Contact Information: Contacts: Peerless Systems Corporation: John Rigali Chief Financial Officer (310) 297-3146 Investor Contact: Geoff High Pfeiffer High Investor Relations, Inc. (303) 393-7044
Peerless Systems Corporation Announces Appointment of New Director/Chair of Audit Committee and Expansion of Board to Seven Directors
| Source: Peerless Systems Corporation
EL SEGUNDO, CA--(Marketwire - February 26, 2008) - Peerless Systems Corporation (NASDAQ : PRLS ),
a provider of advanced imaging and networking technologies and components
to the digital document market, today announced that the board of directors
has increased the authorized number of directors from six to seven and has
appointed Steven J. Pully as director to fill the newly created position.
Mr. Pully also will serve on and chair the Audit Committee, replacing
Timothy Brog who previously held the position.
Mr. Pully is a consultant, working primarily in the asset management
industry. From December 2001 to October 2007, Mr. Pully worked for
Newcastle Capital Management, L.P, an investment partnership, where he
served as president from January 2003 through October 2007. He also
served as chief executive officer of New Century Equity Holdings Corp. from
June 2004 through October of 2007 and remains a director of that company.
Prior to joining Newcastle Capital Management, from 2000 to 2001, Mr. Pully
served as a managing director in the investment banking department of Banc
of America Securities, Inc. and from 1997 to 2000 he was a member of the
investment banking department of Bear Stearns where he became a senior
managing director in 1999. Mr. Pully is licensed as an attorney and CPA in
the state of Texas and is also a CFA charterholder. He holds a B.S. with
honors in Accounting from Georgetown University and a J.D. degree from The
University of Texas.
Rick Roll, president and chief executive officer, said, "Steven's diverse
professional background and public-company experience will be an invaluable
resource to the board. In addition, his extensive knowledge of complex
financial matters makes him ideally suited to chair our audit committee. We
look forward to his contributions."
About Peerless Systems Corporation
Founded in 1982, Peerless Systems Corporation is a provider of imaging and
networking technologies and components to the digital document markets,
which include manufacturers of color, monochrome and multifunction office
products and digital appliances. In order to process digital text and
graphics, digital document products rely on a core set of imaging software
and supporting electronics, collectively known as an imaging controller.
Peerless' broad line of scalable software and silicon offerings enables its
customers to shorten their time-to-market and reduce costs by offering
unique solutions for multiple products. Peerless' customer base includes
companies such as Canon, IBM, Konica Minolta, Kyocera Mita, Lenovo,
OkiData, Ricoh, RISO, Seiko Epson and Xerox. Peerless also maintains
strategic partnerships with Adobe and Novell. For more information, visit
Peerless' web site at www.peerless.com.
Safe Harbor Statement Under The U.S. Private Securities Litigation Reform
Act Of 1995
Statements made by us in this press release that are not historical facts
constitute "forward-looking statements" within the meaning of Section 27A
of the Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are necessarily
estimates reflecting the best judgment of our senior management based on
our current estimates, expectations, forecasts and projections and include
comments that express our current opinions about trends and factors that
may impact future operating results. Statements that use words such as we
"believe," "anticipate," "estimate," "intend," "could," "plan," "expect,"
"project" or the negative of these, as well as similar expressions, are
intended to identify forward-looking statements. These statements are not
guarantees of future performance, rely on a number of assumptions
concerning future events, many of which are outside of our control, and
involve known and unknown risks and uncertainties that could cause our
actual results, performance or achievements, or industry results, to differ
materially from any future results, performance or achievements, expressed
or implied by such forward-looking statements. Such risks and
uncertainties include, among other things, changing competitive and market
conditions, our reliance on certain OEM customers for significant portions
of our revenues, the sufficiency of our capital resources, any adverse
change in our relationship with Adobe Systems Incorporated and Novell, Inc,
increased competition both from in-house OEM products and low cost offshore
competitors, the impact of Microsoft's Vista™ operating system, reduced
demand for our existing monochrome technologies, the rapid changes taking
place in the emerging color print devices markets, contract backlog will be
realized, our ability to identify new customers or place our technology in
a broader base of products, our ability to leverage core competencies and
find product segments that blend well with our core business, our ability
to successfully enter new software application sectors, our ability to
maintain our profit objectives and create compelling margins, the tenure of
the competitive advantage of our old and new technologies, our reliance on
block licensing, our ability to develop and market our advanced devices and
software, the validity and protection of our intellectual property rights
and our ability to execute our business plan and strategic partnering
transactions.
The above risks, and others, are described in further detail in our reports
filed with the Securities and Exchange Commission, including, but not
limited to, those described under "Item 1A. Risk Factors" in our most
recent Annual Report on Form 10-K for the fiscal year ended January 31,
2007, filed on April 13, 2007, and those described under "Item 1A. Risk
Factors" in the most recent Quarterly Report on Form 10-Q for the quarter
ended October 31, 2007, filed December 12, 2007.
Current and prospective stockholders are urged not to place undue reliance
on forward-looking statements, which speak only as of the date hereof. We
are under no obligation, and expressly disclaim any obligation, to update
or alter any forward-looking statements, whether as a result of new
information, future events or otherwise. All forward-looking statements
contained herein are qualified in their entirety by the foregoing
cautionary statements.