Image management firm Emageon has settled a proxy dispute with its largest shareholder, Oliver Press Partners, and announced that it will be pursuing strategic alternatives that could include a sale of the Birmingham, AL-based company.
As part of the agreement, Oliver Press Partners principal August Oliver and director of research Benner Ulrich will be elected to Emageon's board of directors for a term expiring at the 2010 annual meeting. In addition, a third new independent director selected by Oliver Press will be added for a term expiring at the 2011 annual meeting.
The board will temporarily be increased from eight to 10 directors. Ulrich and the new director will also be appointed to the firm's strategic alternatives committee, Emageon said. The company has agreed to adjourn its annual shareholders meeting until July 8 to give shareholders an opportunity to consider the settlement prior to voting.
Following the conclusion of the annual meeting, Charles Jett and Douglas French will resign from the board; Jett will continue to serve thereafter as CEO at the discretion of the board. The board will be fixed at nine directors following the annual meeting, Emageon said.
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Emageon reports revenue decrease in Q1 2008, May 15, 2008
Emageon provides license to Pittsburgh group, January 10, 2008
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Emageon reports downturn in Q3, November 6, 2007
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