MEQUON, Wis., Jan. 18, 2018 /PRNewswire/ -- Activist
investor Global Value Investment Corp. (GVIC) has sent an open
letter to the StealthGas Inc. (NasdaqGS: GASS) Board of Directors
pressing for reforms due to persistent underperformance of the
company's common stock. This letter and an accompanying investor
presentation can be viewed by visiting GVIC's website:
https://www.gvi-corp.com/category/holdings-news/.
GVIC urged the board to immediately initiate a cash dividend,
hire a permanent CFO, retain an independent investor relations firm
and establish criteria to hold the current entrenched management
team accountable for the company's poor performance.
"GASS trades for approximately 25% of its book value of about
$14.00 per share," according to GVIC
analyst Mr. Samuel Schaefer. "This
management team has failed to create value for shareholders, with
the company's net worth declining over the past five years." GVIC
has invested in the company's common stock for its clients since
2007 and currently holds less than 5% of the common stock
outstanding.
GVIC President and CEO, Mr. Jeffrey
Geygan, stated that his firm will take whatever steps are
necessary to ensure that the interests of shareholders are served.
"We have patiently communicated with the company for several years
with little noticeable change." Geygan believes that most investors
share his frustration and support GVIC's recommended changes. He
indicated there are numerous options available to GVIC, up to and
including a proxy contest to replace current directors.
About Global Value Investment Corp.
Global Value
Investment Corp. is a value-oriented investment research and
advisory firm focused on investing in the equity and debt of
publicly traded companies around the world. The firm was founded in
2007 in Mequon, WI, and has since
opened additional offices in Boston,
MA, Charleston, SC and
Hyderabad, India. GVIC is a FINRA
member firm.
About StealthGas Inc.
StealthGas Inc. is a maritime
transportation company primarily serving the liquefied petroleum
gas (LPG) sector, and is one of the largest owners of pressurized
LPG carriers in the 3,000 – 8,000 cbm costal carrier segment. The
company has been publicly listed on the NASDAQ stock exchange since
2005, and is headquartered in Kifisia, Greece.
For Further Information Contact:
Ms. Stacy Wilke
Global Value Investment Corp.
262-478-0640
Info@gvi-corp.com
www.gvi-corp.com
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SOURCE Global Value Investment Corp.