[ACCESSWIRE]
NEW YORK, NY / ACCESSWIRE / October 11, 2017 / Mr. Ephraim Fields of Echo Lake Capital, the beneficial owner of approximately 4.3% of the shares of Command Center Inc. (OTCQB: CCNI), today announced plans to nominate an alternate slate of five directors at CCNI's next annual shareholder meeting. Seven CCNI directors are scheduled to be elected at the shareholder meeting. Mr. Fields had previously nominated an alternate slate of directors in March 2017, but the Board of Directors (the "Board") postponed the shareholder meeting (without providing shareholders an explanation) that had been scheduled for May 2017.
CCNI's stock price is virtually unchanged from where it was four years ago, and Mr. Fields believes it has dramatically underperformed numerous benchmarks, especially considering the tremendous job growth that has occurred in recent years. Mr. Fields, who personally owns more than twice as much stock as any CCNI Board member, believes CCNI's stock price is undervalued and that CCNI is in urgent need of new leadership at the board level to maximize long-term shareholder value. Mr. Fields is concerned that CCNI's Board is not acting in the best interests of shareholders, as demonstrated by the stagnant share price.
Mr. Fields believes his slate of directors has a broad range of highly relevant operational, capital markets and public company experience, as well as a level of credibility and motivation that would be a welcome addition to the Board. Mr. Fields believes his slate will work hard to increase both CCNI's profitability and the multiple at which its stock trades, thereby creating a meaningful benefit to all shareholders. If elected, Mr. Fields' directors intend to examine strategic alternatives for the company, including, without limitation, initiatives to: (i) improve the company's existing operations and morale among its workforce, (ii) grow the company to lever its existing infrastructure, (iii) enhance the company's credibility among the investment community, and (iv) examine the potential sale of the company.
Mr. Fields commented, "Most of CCNI's directors have served on the Board for many years, and I fail to understand how they can justify their performance or their compensation in light of the stagnant share price. As a long-term shareholder, I have watched the Board continue to take (what I consider to be) excessive compensation, not buy much stock personally, approve compensation for senior management that does not appear justified in light of the stagnant share price, and oversee a revolving door of CFOs."
Below are the names, ages and biographies for the five directors that Mr. Fields nominated to CCNI's Board of Directors.
Ephraim Fields (51):
Mr. Ephraim Fields is the founder of Echo Lake Capital, a value-oriented investment firm which invests in publicly traded U.S. equities. Prior to founding Echo Lake, Ephraim was the founder and portfolio manager of Clarus Capital, a value-oriented investment fund which invested primarily in small cap and microcap U.S. listed stocks. Earlier in his career, Ephraim was an investment banker at Credit Suisse First Boston, Donaldson, Lufkin and Jenrette, and Wasserstein Perella. Ephraim has an MBA from the Wharton School at the University of Pennsylvania and a BSBA from Washington University in St. Louis. Ephraim has extensive experience in private equity investing, mergers and acquisitions, debt and equity capital markets and microcap stocks.
Lawrence Hagenbuch (50):
Mr. Lawrence Hagenbuch is currently the Chief Operating Officer and Chief Financial Officer for J. Hilburn, Inc., a custom clothier for men. Mr. Hagenbuch has been with J. Hilburn since May 2010. Mr. Hagenbuch served on the board of directors and the audit and compensation committees of the publicly traded Remy International from 2008 until 2015, when it was sold for $1.2 billion. He currently serves on the board of directors of the publicly traded Arotech Corp. (ARTX) where he serves on the Executive and Finance Committee, the Compensation Committee, and the Nominating Committee. Mr. Hagenbuch has served in senior management positions for Suntx Capital partners, Alix Partners, GE / GE capital, and American National Can. Mr. Hagenbuch began his professional career in the United States Navy. He served for four years as the Weapons Officer onboard USS Reuben James (FFG-57) in the Pacific Fleet. Mr. Hagenbuch earned an undergraduate in engineering degree from Vanderbilt University on a full Navy ROTC scholarship. He later earned an MBA from the Wharton School of the University of Pennsylvania. Mr. Hagenbuch currently serves as a founding board member of the veteran's service charity, Soldiers Who Salsa. Mr. Hagenbuch has extensive experience in operations, marketing, and strategic planning.
Randall Bort (52):
Mr. Randall Bort has recently served on the board of directors of two publicly traded entities (Gores Holdings I and Gores Holdings II) sponsored by the Gores Group, an investment firm which currently has approximately $2.5 billion in assets under management. Mr. Bort is a Co-Founder of SandTree Holdings, LLC, a private investment firm. Previously, Mr. Bort was an investment banker at Drexel Burnham Lambert, BT Securities, Donaldson, Lufkin & Jenrette, Credit Suisse First Boston, The Mercanti Group, and Imperial Capital. Mr. Bort has significant financial, transactional, and capital markets experience across multiple industries and has worked both domestically and in Asia. Mr. Bort earned a B.A. in Economics and Mathematics from Claremont McKenna College and an M.B.A. in Finance and Entrepreneurial Management from The Wharton School of the University of Pennsylvania.
Keith Rosenbloom (49):
Mr. Keith Rosenbloom is the co-founder of Cruiser Capital Advisors, LLC, which acts as the investment advisor to pooled investment vehicles (the "Cruiser Portfolios") on a discretionary basis. He has managed the Cruiser Portfolios since inception. Mr. Rosenbloom has over 25 years of investing experience with an emphasis on applying traditional value oriented private equity techniques to public and private special situations. Prior to founding Cruiser Capital, Keith co-founded and managed the CARE Capital Group, an investment company focused on investing in hedge funds and creating alternative investment opportunities, where he served as Portfolio Manager of the CARE Fund and CARE Market Neutral Fund. Prior to CARE Capital, Keith co-managed Comvest Venture Partners, a private equity and bridge loan fund, and served as Director of Merchant Banking for Commonwealth Associates. Keith acts as an advisor to two family offices on their alternative investment portfolios. Keith graduated cum laude from Yale University. Keith has extensive experience in corporate finance, mergers and acquisitions, and public market and private equity investing.
Sean Gelston (48):
Mr. Sean Gelston is a portfolio manager and chief operating officer at Victori Capital, an investment firm based in Stamford, CT, where he also manages a long/short equity fund. Previously he was a partner and co-portfolio manager at the Iroquois Energy Fund. He has also held analyst positions at Castleton Commodities International, Clarus Capital, and the Dreyfus Corporation and, prior to his coming to Wall Street, was employed as an engineer at Ford Motor Company. He holds a B.S. in Mechanical Engineering from the Massachusetts Institute of Technology, an M.S. in Mechanical Engineering from the University of Michigan, and an M.B.A. from the University of Michigan. He has been a CFA charter holder since 2003.
Contact:
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SOURCE: Echo Lake Capital
