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Asure Software, (NASDAQ: ASUR) recently announced it will hold its annual meeting of stockholders on August 28, 2009. The Company had previously announced a meeting date of July 30, 2009.
The original shareholders meeting date only approximately two weeks away the Company's proxy materials still remain under review by the Securities and Exchange Commission. The Company has decided to reschedule the meeting to permit stockholders additional time to decide on the proposals that are up for vote at the meeting and to return their proxies. A dissident group, led by Pinnacle Fund and Red Oak Partners, has nominated a slate of Board candidates in opposition to the Company's recommended Board slate.
"As a result of the proxy fight instigated by Pinnacle/Red Oak, we believe our stockholders deserve more time to study the issues and make their decisions based on complete and accurate information," said Nancy L. Harris, President and Chief Executive Officer. "We were reticent to move this date, but we think our shareholders should have an opportunity to carefully review the issues on the ballot. In our judgment, two weeks is insufficient time to do so."
In addition, as announced on July 1, 2009, the Company has filed a lawsuit against Pinnacle/Red Oak and its affiliates for alleged violations of securities laws. Rescheduling the annual meeting provides a greater chance for this litigation to be resolved prior to the meeting since it is unlikely that the court would have time to issue a ruling before July 30.
"The issue at stake in the lawsuit -- specifically, that Pinnacle/Red Oak has been acting in concert with other investors and has failed to disclose this, as required by law -- is extremely important to our Company and stockholders," Harris said. "We filed suit to protect our stockholders against these actions and hope to have a ruling some time before the annual meeting."
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