180 Degree Capital Corp. Notes Appointment of Kevin M. Rendino to the Board of Directors of Its Portfolio Company, Synchronoss Technologies, Inc.
MONTCLAIR, N.J., Dec. 05, 2023 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today noted the appointment of its Chairman and Chief Executive Officer, Kevin M. Rendino, to the Board of Directors of Synchronoss Technologies, Inc. (“SNCR”), a portfolio holding of 180.
“As participant in the recapitalization of SNCR in 2021, we have had the opportunity to be a passive stockholder, while building relationships with the Board and management team at SNCR as they worked to transform the business following the recapitalization transaction in 2021,” said Mr. Rendino. “Our original investment thesis was that SNCR’s cloud business was deeply undervalued by the public markets in part due to the overhang of its less profitable non-core assets. With the sale of the non-core assets complete and the momentum of its cloud business, including the extension of its contract with Verizon through 2030 and the launch of SoftBank, we believe SNCR is well positioned for growth and the creation of shareholder value in future years. We were honored to be asked to join its Board, and I look forward to working with its members and the SNCR management team to deliver on what we believe to be a bright future for the company and all of its stakeholders.”
In SNCR’s release announcing the appointment of Mr. Rendino, Stephen Waldis, Synchronoss Founder and Executive Chairman of the Board commented, “Kevin is a highly regarded figure in the investment community, and his insights will complement the talents and experience of the Synchronoss board as we continue to focus on delivering value for our customers and shareholders. In Kevin’s seven years at the helm of 180 Degree Capital, he has had an impressive track record working with small cap public technology companies, and we believe Kevin will provide substantial value as we embark on the next chapter of Synchronoss’ journey.”
Also in SNCR’s release, Jeff Miller, President and CEO of Synchronoss, added: “In light of our strategic shift towards a Cloud-only business, Kevin’s appointment to our board comes at an important time for Synchronoss. His extensive financial expertise and strategic acumen will be additive to our current board and helpful in guiding us toward a future of sustainable, profitable growth. We look forward to his contributions as we focus on unlocking the full potential of our Cloud operations.”
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.
Daniel B. Wolfe
180 Degree Capital Corp.
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.
Released December 5, 2023