Echo Therapeutics, Inc. (NASDAQ: ECTE), a medical device company developing its Symphony® CGM System as a non-invasive, wireless continuous glucose monitoring system, today announced that it is filing an investor presentation with the U.S. Securities and Exchange Commission (SEC) that comments on, among other things, the pending proxy contest by a dissident stockholder group led by Platinum Management (NY) LLC.
As previously announced, the Platinum Group is pursuing a proxy contest to elect Shepard M. Goldberg to the Echo Board at Echo's 2014 Annual Meeting of Stockholders in opposition to our highly qualified and very experienced director and Interim CEO, Robert F. Doman.
In the presentation, Echo urges stockholders to vote the revised WHITE proxy card to elect the Echo Board's nominees at Echo's 2014 Annual Meeting for a number of reasons, including the following:
- The Echo Board is engaged, highly qualified, open to stockholder input and committed to protecting the right of all stockholders to participate in the future growth of Echo.
- The Echo Board's belief that its nominee Robert F. Doman is substantially more qualified than the Platinum Group's nominee, Shepard M. Goldberg and the stark contrast between the experience of the Platinum Group's nominee Mr. Goldberg, who has spent the majority of his career in at a privately-held swimming pool products company, and that of the Echo Board's highly qualified and very experienced nominee, Mr. Doman, who brings to the Echo Board more than 30 years of executive level, international and domestic management, business development, commercialization, product development and strategic planning experience.
- The Echo Board's belief that the interests of the Platinum Group are not aligned with the interests of all other stockholders, taking into consideration the previous threats by Platinum and its leadership to drive Echo's stock price down if Echo did not acquiesce to its demands and Platinum's attempts to prevent Echo from having access to future growth capital.
- The Echo Board's belief that the Platinum Group has not disclosed its ultimate motives for its proxy contest and why it wants to control no less than two out of the five seats on the Echo Board.
Echo urges stockholders to support their Board's slate of nominees and vote their shares TODAY by telephone, Internet or by signing, dating and returning each and every WHITE proxy card they receive.
Echo is being advised in connection with the proxy contest by Morgan, Lewis & Bockius LLP and Alston & Bird LLP. Laurel Hill Advisory Group, LLC is serving as Echo's proxy solicitor.