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Investor criticizes Command Center board in letter

March 27, 2017

Ephraim Fields of Echo Lake Capital voiced dissatisfaction with Command Center Inc.’s (OTCQB: CCNI) board of direction in a letter to the industrial staffing provider Friday.

“As longstanding shareholders of Command Center Inc., we remain highly dissatisfied with the overall performance of the company’s board of directors,” the letter stated. “We believe many of you lack the appropriate skill set, motivation and sense of urgency necessary to fully maximize shareholder value. We look forward to the company’s upcoming annual meeting in May so that shareholders can vote on whether each of you should be entrusted to continue serving as board members.”

The letter said several of members have served on the board for many years, during which stock price has “dramatically underperformed.” It also chided board member for collecting “relatively generous compensation packages” but personally buying little, if any, shares of stock.

“In general, we believe the investment community has lost confidence in your abilities to act in the best interests of shareholders,” Fields wrote. “For some time we have been making suggestions as to how we believe you can maximize shareholder value. We would strongly encourage you to implement our suggestions.”