term shareholder value, as well as
for the benefit of our customers and our other constituencies."
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