Attached files
| file | filename |
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| 8-K - FORM 8-K - INSIGNIA SYSTEMS INC/MN | isig_form8k20170222ns.htm |
EXHIBIT
17.1
February 16,
2017
Insignia Systems,
Inc.
8799
Brooklyn Blvd.
Minneapolis, MN
55445
Dear
Fellow Board Members,
I am
grateful shareholders elected me to the Insignia Systems, Inc.
Board of Directors. Their faith in my role as a Director is very
much appreciated. Shareholders awarded me the largest number of
votes at this past year’s annual meeting. I appreciate their
confidence in me and have taken my duties seriously. Over the
years, I have quietly (and loudly) acted in instrumental ways to
drive our company forward. As a member of the board prior to the
departure of certain independent directors referenced below, I and
the other independent directors were instrumental in ensuring that
the company either took the following actions or began a process to
effect the following actions:
a.
Replacement of an
ineffective Chairman of the Board (July 2015)
b.
Hire of Kristine
Glancy as CEO (May 2016)
c.
Special Dividend of
$0.70 per share (January 2017)
Most of
these value-creating steps were made possible by independent
directors who worked diligently for all shareholders. Sadly, many
of these wise and effective directors have left the Insignia Board.
To replace a highly qualified and independent director is never an
easy task, and to fill multiple vacancies is even more difficult.
Sadly, in my opinion, these vacancies have not been filled by
Directors with deep industry experience and selfless motivation.
and in my mind this constitutes a step backwards for the interests
of all shareholders.
Shareholders may be
experiencing anxiety about the structure of the current Board of
Directors. In my opinion, such concerns are valid. I too am
concerned about the path that Insignia’s Board is currently
taking.
All is
not lost but time is short. So, I will continue to work diligently
to represent the best interests of the company and all its
shareholders and employees. At this time, however, because I cannot
in good conscience continue to serve on a Board of Directors that I
do not believe has a sufficient number of well qualified
independent directors, I hereby resign from my position as a
director of Insignia Systems, Inc., effective as of the end of the
day on February 17, 2017.
Sincerely,
/s/
Nick Swenson
Nick
Swenson