MONROVIA, Calif.--(BUSINESS WIRE)--
AeroVironment,
Inc. (NASDAQ: AVAV) today issued the following statement in response
to Engaged Capital:
AeroVironment maintains and welcomes open communications with all of its
stockholders and values their input towards the goal of enhancing
stockholder value. We will continue to take actions that we believe
enable us to achieve this objective.
AeroVironment's management and board of directors regularly evaluate the
company's capital structure and capital allocation priorities. Given the
company's innovation-driven strategy, a strong balance sheet is an
important competitive differentiator that allows AeroVironment to
support growth initiatives without compromising our ability to make
quick and decisive strategic investments in emerging opportunities. We
are confident that our strategy best positions AeroVironment to compete
effectively and deliver superior returns.
The AeroVironment board is composed of seven highly qualified directors,
five of whom are independent and all of whom are experienced
professionals with expertise across a wide range of disciplines and
industries critical to the company's business. In addition,
AeroVironment directors have extensive operations and management
experience at the highest levels of public and private companies and in
the U.S. military. The company's management and board of directors are
committed to acting in the best interest of the company and all
AeroVironment stockholders.
Our goal has always been — and continues to be — building value for all
of our stockholders. We continue to focus on our fiscal 2014 plan to
maintain our market leadership in Unmanned Aircraft Systems and electric
transportation solutions while we move innovative new solutions closer
to market adoption and long-term value creation.
Credit Suisse Securities (USA) LLC is serving as the company's financial
advisor and Latham & Watkins LLP is serving as legal advisor.
ABOUT AEROVIRONMENT, INC.
AeroVironment is a technology solutions provider that designs, develops,
produces and supports an advanced portfolio of Unmanned Aircraft Systems
(UAS) and electric transportation solutions. Agencies of the U.S.
Department of Defense and allied military services use the company's
electric-powered, hand-launched
unmanned aircraft systems extensively to provide situational
awareness to tactical operating units through real-time, airborne
reconnaissance, surveillance and communication. AeroVironment's electric
transportation solutions include a comprehensive suite of electric
vehicle (EV) charging systems, installation and network services for
consumers, automakers, utilities and government agencies, power
cycling and test systems for EV developers and industrial
electric vehicle charging systems for commercial fleets. More
information about AeroVironment is available at www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking
statements" as that term is defined in the Private Securities Litigation
Reform Act of 1995. These statements are made on the basis of current
expectations, forecasts and assumptions that involve risks and
uncertainties, including, but not limited to, economic, competitive,
governmental and technological factors outside of our control, that may
cause our business, strategy or actual results to differ materially from
those expressed or implied. Factors that could cause actual results to
differ materially from the forward-looking statements include, but are
not limited to, our ability to perform under existing contracts and
obtain additional contracts; changes in the timing and/or amount of
government spending; changes in the supply and/or demand and/or prices
for our products and services; changes in the regulatory environment;
the activities of competitors; failure of the markets in which we
operate to grow; failure to expand into new markets; failure to develop
new products or integrate new technology with current products; and
general economic and business conditions in the United States and
elsewhere in the world. For a further list and description of such risks
and uncertainties, see the reports we file with the Securities and
Exchange Commission, including our most recent Annual Report on Form
10-K and Quarterly Reports on Form 10-Q. We do not intend, and undertake
no obligation, to update any forward-looking statements, whether as a
result of new information, future events or otherwise.
Important Additional Information
AeroVironment and its directors and executive officers may be deemed to
be participants in the solicitation of proxies in respect of its 2013
annual meeting of stockholders. AeroVironment plans to file with the SEC
a proxy statement and related materials in connection with its 2013
annual meeting of stockholders (the "2013 Proxy Materials"). The 2013
Proxy Materials will contain important information about AeroVironment,
the 2013 annual meeting and related matters. Stockholders are urged to
read the 2013 Proxy Materials carefully when they are available.
Stockholders will be able to obtain free copies of the 2013 Proxy
Materials and other documents filed with the SEC by AeroVironment
through the web site maintained by the SEC at www.sec.gov
and on AeroVironment's web site at www.investor.avinc.com.
Information regarding the identity of potential participants, and their
direct or indirect interests, by security holdings or otherwise, will be
set forth in the 2013 Proxy Materials. This information can also be
found in AeroVironment's proxy statement for its 2012 annual meeting of
stockholders, filed with the SEC on August 24, 2012. To the extent
holdings of AeroVironment securities have changed since the amounts
printed in that proxy statement, such changes have been or will be
reflected on Statements of Change in Ownership on Form 4 filed with the
SEC. Stockholders can obtain free copies of these documents from the web
site maintained by the SEC and AeroVironment's web site above.
Additional AeroVironment News: http://www.avinc.com/resources/news
AeroVironment
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AeroVironment, Inc.
Steven Gitlin
+1 (626) 357-9983
ir@avinc.com
or
MacKenzie
Partners, Inc.
Dan Burch / Laurie Connell
+1 (212) 929-5500
or
Joele
Frank, Wilkinson Brimmer Katcher
Matt Sherman / Andrew Siegel /
James Golden
+1 (212) 355-4449
Source: AeroVironment, Inc.
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