Marren, Abouchar join InFocus board |
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Wed, 18 Apr 2007 13:55
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WILSONVILLE, Ore. (AP) - Projector maker InFocus Corp. said Wednesday that Bernard T. Marren and John D. Abouchar are joining its board of directors.Marren and Abouchar were designated for the board positions by majority shareholder Caxton Associates LLC as part of a Feb. 23 settlement agreement with InFocus.In October InFocus said it was exploring strategic alternatives, including a possible sale of the company. Caxton indicated via Securities and Exchange Commission filings that it planned to call a special shareholders meeting to seek to replace a majority of InFocus' board members.As part of the settlement agreement announced in February, Caxton agreed to drop plans to call the special meeting, with InFocus agreeing to allow Caxton to name up to two designees to the board if it had not publicly announced an agreement for the sale, merger or other business combination of the company by April 13.There is nothing in the settlement agreeing barring Caxton from taking further action to increase board representation at InFocus' annual meeting. The company must hold the meeting no later than July 31, or by Aug. 31 under certain conditions.Marren is chairman, chief executive and president of OPTi Inc, an intellectual property licensing company. He is also chairman and founder of privately held semiconductor company Quorom Systems Inc.Abouchar is an independent consultant to GRP Capital Partners LLC and a portfolio manager for the GRT Technology LP hedge fund.Shares of InFocus closed Tuesday on the Nasdaq Stock Market at $2.48, near its 52-week low of $2.34.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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