Steven S. Myers, Founder, Ex-CEO and Largest Shareholder of SM&A, Issues Statement
02 May 2008 - 1:59AM
Business Wire
Steven S. Myers, the largest shareholder of SM&A (NASDAQ: WINS)
as well as the Company�s founder and retired chairman and chief
executive officer, today issued the following statement in response
to inquiries: "The press release issued by SM&A today seeks to
deflect shareholder attention from loss of shareholder value and
uncertainty about future profitability to years-old events that
occurred during the creation of the company. While they look
backward, we look forward. �SM&A�s repeated failure to provide
accurate and credible information to the investment community is
amply reflected in the public record, and is, in our view, directly
responsible for the substantial loss of shareholder value that has
occurred over the past year. �As we�ve said before, we are pursuing
this proxy contest to address four critical issues: (1) providing
better financial oversight to ensure reasonably accurate guidance;
(2) correcting accounting methodology to remedy the negative impact
of the PPI acquisition�s accounting process; (3) improving fiscal
strategy to more effectively deploy available cash; and (4)
reversing recent attrition of critical talent. �Only by addressing
these issues, we believe, can SM&A regain the trust of the
investment community and rebuild the value that has been destroyed
over the past year. �We urge SM&A shareholders to vote for the
partial Board slate we are proposing, which includes myself, Ken
Colbaugh, Al Nagy, and Redge Bendheim.� Mr. Myers has an ownership
stake of 2,997,225 shares or approximately 15.7 percent of the
Company�s outstanding shares. On April 23rd, Mr. Myers filed with
the Securities and Exchange Commission an investor presentation
setting forth in detail his reasons for seeking the election of
four Board candidates, including himself, to the Company�s Board of
Directors at the Company�s next Annual Meeting, currently set to
take place on May 23rd. The presentation can be accessed at
www.sec.gov or directly through the following link:
http://www.sec.gov/Archives/edgar/data/1050031/
000110465908026102/a08-8941_1dfan14a.htm. (Due to its length, this
URL may need to be copied/pasted into your Internet browser's
address field. Remove the extra space if one exists.) Every Vote
Counts - Vote the GOLD PROXY CARD TODAY! � Proxy Material from
Steven S. Myers has already been distributed to all shareholders
including a GOLD PROXY CARD. Mr. Myers urges all shareholders to
vote only the GOLD PROXY CARD. If you have any questions, or need
assistance with voting, please contact: � Georgeson Inc. � Toll
Free (800) 561-3837 SM&A, based in Newport Beach, Calif.,
provides competition management and program support services to
major industrial customers in the Aerospace & Defense,
Information Technology, Telecommunications, and other industries.
THIS PRESS RELEASE IS FOR GENERAL INFORMATIONAL PURPOSES ONLY. IT
DOES NOT PERTAIN TO THE SPECIFIC INVESTMENT OBJECTIVE, FINANCIAL
SITUATION, SUITABILITY, OR THE PARTICULAR NEEDS OF ANY SPECIFIC
PERSON WHO MAY RECEIVE THIS PRESS RELEASE, AND SHOULD NOT BE TAKEN
AS ADVICE ON THE MERITS OF ANY INVESTMENT DECISION. THE VIEWS
EXPRESSED HEREIN REPRESENT THE OPINIONS OF STEVEN S. MYERS, AND ARE
BASED ON PUBLICLY AVAILABLE INFORMATION WITH RESPECT TO SM&A
(THE �ISSUER�). EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED
HEREIN, THE MATTERS ADDRESSED IN THIS PRESS RELEASE ARE
FORWARD-LOOKING STATEMENTS THAT INVOLVE CERTAIN RISKS AND
UNCERTAINTIES. YOU SHOULD BE AWARE THAT ACTUAL RESULTS COULD DIFFER
MATERIALLY FROM THOSE CONTAINED IN THE FORWARD-LOOKING STATEMENTS.
MR. MYERS ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING
INFORMATION. MR. MYERS RESERVES THE RIGHT TO CHANGE ANY OF HIS
OPINIONS EXPRESSED HEREIN AT ANY TIME AS HE DEEMS APPROPRIATE. MR.
MYERS DISCLAIMS ANY OBLIGATION TO UPDATE THE INFORMATION CONTAINED
HEREIN. MR. MYERS HAS NOT SOUGHT OR OBTAINED CONSENT FROM ANY THIRD
PARTY TO USE ANY STATEMENT OR INFORMATION INDICATED IN THIS PRESS
RELEASE OR THE PRESENTATION REFERRED TO HEREIN AS HAVING BEEN
OBTAINED OR DERIVED FROM STATEMENTS MADE OR PUBLISHED BY THIRD
PARTIES. ANY SUCH STATEMENT OR INFORMATION SHOULD NOT BE VIEWED AS
INDICATING THE SUPPORT OF SUCH THIRD PARTY FOR THE VIEWS EXPRESSED
HEREIN. NO WARRANTY IS MADE THAT DATA OR INFORMATION, WHETHER
DERIVED OR OBTAINED FROM FILINGS MADE WITH THE SEC OR FROM ANY
THIRD PARTY, IS ACCURATE. EACH OF MR. MYERS, KENNETH W. COLBAUGH,
ALBERT S. NAGY AND REDGE E. BENDHEIM (COLLECTIVELY, THE
�PARTICIPANTS�) IS DEEMED A PARTICIPANT IN THE SOLICITATION OF
PROXIES DESCRIBED IN THIS PRESS RELEASE. INFORMATION REGARDING THE
PARTICIPANTS AND THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY
OWNERSHIP OR OTHERWISE, IS AVAILABLE IN THE DEFINITIVE PROXY
STATEMENT ON SCHEDULE 14A FILED BY MR. MYERS WITH THE SECURITIES
AND EXCHANGE COMMISSION ON APRIL 18, 2008. ALL STOCKHOLDERS OF THE
ISSUER ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER
DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY MR. MYERS FOR
USE AT THE 2008 ANNUAL MEETING OF STOCKHOLDERS OF THE ISSUER
BECAUSE THEY DO AND WILL CONTAIN IMPORTANT INFORMATION. THE
DEFINITIVE PROXY STATEMENT AND FORM OF PROXY HAVE BEEN MAILED TO
STOCKHOLDERS OF THE ISSUER. STOCKHOLDERS OF THE ISSUER MAY OBTAIN
COPIES OF THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT
DOCUMENTS AT NO CHARGE ON THE SEC�S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, MR. MYERS WILL PROVIDE COPIES OF THE DEFINITIVE PROXY
STATEMENT WITHOUT CHARGE UPON REQUEST.
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