DALLAS, July 25, 2014 (GLOBE NEWSWIRE) -- PMFG, Inc. (the "Company") (Nasdaq:PMFG) today announced that it has expanded its Board of Directors from six to seven members. Charles M. Gillman has been appointed to fill the vacancy resulting from the retirement of Sherrill Stone as a director in January 2014. Kenneth H. Shubin Stein, MD, CFA has been appointed to fill the vacancy created as a result of the expansion of the Board.
Peter J. Burlage, Chief Executive Officer of PMFG, said, "We are pleased that Mr. Gillman and Dr. Shubin Stein have agreed to join our Board of Directors. We are confident that they will contribute and provide additional insight and new perspective to PMFG."
Dr. Shubin Stein said, "We are delighted to join the PMFG Board and believe that Charles Gillman and I will enhance the composition of the Board. We look forward to working together constructively with other Board members and management to help maximize long-term value for stockholders."
In connection with today's announcement, PMFG entered into an agreement with Cannell Capital LLC and a group of PMFG stockholders (the "Group") that had previously nominated Mr. Gillman and Dr. Shubin Stein to be elected to the Board at PMFG's 2014 annual meeting of stockholders. Under the agreement, the Group has agreed to withdraw its nominations and vote all shares held by the Group in favor of all of the Board's director nominees at the 2014 annual meeting.
About PMFG, Inc.
We are a leading provider of custom engineered systems and products designed to help ensure that the delivery of energy is safe, efficient and clean. We primarily serve the markets for natural gas infrastructure, power generation and petrochemical processing. Headquartered in Dallas, Texas, we market our systems and products worldwide.
Safe Harbor Under The Private Securities Litigation Reform Act of 1995
Certain statements contained in this press release that are not historical facts are forward-looking statements that involve a number of known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievement expressed or implied by such forward-looking statements. The words "anticipate," "except," "believe," "intend" and similar expressions identify forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for such forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that a variety of factors could cause actual results and experience to differ materially from the anticipated results or other expectations expressed in such forward-looking statements. Other important information regarding factors that may affect the Company's future performance is included in the public reports that the Company files with the SEC, including the information under Item 1A. "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended June 29, 2013. The Company undertakes no obligation to revise any forward-looking statements or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by the Company or any other person that the event or circumstances described in such statement are material.