Navigation Links
Avalon Portfolio Nominates Slate of Directors for TomoTherapy Board
Date:12/29/2008

Latest bid to force TomoTherapy to consider strategic alternatives

MADISON, Wis., Dec. 29 /PRNewswire/ -- Avalon Portfolio, LLC, the investment arm of Avalon Capital Group, announced that on December 23, 2008 it nominated four new directors to serve on the board of TomoTherapy Inc. (Nasdaq: TOMO). This step is the latest move by the investment firm to generate greater value for the company's shareholders in the wake of the precipitous fall in TomoTherapy's stock price since 2007. The company has lost some 85% of its value year-to-date, with most of the decline occurring prior to the meltdown of the financial markets this fall. Avalon's nominees are committed to having the company's board explore all strategic options to maximize shareholder value.

"Unless new management and directors join the company, we believe that TomoTherapy will continue to squander its technological and market leadership," said Jonathan McCloskey, portfolio manager at Avalon Portfolio, which owns more than 4% of TomoTherapy stock. "One look at the company's financial performance clearly illustrates that new strategic perspectives are needed. We are very disappointed that TomoTherapy has failed to seriously engage us in a discussion regarding our views to improve shareholder value."

Avalon's nomination slate includes Jonathan McCloskey, portfolio manager at Avalon, Timothy Dooling, portfolio analyst at Avalon, H. Michael Collins, principal of Collins MacVean, LLC, and Andrew Jones, CEO and President of Argus Systems Group.

Based on TomoTherapy's recent announcements, nine directors will be up for election at the company's upcoming 2009 annual meeting.

TomoTherapy, based in Madison, Wisconsin, markets an integrated CT scanning and radiation therapy -- known commercially as the Hi-Art system -- to hospitals and cancer centers. The technology was created in the early 1990s by scientists and researchers at the University of Wisconsin at Madison.

According to its most recent 10Q filing, TomoTherapy posted a net loss of $26 million on revenue of $118 million in the first three quarters of 2008, down from net income of $5.8 million on revenue of $154 million for the same period in 2007. Since Nov. 9, 2007, the company's stock price has plummeted from $20.51 to $2.41, the closing price on Dec. 26, 2008. The stock opened at $24 in its May 2007 IPO.

Avalon Capital Group, Inc, based in La Jolla, California, is the private investment company of Ted Waitt, co-founder of Gateway. The firm invests in a diverse array of industries, including real estate, technology, health care, finance and entertainment. More information on Avalon Capital Group can be found at www.avalon.com.

In connection with TomoTherapy's ("the Company") upcoming 2009 Annual Meeting of Shareholders, Avalon Portfolio, LLC ("Avalon") intends to file a proxy statement with the SEC regarding the election of directors of the Company.

AVALON STRONGLY ADVISES ALL SECURITY HOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES, WHEN THEY BECOME AVAILABLE, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

THE PROXY STATEMENT (WHEN AVAILABLE) AND ANY OTHER RELEVANT DOCUMENTS FILED BY AVALON WITH THE SECURITIES AND EXCHANGE COMMISSION (THE "SEC") WILL BE AVAILABLE AT NO CHARGE ON THE SEC'S WEBSITE AT HTTP://WWW.SEC.GOV. IN ADDITION, AVALON WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE UPON REQUEST.

INFORMATION RELATING TO THE PARTICIPANTS IN THE PROXY SOLICITATION IS CONTAINED IN EXHIBIT 1 TO THE SCHEDULE 14A BEING FILED TODAY WITH THE SEC.


'/>"/>
SOURCE Avalon Portfolio, LLC
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Avalon Pharmaceuticals names lead development candidate in beta-catenin inhibitor program
2. iCan Benefit Group, LLC Announces: Major Medical Division Now Offers Avalon Healthcare Products
3. MaxLife Fund Corp. purchases a portfolio of Life Settlement Policies with a face value of $4,000,000
4. Malaria product portfolio would benefit from greater cohesion amongst stakeholders
5. Springer adds Advances in Therapy to journals portfolio
6. NNN Healthcare/Office REIT Acquires Tucson Medical Office Portfolio in Tucson, Arizona
7. InkSure and AuthentiForm Announce Assignment of Patent Portfolio
8. Grubb & Ellis Healthcare REIT Acquires Medical Portfolio 1
9. Actavis Extends Portfolio With Four New Products in the U.S.
10. LifeSync Corporation Agrees to Sublicense Patent Portfolio to Triage Wireless
11. NUCRYST Announces Management Realignment and R&D Portfolio Change
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:4/25/2017)... ... April 25, 2017 , ... Buyers and sellers in the ... dispensaries and head shops –can’t help but be heartened by the industry’s current surge. ... odor aptly described as “skunk smell.” At last they can simply, safely and ...
(Date:4/25/2017)... ... April 25, 2017 , ... There is no better place in South ... special report in the May issue of Consumer Reports focused on heart health. ... results achieved during and after coronary bypass and aortic valve replacement procedures. , ...
(Date:4/24/2017)... ... April 24, 2017 , ... LG ... Your Own Device (BYOD) capabilities at Telehealth 2.0, the American Telemedicine Association’s national ... which pairs medical devices with a pre-programmed tablet in a remarkably easy-to-use kit ...
(Date:4/24/2017)... (PRWEB) , ... April 24, 2017 , ... As part ... Museum today to honor the victims of the Holocaust and Nazi persecution, Center ... at Hadamar and Auschwitz on its CMATH Champions trip to Germany and Poland next ...
(Date:4/24/2017)... ... ... The California Dental Association Foundation’s two-day volunteer dental clinic, CDA Cares ... April 22-23 event at the San Mateo Event Center. , In addition to ... Cares educates the public and policymakers about the importance of good oral health and ...
Breaking Medicine News(10 mins):
(Date:4/18/2017)... 18, 2017  Cardinal Health (NYSE: CAH ... 2017 earnings per share (EPS) guidance and providing a ... in conjunction with this morning,s announcement of the planned ... Nutritional Insufficiency businesses. Cardinal Health now believes ... be at the bottom of its previous guidance range ...
(Date:4/18/2017)... Research and Markets has announced the addition of the "Global ... ... at a CAGR of 6.35% during the period 2017-2021. ... based on an in-depth market analysis with inputs from industry experts. ... the coming years. The report also includes a discussion of the ...
(Date:4/18/2017)... Calif. , April 18, 2017  Socionext ... of collaboration started in 2016, in which Socionext ... Brain SOINN". The companies achieved initial results in ... solution by Artificial Brain SOINN. The results will ... Big Sight, April 19-21, at booths 4505 & ...
Breaking Medicine Technology: