WEST PALM BEACH, Fla., March 31, 2016 /PRNewswire/ - In light of the disappointing earnings results for Westport Innovations Inc. ("Westport") and the concerns expressed by Pier Antonio Costamagna, Co-Founder of Fuel Systems Solutions, Inc. ("Fuel Systems") in a press release published today, Mr. Miller has changed his voting intention to UNDECIDED in the proposed amended merger between the two companies (the "Merger").
Mr. Miller will continue to evaluate the merits of the proposed merger in view of recent developments, and once the special meeting date, previously scheduled for March 22, 2016, is established and reconvened, will update his voting intentions. After the announcement of disappointing earnings results for Westport, Mr. Miller would support additional amendments to the exchange ratio and other terms of the Merger that are favorable to stockholders of Fuel Systems.
Initially, Mr. Miller opposed the planned Merger as disclosed in a press release dated January 21, 2016 and subsequently, based on the amended plan of merger dated March 7, 2016, was in favor of the amended merger as outlined in a press release dated March 10, 2016.
Lloyd I. Miller, III is the beneficial owner of more than 725,000 shares of common stock of Fuel Systems, representing approximately 4% of the outstanding shares. The information in this press release is based on public filings by Fuel Systems, Westport and the letter sent by Mr. Costamagna to the board of directors of Fuel Systems. Mr. Miller is not soliciting votes of other shareholders, but only informing other shareholders of Fuel Systems of the change in his voting intentions.
CONTACT: Eric W. Fangmann, 561-287-5399 or info@limadvisory.com
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SOURCE Lloyd I. Miller, III
