Ephraim Fields Comments on Board Changes at Edgewater Technology, Inc.

“We have always known that heedless self interest was bad morals, we now know that it is bad economics.” – Franklin D. Roosevelt

NEW YORK, NY / ACCESSWIRE / February 28, 2017 / As longstanding shareholders of Edgewater Technology, Inc. (“Edgewater” or the “Company”) (NASDAQ: EDGW) we were thrilled to read that Ancora Advisors’ successful consent solicitation had resulted in a dramatic reconstitution of Edgewater’s Board of Directors (the “Board”). We believe that finally (after years of what we consider to be shameful and inexcusable performance) the Board now consists of members who are qualified and motivated to act in the best interests of all shareholders.

For several years we have been highly critical of Edgewater’s Chairman and CEO, Shirley Singleton, and felt she was dramatically overpaid (especially considering the poor performance of the Company’s stock price). Our public letters to the Board dated (i) November 19, 2012, (ii) February 5, 2013, (iii) October 10, 2013 and (iv) December 18, 2013 (which came only after extensive but unsuccessful private communications) and information provided in Ancora’s proxy solicitation documents illustrate the staggering compensation Ms. Singleton has received during her tenure and the questionable business practices that we believe have occurred during this time.

We have also been highly critical of other former members of the Board who we believe repeatedly failed to act in the best interests of all shareholder. We believe many of these Board members lacked the skill set and incentives necessary to create shareholder value and we question why they were ever nominated to the Board in the first place. We fail to understand how Daniel O’Connell, Nancy L. Leaming, Paul E. Flynn, Paul Guzzi, Michael R. Loeb, Shirley Singleton and Wayne L. Wilson can justify their longstanding and well compensated tenure on the Board and we hope anyone considering doing business with these individuals will closely examine their track record at Edgewater.

We feel it is unfortunate that the old Board chose to waste so much time and money fighting initiatives that we believe were clearly in the best interests of all shareholders. However, we are highly confident that the new Board will not make the same mistakes.

Sincerely,

Ephraim Fields
Echo Lake Capital

Contact:

Ephraim Fields at (212) 251-3381

SOURCE: Echo Lake Capital

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