(By Balaseshan) Zix Corp. (NASDAQ: ZIXI), which provides email
encryption services, said it has reached to an agreement with Meldrum Asset Management
and affiliates in connection to Meldrum's request for a special
meeting of shareholders.
Under the terms of the agreement, ZixCorp has agreed to add two
Meldrum Group designees, Mark Bonney and Michael Dailey, to its Board
effective as of January 1, 2013.
Messrs. Bonney and Dailey, both
of whom qualify as independent directors within the meaning of NASDAQ
listing standards, and neither of whom is employed by Meldrum, will join
the Board's Audit and Compensation Committees, respectively.
As part of the agreement, the Meldrum Group has withdrawn its request
for a special meeting of shareholders and related proposals.
Meldrum Group has also agreed to vote their shares in support of the
Board's nominees at ZixCorp's 2013 annual meeting of shareholders, and
not to solicit proxies in connection with this meeting.
ZixCorp's Email Encryption Services enable the use of secure e-mail
for sensitive information exchange primarily in the healthcare,
financial services, insurance and government sectors.
company's Email Encryption Services allow an enterprise to use
policy-driven rules to determine, which e-mails should be sent securely
to comply with regulations or company defined policies. It is primarily
offered as a Software-as-a-Service (SaaS) solution, for which customers
pay an annual service subscription fee.
ZIXI is trading up 0.35% at $2.83 on Monday. The stock has been trading between $2.38 and $3.41 for the past 52 weeks.