Stockholders Approve Company Name Change
Joe Cecin Appointed Chairman and Randall Kaplan Joins Board
NEW BRUNSWICK, N.J., June 18 /PRNewswire-FirstCall/ -- Arbinet Corporation, formerly known as Arbinet-thexchange, Inc. (Nasdaq: ARBX), a leading provider of innovative voice and IP solutions for buying and selling telecommunications capacity, today announced the results of its Annual Meeting of Stockholders, which was held on June 16, 2009. Stockholders elected Stanley Kreitman, Robert Pons and David Reymann as Class II directors to serve until 2012. Stockholders also approved Board proposals authorizing a change in the Company's name to 'Arbinet Corporation' and giving the Board the discretion to effect a reverse stock split within 12 months. Arbinet has filed the name change amendment with the Delaware Secretary of State and notified NASDAQ. The newly-named Arbinet will continue to trade on the NASDAQ under the trading symbol ARBX.
'We appreciate the continued strong support of our stockholders as part of our ongoing efforts to enhance value,' said Shawn O'Donnell, President and Chief Executive Officer of Arbinet. 'The name change better reflects the variety of services and products we offer to our customers and more closely aligns our name with our brand.'
Arbinet also announced that Jose 'Joe' Cecin was appointed Chairman of the Board, succeeding William Freeman who will remain on the Board as a director. In addition, the Company announced that Randall Kaplan was appointed as a new director and will serve as a member of the Company's Audit Committee. Mr. Kaplan will stand for election at the 2010 Annual Meeting of Stockholders.
'On behalf of the Board, we are pleased to welcome Randy to Arbinet,' said Mr. Cecin. 'We look forward to benefiting from his entrepreneurial experience as well as his technology and finance expertise.'
Mr. Kaplan said, 'Arbinet is an innovative company with impressive technology, great people and significant prospects. I look forward to working with the Board and management as we work to enhance Arbinet's position in the telecommunications industry and improve profitability.'
Biographies
Joe Cecin
Mr. Cecin has served as a director of Arbinet since November 2008 and is a member of the Audit and Compensation committees. He has over 23 years of leadership and management experience with a strong focus on telecom operations, finance and corporate development.
Mr.
