Red Oak Partners and Pinnacle Fund Respond to Statements in Asure Software's May...
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Red Oak Partners and Pinnacle Fund Respond to Statements in Asure Software's
May 12 Letter and File Preliminary Proxy Statement to Oppose Vote to
Go-Private
NEW YORK, May 18 /PRNewswire/ -- Pinnacle Fund (controlled by Pinnacle
Partners, LLC which is partly controlled by Red Oak Partners, LLC) announced
that on Wednesday, May 13th it filed a preliminary proxy statement with the
Securities and Exchange Commission ("SEC") to oppose Asure Software's
("ASUR's") go-private proposals and also attached the statement to its amended
filing on Schedule 13D. Additionally, Pinnacle issued a letter today in
response to Asure's May 12th letter which Asure filed with the SEC on May
14th. Pinnacle's response letter is attached as an exhibit to an amendment
being filed today to Red Oak's Schedule 13D.
"I encourage shareholders to read our definitive proxy statement when it
becomes available before making any voting decisions, as well as both our
preliminary proxy filed on May 13th and our letter attached as an exhibit to
today's 13D filing," said David Sandberg, Portfolio Manager of the Pinnacle
Fund, LLLP. "Asure's letter attempts to ignore continued excessive spending
on management compensation, a continued omission or delay in announcing an
annual meeting date, and conveniently omits to point out that major cost
savings would result from things Asure can do without depriving holders of
publicly available information. We continue to oppose this go-private
transaction and are confident that these proposals will be rejected."
Information about Red Oak, Pinnacle, and its affiliates who are participating
in Pinnacle Fund's opposition to Asure's go-private proposals can be found in
Red Oak's preliminary proxy materials and its Schedule 13D filing. Red Oak's
filings can be found at www.sec.gov by selecting "Search" at the top right and
then typing "forgent" into the box asking for the Company Name. Red Oak's
filings which are referenced in this press release are dated May 13th and May
18th, 2009.
SOURCE Red Oak Partners, LLC
David Sandberg of Red Oak Partners, LLC, +1-212-614-8952,
dsandberg@redoakpartners.com
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