PLX Technology, Inc.

December 18, 2013 16:06 ET

PLX Announces Preliminary Results of 2013 Annual Meeting, Three New Independent Directors Elected

SUNNYVALE, CA--(Marketwired - Dec 18, 2013) - PLX Technology, Inc. (NASDAQ: PLXT), the global leader in PCI Express® (PCIe®) silicon and software connectivity solutions enabling emerging data center architectures, today announced that, based on preliminary results from its 2013 Annual Meeting of Stockholders held earlier today, stockholders have elected Martin Colombatto, Stephen Domenik and Eric Singer, three new independent directors nominated by its largest shareholder, Potomac Capital Partners II, L.P., and re-elected five existing directors who ran unopposed, John Hart, David Raun, Michael Salameh, Ralph Schmitt and Patrick Verderico. Potomac, together with its affiliates, is the beneficial holder of approximately 10.3 percent of PLX's common stock. IVS Associates, Inc., the independent inspector of elections for the Annual Meeting, has indicated that it expects to issue final, certified results over the next few days.

PLX issued the following statement:

The PLX Board and management team welcome Messrs. Colombatto, Domenik and Singer to the Board and look forward to benefiting from their significant operational, financial and strategic experience as we work together to maximize stockholder value.

We are very grateful to our departing directors, D. James Guzy, Robert H. Smith and Thomas Riordan, for their service and many contributions to PLX.

Eric Singer of Potomac Capital commented,

"We are gratified by the overwhelming support we received from PLX stockholders. Martin, Steve and I are excited to join the PLX Board and believe we have the right mix of skills and fresh perspective to make substantial contributions to PLX, while serving the best interest of all of its stockholders. Our recent conversations with the continuing directors and management have been constructive and encouraging and have only validated our beliefs about the quality of the PLX organization and the path that lies ahead. We look forward to working with our fellow Board members to maximize stockholder value."

The preliminary votes also indicate that stockholders voted in favor of the proposal to approve the advisory resolution on executive compensation and to ratify the election of BDO USA, LLP as the Company's independent registered public accounting firm.

About PLX
PLX Technology, Inc. (NASDAQ: PLXT), based in Sunnyvale, Calif., USA, is the industry-leading global provider of semiconductor-based PCI Express connectivity solutions primarily targeting enterprise data center markets. The Company develops innovative software-enriched silicon that enables product differentiation, reliable interoperability and superior performance. Visit PLX on, LinkedIn, Facebook, Twitter and YouTube.

PLX, and the PLX logo, are trademarks of PLX Technology, Inc., which may be registered in some jurisdictions. All other product names that appear in this material are for identification purposes only and are acknowledged to be trademarks or registered trademarks of their respective organizations.

This letter includes statements that qualify as forward-looking statements under the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause actual results to differ materially from those set forth in the statements. Factors that could cause actual results to differ materially include risks and uncertainties, such as reduced demand for products of electronic equipment manufacturers that use the Company's products, adverse economic conditions in general or those specifically affecting the Company's markets, technical difficulties and delays in the development process, errors in the products, reduced backlog for the Company's customers and unexpected expenses. Please refer to the documents filed by the Company with the SEC from time to time, including, but not limited to, the Annual Report on Form 10-K for the year ended December 31, 2012, and PLX's quarterly report on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013, and September 30, 2013, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are made as of today, and the Company assumes no obligation to update such statements.