Quipp Reaches Agreement with JDL Group
19 Outubro 2006 - 7:21PM
PR Newswire (US)
John D. Lori Elected To Quipp's Board of Directors MIAMI, Oct. 19
/PRNewswire-FirstCall/ -- Quipp, Inc. (NASDAQ:QUIP) announced today
that it has reached an agreement with a group led by JDL Partners,
LP, which holds approximately 9.7% of Quipp's common stock. Under
the agreement, Quipp has expanded its Board of Directors to seven
members, elected John D. Lori as a director of the Company and
agreed to nominate Mr. Lori in future years so that, if elected by
shareholders, he will serve for at least three years. As part of
the agreement, JDL Partners has withdrawn its proposed board
nominations, agreed to support the reelection of Quipp's other
nominees and agreed to standstill provisions. Quipp and the JDL
Group also made other commitments. Mr. Lori is the founder and
managing member of JDL Partners, based in Garden City, New York.
Prior to founding JDL Partners, Mr. Lori was a managing director
and portfolio manager at U.S. Trust, and a portfolio manager with
Brown Brothers Harriman, both in New York. Mr. Lori will serve on
the Audit Committee of the Board. DATASOURCE: Quipp, Inc. CONTACT:
Michael Kady of Quipp, Inc., +1-800-345-9680 Web site:
http://www.quipp.com/
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