DFAN 14A
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
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Filed by a Party other than the Registrant |X|
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Preliminary Proxy Statement |
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Confidential, for Use of the Commission Only (as permitted by Rule 14a- 6(e)(2) )
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Definitive Proxy Statement |
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Definitive Additional Materials |
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Soliciting Material Pursuant to Rule 14a-12 |
ORBCOMM INC. |
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(Name of the Registrant as Specified In Its Charter) |
John C. Levinson |
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant) |
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ORBCOMM INC.
SHAREHOLDERS TO CONTEST ELECTION OF DIRECTORS AND
PROPOSE TWO NEW BOARD MEMBERS
BOARD NOMINEES WILL
SEEK TO ADDRESS UNDERPERFORMANCE BY ENHANCING
THE SENIOR MANAGEMENT TEAM, IMPLEMENTING A STRATEGIC
RE-DIRECTION AND
IMPROVING OPERATIONAL EXECUTION
SHAREHOLDERS PROPOSE
TO DE-STAGGER THE ORBCOMM BOARD
NEW YORK MARCH 23, 2009
A group of shareholders announced today that they have formed the Committee
to Realize Value for ORBCOMM (the Committee) and intend to contest the
election of two existing directors of ORBCOMM Inc. (Nasdaq: ORBC), including the
companys Chairman.
In a preliminary proxy statement
filed today with the SEC, the members of the Committee stated that they believe that the
company has significantly underperformed with respect to operational, financial and stock
price performance and that they have nominated two other individuals, Michael Miron and
Steven G. Chrust, for election at the next annual shareholders meeting. Messrs. Miron and
Chrust are both ORBCOMM shareholders and have the industry expertise and proven talent
needed to revitalize the company.
The companys weak performance
is a result of a flawed business strategy compounded by ineffective management. Despite
owning a unique and valuable collection of communications assets that position ORBCOMM to
be a leading service provider in rapidly growing M2M markets, the company has not
capitalized on its valuable technology and asset infrastructure. It has consistently
failed to deliver on subscriber growth, a key metric to growing revenue and profitability.
The board nominees named in the
preliminary proxy will urge the following action plan:
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Appoint
Michael Miron to the position of Chief Executive Officer. |
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Implement
a strategic re-direction by aggressively focusing on market engagement and by fostering
the development and deployment of applications to re-energize and drive subscriber
and ARPU growth. |
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Objectively
evaluate managements performance and augment the management team in vital areas,
including the addition of senior market engagement officers. |
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Seek
a capital raise of at least $25 million in order to provide certainty that there is
adequate cash for financing the full deployment of the next generation of
satellites in a timely manner. |
In addition, the members of the
Committee are proposing the elimination of classification of terms of the Board of
Directors in favor of the requirement that all directors stand for election annually, in a
manner that does not affect the unexpired terms of the previously elected directors.
To obtain a copy of the Preliminary
Proxy, please visit www.sec.gov or contact MacKenzie Partners.
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CONTACTS:
MacKenzie Partners
105 Madison Ave. New
York, New York 10016
(800) 322-2885
Lev & Berlin, P.C.
Duane L.
Berlin, Esq.
200 Connecticut Avenue,
Norwalk, CT.
(203) 838-8500
ALL STOCKHOLDERS OF ORBCOMM ARE
ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE
SOLICITATION OF PROXIES BY THE COMMITTEE FOR USE AT ORBCOMMS 2009 ANNUAL
STOCKHOLDERS MEETING WHEN THEY BECOME AVAILABLE. WHEN COMPLETED, THE DEFINITIVE PROXY
STATEMENT AND FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF ORBCOMM AND WILL, ALONG WITH
OTHER RELEVANT DOCUMENTS, BE AVAILABLE AT NO CHARGE ON THE SECS WEB SITE AT
HTTP://WWW.SEC.GOV. IN ADDITION, THE COMMITTEE IN THE PROXY SOLICITATION WILL PROVIDE
COPIES OF THE DEFINITIVE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST. INFORMATION RELATING
TO THE COMMITTEE IS CONTAINED IN THE PRELIMINARY PROXY STATEMENT FILED BY THE COMMITTEE
WITH THE SEC ON MARCH 24, 2009.
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