SANTA CLARA, Calif., Aug. 24, 2016 (GLOBE NEWSWIRE) -- Telenav®, Inc. (NASDAQ:TNAV), a leader in connected car services, today announced that it reached an agreement with Nokomis Capital pursuant to which the Board will appoint Wes Cummins of Nokomis to its Board of Directors. In connection with the agreement, Richard Todaro will resign from Telenav's Board of Directors. Telenav and Nokomis also agreed to search for an additional independent director and to the extent that such independent director is not identified by January 30, 2017, Brett Hendrickson of Nokomis will be appointed as a Class II director until such time as an independent director isidentified.
"We are pleased to welcome Wes Cummins as a new independent director to the Telenav Board and would also like to thank Richard Todaro for his service and contribution to the company during his term of office," said HP Jin, chairman and CEO of Telenav. Mr. Jin continued, "Wes is a distinguished investor who will add valuable experience and perspective to the Board. We look forward to benefitting from his perspective as we continue to execute on our growth strategies and create value for shareholders."
Mr. Cummins said, "I am pleased to be joining Telenav's Board and I look forward to working with the rest of the Board and management team to effectively position the company for the many opportunities in the automarket and enhance value for shareholders."
Mr. Cummins will join the Board as a Class I director, with a term expiring at the 2016 Annual Meeting of Stockholders and the Telenav Board will renominate Mr. Cummins for a new term at the 2016 Annual Meeting of Stockholders.
In connection with today's announcement, Telenav has entered into an agreement with Nokomis Capital, L.L.C. ("Nokomis"), which owns approximately 9.4% of Telenav's outstanding shares. Under the terms of the agreement, Telenav agreed to welcome Mr. Cummins to the Telenav Board and Nokomis has agreed to customary standstill and voting commitments. The complete agreement will be included as an exhibit to theCompany's Current Report on Form 8-K to be filed with the Securities and Exchange Commission.
