|[August 21, 2014]
Court Rejects Forward Industries' Baseless Request for a Preliminary Injunction Against Terence Bernard Wise
SAFFRON WALDEN, United Kingdom --(Business Wire)--
Terence Bernard Wise, the largest shareholder and member of the board of
directors of Forward Industries, Inc. (NASDAQ: FORD), a designer and
distributor of custom carry and protective solutions, issued a statement
today commenting on the lawsuit filed against him in federal court,
which seeks to enjoin Mr. Wise's nominees from standing for election at
Forward's 2014 Annual Meeting. On August 19, 2014, a U.S. District Court
in the Southern District of New York rejected Forward's request for a
preliminary injunction and scheduled a hearing on Mr. Wise's proposed
motion to dismiss the case.
"I continue to remain confident that the allegations Mr. Johnson and his
supporters on the Board have leveled against me in federal court are
baseless, and I applaud the Court's decision to deny their request for a
preliminary injunction. I remain hopeful that this frivolous lawsuit
will be speedily resolved with as little expense as possible to
Forward's shareholders. I also call on the Board to desist with their
stalling tactics, aimed at disenfranchising shareholders, and insist
that they schedule the 2014 Annual General Meeting without delay and in
any case prior to the NASDAQ deadline of September 30."
As previously disclosed, in furterance of Mr. Johnson and his
affiliates' efforts to interfere with Mr. Wise's proxy campaign, a
subset of the Board caused Forward to initiate the baseless lawsuit
against Mr. Wise on July 22, 2014. In the lawsuit, Forward seeks to
invalidate all of Mr. Wise's nominations for the Forward board. Mr. Wise
believes that this lawsuit was mounted by incumbent management at a time
engineered to be most prejudicial to Mr. Wise's legitimate proxy
campaign and with the improper purpose of denying Forward's shareholders
their democratic right to decide who they want to run their company. Mr.
Wise urges all shareholders to remain vigilant of these repeated efforts
by Mr. Johnson and his affiliates to entrench their control of Forward.
Terence Bernard Wise, together with the other participants named herein,
intends to file a preliminary proxy statement and accompanying proxy
card with the Securities and Exchange Commission (the "SEC (News - Alert)") to be used
to solicit votes for the election of his director nominees at the 2014
annual meeting of stockholders of Forward Industries, Inc. ("Forward"),
a New York corporation.
FORWARD STOCKHOLDERS ARE STRONGLY ADVISED TO READ THE PROXY STATEMENT
WHEN IT BECOMES AVAILABLE, AS IT WILL CONTAIN IMPORTANT INFORMATION.
SUCH PROXY STATEMENT AND OTHER PROXY MATERIALS WILL BE AVAILABLE AT NO
CHARGE ON (News - Alert) THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE
COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON
REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO INNISFREE M&A
INCORPORATED TOLL-FREE AT (888) 750-5834 (BANKS AND BROKERS MAY CALL
COLLECT AT (212) 750-5833).
The Participants in the proxy solicitation are Terence Bernard Wise,
Howard Morgan, Michael Luetkemeyer, Eric Freitag, Sangita Shah, N. Scott
Fine and Darryl Keys (collectively, the "Participants").
As of the date hereof, Mr. Wise beneficially owns 1,608,541 shares of
the Company's common stock, constituting approximately 19.6% of the
class. As of the date hereof, Mr. Morgan beneficially owns 25,000 shares
of the Company's common stock.
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