On May 7, 2019, Global Value Investment Corp. issued the following press release:
For Immediate Release
May 7, 2019
Global Value Investment Corp. Issues Open Letter to Bristow Board, Requests Meeting to Present Operational Turnaround Plan
Mequon, WI, May 7, 2019 // Global Value Investment Corp. (“GVIC”), a value-oriented investment research and advisory firm located in Mequon, Wisconsin, today issued an open letter to the Board of Directors of Bristow Group Inc. (NYSE: BRS) calling on the Board to publicly address questions about recent developments at Bristow.
GVIC has published an operational turnaround plan, which can be viewed by visiting its website:https://www.gvi-corp.com/category/press-releases/. Additionally, for the benefit of all stakeholders, GVIC has made all of its previous written communications to Bristow’s Board available on its website.
“There are many troubling questions that surround the recent actions taken by Bristow,” said Jeffrey Geygan, President and CEO of GVIC. “In particular, we believe that Bristow’s Board is rushing toward a Chapter 11 filing and is not fully and fairly considering all available alternatives.”
Questions put forward concern the promotion of Don Miller to CEO, Bristow’s recent retention of financial advisors Houlihan Lokey and Alvarez & Marsal, and the absence of meaningful sales ofnon-core assets. GVIC believes that recent actions (and inaction) by the Board may not adequately consider all alternatives to a Chapter 11 filing or the interests of equity owners.
The letter also requests a meeting with Bristow’s Board to discuss the turnaround plan that GVIC has developed. This turnaround plan would return Bristow to profitability without a Chapter 11 filing.
Additional Information and Where to Find It
Global Value Investment Corp. (“GVIC”), Sten Gustafson, Jonathan Meretsky, Anthony Gray, Jeffrey Geygan and James Geygan are participants in the solicitation of proxies from shareholders of Bristow Group Inc. (“Bristow”) in connection with Bristow’s 2019 Annual Meeting of Shareholders (the “Annual Meeting”). GVIC intends to file a proxy statement (the “Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for the Annual Meeting.
GVIC is the beneficial owner of 245,940 shares of Bristow’s common stock. Messrs. Jeffrey Geygan and James Geygan, by virtue of their position as President and Chief Executive Officer and as Vice President, respectively, of GVIC may each be deemed to be the beneficial owner of the shares of Bristow common stock beneficially owned by GVIC. In their respective personal capacities, Mr. Jeffrey Geygan owns 14,910 of these shares and Mr. James Geygan owns 2,295 of these shares. Mr. Meretsky is the beneficial owner of 65,602 shares of Bristow’s common stock, and Messrs. Gray and Gustafson do not own any shares. Additional information regarding such participants, including any other direct or indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant documents to be filed by GVIC with the SEC in connection with the Annual Meeting.