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NEW YORK, Oct. 25 /PRNewswire-FirstCall/ -- The AVI Shareholder Advocacy Trust (http://www.avibiotrust.com/) announced today the launching of an active campaign to unite AVI BioPharma Inc. (NASDAQ:AVII) shareholders to improve the Company's senior management and Board of Directors.
This unique Advocacy Trust concept was conceived by Richard Macary, an independent analyst, corporate consultant, and shareholder activist, in response to AVI BioPharma's ten-year history of poor management, including missed timelines and a failure to commercialize any of the Company's promising technologies. Management's poor track record has resulted in significant ownership dilution and market underperformance for AVI's shareholders. The Trust's primary goals are to improve the Company's management by seeking the replacement of AVI BioPharma's CEO, Denis Burger, and its President and COO, Alan Timmins, and to improve the accountability of AVI BioPharma's Board of Directors. The Trust is hopeful that it will be able to accomplish its goals by working with the Board to achieve the necessary management changes without the need for a proxy contest.
The AVI Shareholder Advocacy Trust is seeking the support and contributions of all AVI BioPharma's shareholders to provide the power and resources to effect positive changes at AVI BioPharma. "Individual shareholders are often powerless when seeking to influence underperforming management and boards," said Richard Macary, the Trust's founder. "The Advocacy Trust provides a new vehicle for individual shareholders to unite and pool their resources to give them as much influence as large institutional investors." Macary added, "AVI BioPharma has a valuable technology and intellectual property base with huge commercial potential, but this potential has been hindered by a CEO and President/COO who are neither founders of the Company nor significantly involved in the Company's science and technology development. The Trust will empower shareholders with an advocate who will protect their interests and improve AVI BioPharma's management and Board, which should lead to improved operational performance and a higher market capitalization."
AVI BioPharma shareholders will either receive a letter in the mail about the AVI Shareholder Advocacy Trust or they can view this letter and other important information on the Trust's website, http://www.avibiotrust.com/. To learn more about the Trust, how to provide support and to get answers to questions, please visit our website at http://www.avibiotrust.com/.
About the AVI Shareholder Advocacy Trust - The Trust was conceived and created by Richard Macary, a New York- based independent analyst, corporate consultant, and venture capitalist. Prior to creating the Trust, Mr. Macary provided independent research and analysis on AVI BioPharma for institutional investors. His research and opinions have been quoted in many media outlets, including Bloomberg, Reuters, Global Finance Magazine, Barron's, and Tech TV, among others. Mr. Macary formed The Shareholder Advocate, LLC to act as managing trustee of the AVI Shareholder Advocacy Trust, for the purpose of uniting shareholders to replace senior management and improve corporate governance at AVI BioPharma. The Managing Trustee has engaged a top-tier professional team of advisors to assist in achieving the Trust's goals.
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