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TechTeam Global, Inc.
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(Name of Registrant as Specified In Its Charter)
Costa Brava Partnership III, L.P.
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PRESS RELEASE
CONTACT:
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Larry Dennedy 212-929-5239
Simon Coope 212-929-5085
MacKenzie Partners, Inc.
FOR IMMEDIATE RELEASE:
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COSTA BRAVA PROPOSES NEW DIRECTORS FOR TECHTEAM GLOBAL
NOMINEES WOULD BE DEDICATED TO MAXIMIZING VALUE FOR ALL TECHTEAM
GLOBAL SHAREHOLDERS
Boston, MA- February 24, 2006 -- Costa Brava Partnership III L.P.
announced today that it has notified TechTeam Global, Inc. (Nasdaq:TEAM) of its
intent to nominate seven directors to replace the current Board of Directors at
TechTeam's 2006 Annual Meeting of Shareholders. As the beneficial owner of
approximately 8.8% of the outstanding shares, Costa Brava is the second largest
shareholder of TechTeam.
Speaking on behalf of Costa Brava, Douglas Gleason, principal, stated,
"This is our first step to unlock value at TechTeam for all shareholders. We
believe that our nominees have the experience and skill set necessary to make a
positive impact at TechTeam. We intend to nominate seven accomplished directors
to replace the existing board of directors and we believe that, working with
current management, they can have a positive impact that will benefit TechTeam's
employees, clients and investors. We have no intention to alter, in any way, the
composition of TechTeam's executive management and we look forward to meeting
with TechTeam's shareholders in the coming months to explain our plan to
maximize value."
Costa Brava intends to seek support from TechTeam shareholders to elect
seven nominees to the board of directors. Costa Brava has retained Mackenzie
Partners, Inc. as its adviser.
A brief summary of the nominees' background follows:
**Carl Glaeser is a Managing Partner of Palladian Capital Partners, a
boutique merchant bank. Previously, Mr. Glaeser was a Senior Vice President of
Bowne and President and CEO of Bowne Global Solutions, an outsourced supplier of
language, technical writing, translation, call center and other services.
**Kent Heyman is the Chairman and CEO of Powerhouse Technologies Group,
Inc., a provider of mobile computing software. Previously, Mr. Heyman was the
CEO of ServiceWare Technologies, Inc., a provider of customer relationship
management software applications that is now known as Knova Software, Inc. Mr.
Heyman is the non-executive Chairman of Knova.
**James Lynch is a Managing Director of Draper Atlantic, an early stage
information technology venture capital firm. Mr. Lynch is a director of
AppForge, a leader in enterprise multi-platform mobile and wireless application
development solutions; a director of Induslogic, a leader in the market for
outsourced software product engineering services; and a director of Group Logic,
a developer of network workflow software products.
**Alok Mohan is the non-executive Chairman of Rainmaker Systems, Inc.,
a leading provider of business-to-business sales and marketing services. Mr.
Mohan is a director of Crystal Graphics, Inc, a provider of 3D graphics
software.
**R. David Moon is a Partner of Tatum Partners, a professional services
firm. Previously, Mr. Moon was an Area Vice President for Peregrine Systems, a
provider of enterprise asset and service management solutions, and a Vice
President of Professional Services for Netfish Technologies Software, a provider
of XML-based business-to-business integration solutions.
**Andrew Siegel is a principal of Costa Brava and the founding member
of White Bay Capital Management. Previously, Mr. Siegel was a member of
DebtTraders, Ltd, and an investment banker with Deutsche Bank.
**Edward Terino is the Co-CEO and CFO of Arlington Tankers Ltd., an
international seaborne transporter or crude oil and petroleum products.
Previously, Mr. Terino was a Senior Vice President and CFO of Art Technology
Group, Inc, a provider of innovative software. Mr. Terino is a director of EBT
International, a software company, and a director of Celerity Solutions, Inc, a
developer of client-server and Internet business software applications.
Costa Brava filed today with the Securities and Exchange Commission an
amendment to its Schedule 13D setting forth its intention for TechTeam's 2006
Annual Meeting of Shareholders. In its amended Schedule 13D, Costa Brava also
cited the commencement of its lawsuit against TechTeam in Chancery Court of the
State of Delaware, New Castle County, case C.A. No. 1904-N. The lawsuit seeks an
order to compel TechTeam to make certain of its books and records available for
Costa Brava's inspection and copying pursuant to 8 Del. C. ss. 220 ("Section
220").
In the lawsuit, Costa Brava alleges that TechTeam improperly refused to
comply with its two demand letters seeking to inspect and photocopy certain of
TechTeam's books and records pursuant to Section 220. As requested in its demand
letters, and refused by TechTeam, Costa Brava seeks to inspect certain books and
records that reveal, among other possible infractions, whether certain members
of TechTeam's board of directors exploited their positions and/or TechTeam's
assets for personal gain; and whether the Secretary of TechTeam was barred from
fulfilling his duty to attend meetings of TechTeam's board of directors and, as
a result, was restricted from taking meeting minutes thereof pursuant to the
TechTeam's Amended By-Laws, in an attempt to conceal possible infractions.
Costa Brava will be filing in the near term with the Securities and
Exchange Commission its preliminary proxy statement. Shareholders who would like
to read more about the Costa Brava nominees are encouraged to read the Schedule
13D that Costa Brava filed today. Shareholders can access the Schedule 13D at
www.sec.gov or they can call MacKenzie Partners, which will be assisting Costa
Brava with its proxy solicitation, at 800-322-2885.
SECURITY HOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS
RELATED TO SOLICITATION OF PROXIES BY COSTA BRAVA AND ITS AFFILIATES FROM THE
STOCKHOLDERS OF TECHTEAM GLOBAL, INC. FOR USE AT ITS ANNUAL MEETING (A) WHEN AND
IF THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION,
INCLUDING INFORMATION RELATING TO THE PARTICIPANTS IN ANY SUCH PROXY
SOLICITATION, AND (B) WHEN AND IF COMPLETED, A DEFINITIVE PROXY STATEMENT AND A
FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF TECHTEAM GLOBAL, INC. AND WILL
BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT
HTTP://WWW.SEC.GOV. INFORMATION RELATING TO THE POTENTIAL PARTICIPANTS IN A
POTENTIAL PROXY SOLICITATION IS CONTAINED IN THE SCHEDULE 13D FILED BY COSTA
BRAVA AND ITS AFFILIATES WITH THE SECURITIES AND EXCHANGE COMMISSION ON DECEMBER
16, 2005 AND AMENDED ON DECEMBER 20, 2005, JANUARY 9, 2006 AND FEBRUARY 24, 2006
WITH RESPECT TO TECHTEAM GLOBAL, INC. THAT SCHEDULE 13D AND ALL OF ITS
AMENDMENTS ARE CURRENTLY AVAILABLE AT NO CHARGE ON THE SECURITIES AND EXCHANGE
COMMISSION'S WEBSITE.