|By Business Wire||
|May 12, 2014 09:07 AM EDT||
Wynnefield Capital, Inc. today congratulated Telos Corp. (OTCBB:TLSRP) on a recent contract award and renewed its calls for Telos to settle at the earliest possible time the principal and arrearages owed to the holders of its 12% Cumulative Exchangeable Redeemable Preferred Stock (“TLSRP”), including all payment-in-kind (“PIK”) dividend payments declared by the Telos Board of Directors for the period 1992 through June 1995. Wynnefield is a 20-year holder of approximately 12% percent of Telos’ TLSRP. If redeemed in full, the holders of the TLSRPs would receive a cash payment significantly in excess of two times the current trading price of the security.
“Wynnefield congratulates Telos on being one of the small businesses recently awarded a contract by the NETCENTS-2 Program Office, which provides the U.S. Air Force with a primary source of netcentric and IT products, services, and solutions. While the contract is of the indefinite delivery/indefinite quantity variety, it carries a tasty $5.8 billion program award ceiling,” said Nelson Obus, President of Wynnefield Capital. “Wynnefield additionally notes that Telos was one of the recipients of a contract for the 2004 original NETCENTS Program,” continued Mr. Obus. “Wynnefield now has renewed confidence that Telos will resolve the over 20-year liability due its holders of the TLSRPs by paying them out what they are owed -- a net amount that totals 100 cents on the dollar,” Mr. Obus added.
Wynnefield noted with concern that the Telos Management Development and Compensation Committee approved a total of $925,000 in short-term incentive bonuses to the Telos CEO and four other executives for fiscal 2013, despite the fact that 2013 EBITDA came in at only 38% of the target, thus falling well short of the requisite 60% EBITDA target to trigger a proportional payout under the relevant management incentive bonus plan. The $400,000 bonus paid to the CEO was in addition to his 2013 salary of $600,000 and other compensation. “In the current ‘pay for performance’ corporate management compensation world, Wynnefield believes that the short-term incentive bonuses need to be assessed more critically each and every year. Employees and representatives of Wynnefield serve on, or chair, numerous compensation committees for other issuers and we find the current compensation and governance practices extremely distressing. We are not aware of any case where bonuses were granted in years when management delivered less than 60% of plan,” Mr. Obus continued. “In our opinion, the Telos independent directors -- many who have distinguished military backgrounds -- need to attend a boot camp focusing on current appropriate compensation and governance practices. We believe that such internal largess should stiffen the resolve of the holders of TLSRPs to insist on being repaid all principal and arrearages owed them by Telos, including all Board-declared PIK payments,” Mr. Obus concluded.
ABOUT WYNNEFIELD CAPITAL, INC.
Wynnefield Capital is a 20-year holder of approximately 12% percent of Telos’ TLSRP. Established in 1992, Wynnefield Capital, Inc. is a value investor specializing in U.S. small cap situations that have company- or industry-specific catalysts.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding bu...
Jul. 4, 2015 09:30 AM EDT Reads: 793
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the ...
Jul. 4, 2015 09:15 AM EDT Reads: 770
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 4, 2015 09:00 AM EDT Reads: 2,291
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies drivi...
Jul. 4, 2015 09:00 AM EDT Reads: 1,311
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Jul. 4, 2015 08:45 AM EDT Reads: 951
DevOps Summit, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development...
Jul. 4, 2015 08:45 AM EDT Reads: 901
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare...
Jul. 4, 2015 08:30 AM EDT Reads: 1,027
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 4, 2015 08:00 AM EDT Reads: 1,314
Overgrown applications have given way to modular applications, driven by the need to break larger problems into smaller problems. Similarly large monolithic development processes have been forced to be broken into smaller agile development cycles. Looking at trends in software development, microservices architectures meet the same demands. Additional benefits of microservices architectures are compartmentalization and a limited impact of service failure versus a complete software malfunction. ...
Jul. 4, 2015 07:30 AM EDT Reads: 1,204
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Arch...
Jul. 4, 2015 07:00 AM EDT Reads: 1,018
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises ar...
Jul. 4, 2015 06:00 AM EDT Reads: 830
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and hig...
Jul. 4, 2015 03:00 AM EDT Reads: 841
IT data is typically silo'd by the various tools in place. Unifying all the log, metric and event data in one analytics platform stops finger pointing and provides the end-to-end correlation. Logs, metrics and custom event data can be joined to tell the holistic story of your software and operations. For example, users can correlate code deploys to system performance to application error codes. In his session at DevOps Summit, Michael Demmer, VP of Engineering at Jut, will discuss how this can...
Jul. 3, 2015 07:00 PM EDT Reads: 955
"AgilData is the next generation of dbShards. It just adds a whole bunch more functionality to improve the developer experience," noted Dan Lynn, CEO of AgilData, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 3, 2015 05:00 PM EDT Reads: 974
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are ra...
Jul. 3, 2015 04:45 PM EDT Reads: 895