Dilip Singh, the spokesperson for a group known as “Concerned Procera Stockholders,” announces the following:
Concerned Procera Stockholders (“CPS” or “we”) is a group of stockholders collectively owning approximately 1.5% of Procera Networks, Inc. (NASDAQ: PKT) (“PKT” or the “Company”). We are dedicated to maximizing stockholder value and improving corporate governance at PKT. We welcome the opportunity to pursue these goals at the 2015 annual meeting of stockholders of PKT. We believe all PKT stockholders should be given the opportunity to vote for new directors whose interests are more fully aligned with stockholders than the incumbent directors.
We believe change is necessary to maximize stockholder value and improve corporate governance. The Company has been bogged down by high operating expenses and the Company’s full potential remains unrealized due to the Board’s lack of effective oversight.
We believe that stockholder value will not be fully maximized until, and unless, new people are added to the Board.
Each of our candidates will be committed to an emphasis on pay-for-performance. In our experience, when management is presented with a system that pays exceptionally well for great performance, management performance dramatically improves.
We call on the incumbent board members not to take actions adverse to the best interests of PKT stockholders prior to the 2015 annual meeting. Such actions include but are not limited to: (i) implementing a poison pill; (ii) delaying the annual meeting; (iii)staggering the board; and (iv) using the precious cash of PKT to make acquisitions.
Concerned Procera Stockholders simply asks that the incumbent Board allow a cordial, open, and fact-based election to take place; an election in which incumbents and dissidents compete for the votes of stockholders on an even playing field. Stockholders are the owners of the Company and stockholders should have the power to decide who serves them on the Board.
