NEW YORK--(BUSINESS WIRE)--Brian Harper, the spokesperson for a group known as "Concerned Shareholders of UPGI" announces the following:
The stock price for Universal Power Group, Inc. (OTC BB: UPGI), has declined 81% since its IPO in 2006—a worrisome fact for some of the company's current shareholders who are looking for others with similar views. Concerned Shareholders of UPGI strongly believe that profitability and shareholder value can be significantly improved, but the current board and management are neglecting the interests of shareholders.
Other concerned shareholders can contact group spokesperson Brian Harper, president of Harper Asset Management, LLC, which beneficially owned 4.9% of UPGI stock as of 6/30/16.
UPGI’s stock price has declined precipitously over the last decade, while the S&P 500 stock market index has appreciated by 80% during the same time period. Since UPGI’s IPO, the current management team and board have been paid millions of dollars in compensation even though the market cap of the company has declined by approximately $28 million. A basket of UPGI's closest publicly traded peers has returned approximately 150% during the same period.
As of the most recently available 2013 proxy filing, the current board and management do not own any common stock of UPGI directly and are, therefore, not aligned with shareholders in any meaningful way.