LOS ANGELES, Feb. 8, 2013 (GLOBE NEWSWIRE) -- Alex Meruelo and Meruelo Investment Partners LLC today issued the following statement regarding Digital Generation, Inc. (Nasdaq:DGIT) (the "Company"):
"In light of the Company's publicly disclosed intentions to announce the results of the Special Committee process prior to 11:00 A.M. (ET) on February 21, 2013, we have elected to withdraw our existing director nominations and proposals.
We continue to be disappointed by the performance of the Company, management and the board and disturbed by the delays and lack of transparency and other governance, disclosure, and compliance issues that have plagued the Company and the Special Committee process.
We hereby call on the Company to honor its commitment to complete the process prior to February 21, 2013 and meet its obligations to maximize stockholder value.
Should the Company fail to complete the process as contemplated by the Company's definitive proxy statement or otherwise fail to act in the best interests of stockholders, we may elect to take action, as appropriate, to protect stockholders and preserve and create value, including, without limitation, by making new director nominations and proposals and soliciting proxies in connection with any annual meeting or special meeting of stockholders called pursuant to the Company's bylaws.
About the Meruelo Parties
Meruelo Investment Partners LLC acts as an investment adviser or manager to other persons and accounts and may be deemed to beneficially own securities owned or held by or for the account or benefit of such persons and accounts. The principal business of Meruelo Investment Partners is serving as an investment adviser or manager to other persons and accounts.
Alex Meruelo is the Chief Executive Officer of Meruelo Investment Partners and may be deemed to control, and beneficially own securities owned or held by, Meruelo Investment Partners. The present principal occupation of Mr. Meruelo is serving as the principal of the Meruelo Group, which includes affiliated companies with significant interests in real estate management and development, utility construction, hospitality and gaming, food services (manufacturing, distribution and restaurant operations), banking and other financial services, and television broadcast media.
About any Possible Proxy Solicitation
Although we are not currently soliciting proxies for any annual or special meeting of stockholders of the Company, we reserve the right to do so. If we elect to solicit proxies in the future, we will file a proxy statement and other soliciting materials with the SEC and advise security holders to read the materials (when they become available) because they will contain important information. Security holders will be able to obtain any such materials (when they become available) for free at the SEC's web site at http://www.sec.gov or from us using the contact information provided herein or in such materials.
Forward-Looking Statements
This press release contains forward-looking statements that are subject to factors that could cause actual results to differ materially from expected results, including assumptions that may not be correct or accurate due to risks related to the Company and other parties, circumstances, and conditions we cannot control or predict, the inherent uncertainty of future events, and other factors that may cause us to change our plans.