Press release from Marketwire
Automodular Corporation: Addition to Board of Directors
Tuesday, November 26, 2013
Automodular Corporation: Addition to Board of Directors10:07 EST Tuesday, November 26, 2013
AJAX, ONTARIO--(Marketwired - Nov. 26, 2013) - Automodular Corporation ("Automodular") (TSX:AM) announces the addition of Parsa Kiai to its Board of Directors. Mr. Kiai resides in New York, USA and is the Managing Partner and Portfolio Manager of Steamboat Capital, LLC ("Steamboat"). Automodular was approached earlier this year by Mr. Kiai and Bo Shan of California, USA, Founder and Portfolio Manager of Gobi Capital, LLC ("Gobi"). On a combined basis, Steamboat and Gobi hold 1,345,800 shares, representing approximately 6.9% of the outstanding common shares of Automodular. In connection with Mr. Kiai joining the board, he and Mr. Shan as well as Steamboat and Gobi have entered into customary standstill arrangements expiring on the close of the Company's 2015 annual meeting unless earlier terminated, including in the event that Mr. Kiai resigns from the board. Mr. Kiai brings to the Board considerable US investment experience and contacts.
Automodular Corporation is a supplier of sub-assembly, sequencing and transportation services to the automotive industry - Ford Motor Company's Oakville Assembly Plant. The Company has two operating facilities and employs approximately 525 people.
FOR FURTHER INFORMATION PLEASE CONTACT:
Christopher S. Nutt
President and CEO