SAN FRANCISCO, June 28, 2002 (PRIMEZONE) -- Following the adjournment of the annual meeting of shareholders of Cotelligent, Inc. (OTCBB:CGZT) on June 11 2002, SKIRITAI Capital LLC issued the following statement:
According to the report of the inspectors of the election, the results indicate that shareholders have voted in support of SKIRITAI Capital's proposal to redeem the rights in the rights agreement ("Poison Pill"). 5,106,532 shares voted for the proposal and 4,145,605 voted against the proposal, with 53,296 abstaining.
Dissenting Board nominee Russ Silvestri received 3,127,647 votes, losing the election to incumbent Debra J. Richardson's 7,229,844 votes representing only 48.5% of the 14,900,891 shares outstanding, with 1,389,804 additional shares voting against Richardson. SKIRITAI Capital's late bid resulted in the fact that Debra J. Richardson received more than 2,400,000 votes automatically as part of the routine vote.
SKIRITAI Capital is enthusiastic about the strong show of support by shareholders who received SKIRITAI's proxy, only ONE Business day prior to the annual meeting. SKIRITAI Capital is committed in its mission to maximize shareholder value and to uphold the highest values of corporate governance at Cotelligent.
SKIRITAI Capital is confident that Cotelligent's independent Board members will respect their fiduciary responsibility to shareholders and act immediately to remove the Stockholder Rights plan.