Intevac Issues Statement Disagreeing With ISS's Recommendation - Quick Facts

(RTTNews) - Intevac, Inc. (IVAC) said that it disagreed with Institutional Shareholder Services or ISS's conclusion that two of Voce's Capital's nominees are qualified to effect positive change at Intevac. But, it supports the recommendation to reject one of the Voce Capital nominees but believe that ISS reached the wrong conclusion in failing to recommend that stockholders elect all of Intevac's director nominees.

Commenting on the ISS report relating to the election of directors to Intevac's Board of Directors at the Company's 2014 Annual Meeting of Stockholders to be held on May 14, 2014, Intevac said that under the stewardship of Intevac's Board of Directors and management team, the company is well positioned to continue delivering results and creating value for all stockholders.

Intevac's Board is active and engaged and its directors possess skills and experience across a wide range of disciplines and industries that are critical to Intevac's business. It is confident that it has the right Board, the right management team and the right strategies to continue to drive value for all stockholders.

The Board took action to turnaround the company 18 months ago, well before ISS reached the conclusion that change is warranted. The steps taken by the Intevac Board are already driving real and meaningful change to increase stockholder value.

Intevac said it has a strong track record of Board refreshment. Intevac's Board comprises eight highly qualified directors, six of whom are independent, two of whom joined the Board in the past year and four of whom joined the Board in the past four years.

Intevac said it believe that replacing any of Intevac's director nominees with Voce Capital's nominees could negatively impact stockholder value and derail the important progress that is underway at the company.