Resignations Effective as of the Company’s 2015 Annual Meeting of
Shareholders in April 2015
SALT LAKE CITY -- (Business Wire)
Control4
(NASDAQ:CTRL), a leader in residential and commercial automation
systems, today announced the resignations of its remaining early-stage
investor board members, Len Jordan, Managing Director of Madrona
Ventures Group (formerly with Frazier Technology Ventures), and Steven
Vassallo, General Partner of Foundation Capital. Frazier Technology
Venture’s initial investment in Control4 was in June 2004, and
Foundation Capital’s was in July 2005. Both resignations are effective
as of Control4’s 2015 Annual Meeting of Shareholders, currently
scheduled for April 28, 2015. A search is currently underway for
replacement directors with applicable industry experience and broad
operating capability.
“Len, Steve and their venture firms have been great champions of
Control4, from the initial phases of the company’s development, through
our transition to a disciplined and focused public company,” explained
Martin Plaehn, Control4’s Chairman and CEO. “We’re grateful for their
passion, commitment and counsel to help make Control4 a growing,
profitable and successful leader in the home automation space.”
Mr. Jordan remarked, “As an early investor in Control4, it’s been
extremely gratifying to help with Control4’s growth and advancement in
all aspects, including its employees, solutions, market position, and
opportunity.” Mr. Vassallo added, “The smart and connected home category
is an exciting and growing opportunity, and Control4 is well positioned
to benefit from the increasing consumer demand for home automation.”
As part of the ongoing transition from a venture-backed start-up to a
public company, James Caudill, a current board member, will be replacing
Mr. Jordan on the Company’s Audit Committee, and Jeremy Jaech, a current
board member, will be replacing Messrs. Jordan and Vassallo on the
Company’s Compensation Committee.
About Control4
Control4
(NASDAQ:CTRL) is a leading provider of automation systems for homes and
businesses, offering personalized control of lighting, music, video,
temperature, security, communications and similar functionalities into a
unified home automation solution that enhances the daily lives of its
customers. Control4 unlocks the potential of connected devices, making
entertainment systems easier to use, homes more comfortable and energy
efficient, and families more secure. More than 75% of Control4’s
consumers have integrated two or more functionalities with Control4’s
solution, which is available through more than 3,000 custom integrators,
retail outlets, and distributors in over 80 countries. By delivering
insightfully simple control solutions that enhance the lives of
individuals and families, Control4 is the automation platform of choice
for consumers, major consumer electronics companies, hotels, and
businesses around the world.
Forward Looking Statement
This press release contains “forward-looking statements” within the
meaning of the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995, including but not limited to, statements
regarding the timing of the resignations of Len Jordan and Steven
Vassallo and prospects for Control4’s director search. All statements
other than statements of historical fact contained in this press release
are forward-looking statements. These forward-looking statements are
made as of the date they were first issued, and were based on the
then-current expectations, estimates, forecasts, and projections, as
well as the beliefs and assumptions of management. Forward-looking
statements are subject to a number of risks and uncertainties, many of
which involve factors or circumstances that are beyond Control4’s
control. Control4’s actual results could differ materially from those
stated or implied in forward-looking statements due to a number of
factors, including but not limited to, risks detailed in Control4’s most
recent Annual Report on Form 10-K and subsequent Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K filed with the Securities and
Exchange Commission, as well as other documents that may be filed by the
company from time to time with the Securities and Exchange Commission.
Past performance is not necessarily indicative of future results. The
forward-looking statements included in this press release represent
Control4’s views as of the date of this press release. The company
anticipates that subsequent events and developments may cause its views
to change. Control4 has no intention and undertakes no obligation to
update or revise any forward-looking statements, whether as a result of
new information, future events, or otherwise. These forward-looking
statements should not be relied upon as representing Control4’s views as
of any date subsequent to the date of this press release.
Copyright© 2015 Control4 Corporation. All rights reserved. Control4 and
the Control4 logo are registered trademarks of Control4 Corporation in
the United States and/or other countries. Other names or brands may be
claimed as the property of others.
Contacts:
The Blueshirt Group
Mike Bishop, +1 415-217-4968
Investor
Relations
mike@blueshirtgroup.com
or
Media:
Control4
Blair
Sonnen, +1 801-619-4245
bsonnen@control4.com
Source: Control4 Corporation
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