- Believes Incumbent Director Nominees Stand Head and Shoulders Above
Dissident’s Nominees -
- Urges Stockholders to Vote on the WHITE proxy card “FOR”
Green Dot’s Three Experienced and Highly-Qualified Nominees -
PASADENA, Calif.--(BUSINESS WIRE)--May 13, 2016--
Green Dot Corporation (NYSE:GDOT) (the “Company”) today issued a letter
to stockholders comparing the credentials of its experienced and
highly-qualified director nominees against Harvest Capital Strategies’
(“Harvest”) slate of director nominees.
In the letter, which has been filed with the Securities and Exchange
Commission (“SEC”) and posted to www.GDOTValue.com,
Green Dot’s Board of Directors encourages stockholders to consider four
critical questions concerning Harvest’s slate of candidates before
casting their votes:
-
Do you believe it is wise to remove three experienced and
highly-qualified directors?
-
Steven W. Streit – Founder and one of Green Dot’s top
shareholders with over 8 percent ownership, inventor of the
reloadable prepaid debit card and primary relationship holder with
major business partners and key regulators.
-
Michael J. Moritz– Large Green Dot shareholder and current
Chairman of Sequoia Capital, prominent technology company board
experience, currently serves on the board of LinkedIn (~$17
billion market capitalization), prior board member of Google,
Yahoo, Kayak and PayPal.
-
Timothy R. Greenleaf – Audit Committee Chair; oversees
Enterprise Risk Management Committee and Cybersecurity, key
relationships with bank regulators and auditors.
-
Do you believe these are suitable candidates to serve on a highly
regulated, bank holding company’s board that has a market
capitalization in excess of a billion dollars?
-
Philip B. Livingston – Former CEO of Ambassadors Group,
former NASDAQ listed company that saw its stock price decline over
60 percent before being liquidated. Current board member of Rand
Worldwide (OTCBB:RWWI), a $50 million market cap company.
-
Saturnino Fanlo – Served on only two public boards: Capmark
Financial Group (“Capmark”) and KKR Financial Holdings (“KKR”).
Capmark declared bankruptcy and KKR Financial Holdings’ stock
declined 97 percent during Mr. Fanlo’s tenure as CEO.
-
George W. Gresham– Never served on a public company board
and declined offer to be immediately appointed to Green Dot’s
board.
-
Do you believe Green Dot is better off without its founder, Steven W.
Streit, the individual who invented the prepaid card industry,
established the Company as the industry leader, successfully navigated
significant competitive and regulatory headwinds, and who will be held
accountable if Green Dot does not produce $1.75+ Non-GAAP EPS in 2017?
-
Are you willing to jeopardize invaluable business partnerships and the
support of regulators?
Green Dot believes the right choice clear and strongly encourages
stockholders to vote on the WHITE proxy card “FOR” the
reelection of incumbent director nominees— Messrs. Streit, Greenleaf and
Moritz— at the Company’s May 23, 2016 Annual Meeting of
Stockholders. Green Dot advises shareholders not return the “green”
proxy card, even to withhold on Harvest’s nominees.
Green Dot stockholders that have questions or need assistance in
voting their shares on the WHITE proxy card should contact:
INNISFREE M&A INCORPORATED
Stockholders call toll-free: (877) 800-5186
Banks and
Brokers call collect: (212) 750-5833
About Green Dot
Green Dot Corporation, along with its wholly owned subsidiaries, is a
pro-consumer financial technology innovator with a mission to provide a
full range of affordable and accessible financial services to the
masses. Green Dot is the largest provider of reloadable prepaid debit
cards and cash reload processing services in the United States. Green
Dot is also a leader in mobile technology and mobile banking with its
award-winning GoBank mobile checking account and a top 20 debit card
issuer among all banks and credit unions in the country. Through its
wholly owned subsidiary, TPG, Green Dot is additionally the largest
processor of tax refund disbursements in the U.S. Green Dot's products
and services are available to consumers through a large-scale
"branchless bank" distribution network of more than 100,000 U.S.
locations, including retailers, neighborhood financial service center
locations, and tax preparation offices, as well as online, in the
leading app stores and through leading online tax preparation providers.
Green Dot Corporation is headquartered in Pasadena, Calif., with
additional facilities throughout the United States and in Shanghai,
China.
Forward-Looking Statements
This press release may be deemed to contain forward-looking statements,
which are subject to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Actual results may differ
materially from those contained in the forward-looking statements
contained in this press release. The potential risks and uncertainties
that could cause actual results to differ from those projected include,
among other things, the timing and impact of revenue growth activities,
the Company’s dependence on revenues derived from Walmart and three
other retail distributors, impact of competition, the Company’s reliance
on retail distributors for the promotion of its products and services,
demand for the Company’s new and existing products and services,
continued and improving returns from the Company’s investments in new
growth initiatives, potential difficulties in integrating operations of
acquired entities and acquired technologies, the Company’s ability to
operate in a highly regulated environment, changes to existing laws or
regulations affecting the Company’s operating methods or economics, the
Company’s reliance on third-party vendors, changes in credit card
association or other network rules or standards, changes in card
association and debit network fees or products or interchange rates,
instances of fraud developments in the prepaid financial services
industry that impact prepaid debit card usage generally, business
interruption or systems failure, and the Company’s involvement
litigation or investigations. These and other risks are discussed in
greater detail in the Company’s Securities and Exchange Commission
filings, including its most recent annual report on Form 10-K and
quarterly report on Form 10-Q, which are available on the Company’s
investor relations website at ir.greendot.com and on the SEC website at www.sec.gov.
All information provided in this press release is as of May 12, 2016,
and the Company assumes no obligation to update this information as a
result of future events or developments.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160513005574/en/
Source: Green Dot Corporation
Green Dot Corporation
Investor Relations
IR@greendot.com
or
Media
Relations
Brian Ruby, 203-682-8286
Brian.Ruby@icrinc.com
or
John
Christiansen / Meghan Gavigan, 415-618-8750
jchristiansen@sardverb.com
/ mgavigan@sardverb.com