Emulex to Put Bylaw Amendment to Stockholder Vote At Annual Meeting
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COSTA MESA, Calif., June 16, 2009 (GLOBE NEWSWIRE) -- Emulex Corporation
(NYSE:ELX) today announced that at its upcoming annual stockholders meeting on
November 19, 2009 the Company will put to a stockholder vote the bylaw amendment
adopted by the Board of Directors in January 2009 that requires that stockholder
amendments to Emulex's bylaws be approved by the vote of no less than 66 2/3rds
percent of the outstanding shares. Unless such amendment is ratified at the
annual meeting by the affirmative vote of stockholders holding no less than a
majority of our outstanding shares, the provisions of Emulex's bylaws related to
the 66 2/3rds percent requirement will be restored to their pre-amendment form
effective as of the completion of the 2009 annual meeting.
"Emulex has bylaws that provide important protections to stockholders. We
believe that the adoption of the provision that prevents changes in our bylaws
without 2/3 stockholder approval was the appropriate course of action and
remains in the best interests of our stockholders," said Jim McCluney, president
and chief executive officer, Emulex. "In order to provide our stockholders with
the opportunity to validate the provision, we have decided to give them the
final say on this matter during our regularly scheduled annual meeting in
November 2009."
As previously announced, Emulex will hold its 2009 Annual Meeting of
Stockholders at 10 a.m. Pacific time on Thursday, November 19, 2009, at its
corporate offices: 3333 Susan Street, Costa Mesa, California.
About Emulex
Emulex is the leader in converged networking solutions for the data center. Our
Connectivity Continuum architecture provides intelligent networking services
that transition today's infrastructure into tomorrow's unified network
ecosystem. Emulex provides a single framework that intelligently connects every
server, network and storage device within the data center. Through strategic
collaboration and integrated partner solutions, Emulex provides its customers
with industry leading business value, operational flexibility and strategic
advantage. Emulex is listed on the New York Stock Exchange (NYSE:ELX) and has
corporate headquarters in Costa Mesa, California. News releases and other
information about Emulex Corporation are available at http://www.emulex.com.
The Emulex Corporation logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=1744
Safe Harbor Statement
The statements set forth above include forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, that may be subject to
the "safe harbor" of those Acts. The safe harbor does not apply to
forward-looking statements made in connection with a tender offer. These
forward-looking statements involve risk and uncertainties. The company wishes to
caution readers that a number of important factors could cause actual results to
differ materially from those in the forward-looking statements. Those factors
include the effect of Broadcom's unsolicited tender offer to acquire all of
Emulex's outstanding common stock; the related consent solicitation of Broadcom
and any related litigation on the company's business; changes in economic
conditions or changes in end user demand for technology solutions; Emulex's
dependence on a limited number of customers and the effects of the loss of, or
decrease or delays in orders by, any such customers, or the failure of such
customers to make payments; the rapidly changing nature of technology, evolving
industry standards and frequent introductions of new products and enhancements
by competitors; the effect of rapid migration of customers towards newer, lower
cost product platforms; slower than expected growth of the storage networking
market or the failure of the company's Original Equipment Manufacturer ("OEM")
customers to successfully incorporate Emulex products into their systems; delays
in product development; the highly competitive nature of the markets for
Emulex's products; Emulex's ability to gain market acceptance for its products;
any inadequacy of the company's intellectual property protection or the
potential for third-party claims of infringement; the company's ability to
attract and retain skilled personnel; and the company's reliance on third-party
suppliers. These and other factors which could cause actual results to differ
materially from those in the forward-looking statements are also discussed in
the company's filings with the Securities and Exchange Commission (the "SEC"),
including its recent filings on Forms 8-K, 10-K and 10-Q. All trademarks, trade
names, service marks, and logos referenced herein belong to their respective
companies.
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CONTACT: Emulex Corporation
Investor Contact:
Frank Yoshino, Vice President, Finance
(714) 885-3697
Press Contact:
Katherine Lane, Manager, Public Relations
(714) 885-3828
MacKenzie Partners
Investor Contacts:
Dan Burch
Amy Bilbija
(212) 929-5500
Sard Verbinnen & Co
Press Contacts:
Andrew Cole
Diane Henry
(415) 618-8750
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