BUFFALO GROVE, Ill.--(BUSINESS WIRE)--Essex Rental Corp. (OTC Pink:ESSX) ("Essex" or the "Company") today announced that a quorum was not met at its annual shareholder meeting held on August 25, 2016. As a result, the Company has adjourned the annual shareholder meeting and has scheduled to reconvene the meeting on September 9, 2016 at 12 Noon Eastern time at the offices of Brown Rudnick LLP at Seven Times Square, 47th Floor, New York, NY 10036 so that the business of the meeting may be conducted upon achievement of a quorum.
As of August 25, 2016, approximately 45.16% of shares outstanding were voted. 50% of the votes outstanding are required to be present in person or by proxy in order to achieve a quorum. In addition, approximately 76.71% of the votes cast were voted in favor of Proposal 1 to approve the amendments to the Company’s certificate of incorporation to immediately eliminate the classification of our directors and provide that nominees for director and directors may not sit on more than four public company boards.
The Company encourages stockholders that have not voted their shares to vote their shares by proxy electronically, by phone or by mail prior to the September 9th meeting so that a quorum can be met and the stockholders' votes can be counted.
The Board recommends that stockholders vote “FOR” the approval of the amendments to the Company’s certificate of incorporation to immediately eliminate the classification of our directors and provide that nominees for director and directors may not sit on more than four public company boards; “FOR” the election of the five nominees to serve for a term of one year and until their successors have been duly elected and qualified, assuming Proposal 1 is approved; and “FOR” the election of one Class A nominee to serve for a term of one year and until his successor has been duly elected and qualified and four Class B Directors to serve for a term of two years and until their successors have been duly elected and qualified if Proposal 1 is not approved.
The Company mailed to stockholders a proxy statement and other documents related to the 2016 annual meeting on or about July 27, 2016. THE COMPANY'S STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELATED MATERIALS, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO SUCH MATERIALS BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE 2016 ANNUAL MEETING AND RELATED MATTERS. Stockholders may obtain a free copy of the Company's proxy statement at:
Please vote by telephone or internet as provided in the proxy card or by mail by filling in, dating and signing the proxy card provided with our previously delivered proxy statement, and mailing it promptly in the postage-paid envelope provided to make sure that your shares are represented at the Meeting. Stockholders may contact their broker to obtain their voter identification number if they can no longer locate their proxy card. If you attend the Meeting in person, you may, if you desire, revoke your proxy and choose to vote in person even if you had previously sent in your proxy card.
If you have any questions or require assistance in voting your proxy card, please contact Alliance Advisors LLC, at (973) 655-9200
About Essex Rental Corp.
Essex, through its subsidiaries, is one of North America's largest providers of rental and distribution for mobile cranes (including crawler cranes, truck cranes and rough terrain cranes), self-erecting cranes, stationary tower cranes, elevators and hoists, and other lifting equipment used in a wide array of construction projects. In addition, the Company provides product support including installation, maintenance, repair, and parts and services for equipment provided and other equipment used by its construction industry customers. With a large fleet, consisting primarily of cranes, as well as other construction equipment and unparalleled customer service and support, Essex supplies a wide variety of innovative lifting solutions for construction projects related to power generation, petro-chemical, refineries, water treatment and purification, bridges, highways, hospitals, shipbuilding, offshore oil fabrication and industrial plants, and commercial and residential construction.
Some of the statements in this press release and other written and oral statements made from time to time by Essex and its representatives are "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. These statements include statements regarding the intent and belief or current expectations of Essex and its management team and may be identified by the use of words like "anticipate", "believe", "estimate", "expect", "intend", "may", "plan", "will", "should", "seek", the negative of these terms or other comparable terminology. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements. Important factors that could cause actual results to differ materially from Essex's expectations include, without limitation, the ability to reach a quorum and the vote of stockholders at the annual meeting, the continued ability of Essex to successfully execute its business plan, the possibility of a change in demand for the products and services that Essex provides, intense competition which may require us to lower prices or offer more favorable terms of sale, our reliance on third party suppliers, our indebtedness which could limit our operational and financial flexibility and any actions of our lenders in relation to events of default under our indebtedness, global economic factors including interest rates, general economic conditions, geopolitical events and regulatory changes, our dependence on our management team and key personnel, as well as other relevant risks detailed on our website, www.essexrentalcorp.com. The factors listed here are not exhaustive. Many of these uncertainties and risks are difficult to predict and beyond management's control. Forward-looking statements are not guarantees of future performance, results or events. Essex assumes no obligation to update or supplement forward-looking information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results or financial conditions, or otherwise.