CHICAGO, July 10, 2018 /PRNewswire/ --
To PTC Shareholders:
We are pleased to announce success in our efforts to obtain control of PTC (OTC: PRAC) and its operating subsidiary Atlas Technologies. We post today at www.OptimizePTC.com the full and complete settlement agreement for both the litigation in Delaware Chancery Court and the U.S. Federal Court in Michigan.
The new board which the Levine family sought to elect via majority written consents has, finally, been recognized and seated recently. Relatedly, Messrs. Samuel Seidman and Arthur Stupay have resigned all of their roles with PTC and Atlas. Mr. Seidman is no longer Chairman and Chief Executive of PTC and Atlas, and Mr. Stupay is no longer a director of PTC.
The new PTC board members are Jim Daniels, Todd Rosner, Amy Dean and Julius Levine. They join Jesse Levine who co-founded PTC in 1994. While brief biographical information on the new board members was provided at the time of the written consents in December 2017, we provide these summaries again for the convenience of PTC shareholders at www.OptimizePTC.com. Importantly, the new board members collectively own a substantial number of PTC shares. As a result, the new board is motivated to increase the value of PTC shares.
The new PTC board will consider the best tangible and practical steps which have a high chance to succeed in enhancing Atlas' operating efficiency and profitability in the near term. These are important objectives in seeking to enhance shareholder value. We will review Atlas' current product lines to confirm that PTC and Atlas have higher-margin products which can be predictably and consistently sold to customers, and where Atlas' customers are highly satisfied with their production equipment from Atlas.
We also have begun exploring the best ways to strengthen Atlas' balance sheet and financial condition.
As part of our review of PTC's and Atlas' prospects, we will consider of one or more steps outlined in Jesse Levine's September 27, 2017 and subsequent letters to shareholders. While the new board shall oversee the continuing management of Atlas, we also will focus on taking effective actions in the near and medium terms to obtain a return for PTC shareholders. We now embark on a deliberate and orderly process to consider all reasonable ways to return funds and increase value for PTC shareholders.
We will continue to keep PTC shareholders informed. Please also see www.OptimizePTC.com for more details.
Note: The above may include predictions or other information that might be considered forward-looking. While these statements represent our current judgments on what the future may hold, these are subject to risks and uncertainties and actual future results could differ materially. You are cautioned to not unduly rely on forward-looking statements, which reflect our opinions only as of today's date. While we will make reasonable efforts to do so, please keep in mind we are not obligating ourselves to revise or publicly release revisions to these forward-looking statements due to new information or future events
SOURCE Jesse Levine