ISS recommends shareholders vote "FOR" election of slate of director nominees, ratification of independent auditors and compensation of executive officers
ANN ARBOR, Mich., April 21, 2016 /PRNewswire/ -- Arotech Corporation (Nasdaq GM: ARTX) today announced that Institutional Shareholder Services ("ISS") has joined another leading independent proxy advisory firm in recommending that shareholders vote "FOR" on all three proposals being presented by Arotech's Board of Directors at the Annual Meeting of Shareholders to be held on May 4, 2016. Specifically, ISS has recommended a vote for the election of the proposed Class III director nominees, ratification of the appointment of the Company's independent auditors and the compensation of the Company's executive officers.
"After a thorough and independent review, ISS has recommended voting in favor of all of the matters to be presented at our annual shareholders meeting," said Steven Esses, President and CEO of Arotech. "Each of the three proposals supports our commitment to transparency, independence and strong corporate governance. This is the second independent institutional investor research organization to have recommended in favor of all of the board's proposals."
The Company filed its definitive proxy statement relating to the Annual Meeting (the "Proxy Statement") with the Securities and Exchange Commission (the "SEC") on March 30, 2016. Shareholders can obtain the Proxy Statement, any amendments or supplements to the Proxy Statement and other documents filed by the Company with the SEC for no charge at the SEC's website at www.sec.gov and at the Company's website at www.arotech.com.
Shareholders are urged to vote "FOR" the three proposals. Shareholders may vote by telephone, Internet or by returning a signed proxy or voting instruction form by mail. Investors with questions regarding how to vote their shares may contact the firm's proxy solicitor, Alliance Advisors LLC, at 973.873.7700.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets, including multimedia interactive simulators/trainers and advanced zinc-air and lithium batteries and chargers. Arotech operates two major business divisions: Training and Simulation, and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Michigan, South Carolina, and Israel. For more information on Arotech, please visit Arotech's website at www.arotech.com.
Arotech Investor Relations Contacts:
Brett Maas / Rob Fink
(646) 536.7331 / (646) 415.8972
Except for the historical information herein, the matters discussed in this news release include forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect management's current knowledge, assumptions, judgment and expectations regarding future performance or events. Although management believes that the expectations reflected in such statements are reasonable, readers are cautioned not to place undue reliance on these forward-looking statements, as they are subject to various risks and uncertainties that may cause actual results to vary materially. These risks and uncertainties include, but are not limited to, risks relating to: product and technology development; the uncertainty of the market for Arotech's products; changing economic conditions; delay, cancellation or non-renewal, in whole or in part, of contracts or of purchase orders (including as a result of budgetary cuts resulting from automatic sequestration under the Budget Control Act of 2011); and other risk factors detailed in Arotech's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2015 and other filings with the Securities and Exchange Commission. Arotech assumes no obligation to update the information in this release. Reference to the Company's website above does not constitute incorporation of any of the information thereon into this press release.
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SOURCE Arotech Corporation