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MiMedx Shareholder Group Responds to MiMedx Press Release of April 11th

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Parker H. “Pete” Petit, David J. Furstenberg, and Shawn P. George (the “MiMedx Shareholder Group”), significant shareholders of MiMedx Group, Inc. (MDXG) (“MiMedx” or the “Company”) and nominees for election to the Board of Directors of the Company at the upcoming shareholder meeting on June 17th, issued the following public statement to their fellow MiMedx shareholders.

Dear Fellow Shareholders:

After wading through the puffery of the MiMedx press release of April 11, 2019 (the “Press Release”), please consider the following when evaluating what the Company’s Board has written and ask yourself- is this Press Release more important for what it says, or what it fails to say?

Timing

The Board issued the Press Release hours after our nominations were made and our intent to run a proxy contest to change the Board was announced. Please ask why the Board ignored you for almost a year by failing to communicate meaningful and specific information and, what prompted the Board to publish this curious Press Release?

Negative Market Reaction and Shareholder Impact

Based on the market’s reaction and 21% drop in the stock as of market close yesterday since the Press Release was issued, we understand why the market believes the essential message of the Press Release is negative- the Audit Committee investigation continues, without attendant facts or substance, to explain why it drags on; the Company needs to borrow money to continue the Audit Committee’s investigation, which will dilute shareholders, and the Board provided no information on how much or why revenues and profits have deteriorated.

Leadership Deficiencies and Ongoing Operating Issues

First, the Company’s Press Release, based on delays discussed therein, seemingly admits the Board lacks the expertise and funding to continue on the schedule previously established to pursue the game changing BLAs and product development so essential to the Company’s future growth. The Board’s firing of 24% of the workforce in December, including who we believe to be the three top product development personnel in the Company, speaks volumes. Please ask yourself-Who will develop and run new product development and whether this Board is looking forward, or backward, by retreating from the 25% of the business which offered the fastest future growth namely the surgical, sports medicine and orthopedics areas.

Second, is there anyone on the Board, or in its interim management team, who has built from the ground up a fast growth biopharma company? Lawyers and consultants don’t run businesses. Operating people do. We believe the Company’s operating leadership is not qualified and does not have the necessary experience.

Third, the Press Release talked a great deal about the Board’s approval of a new long-term strategic plan. As most shareholders know, the Company had a long term 2020 plan that was revised and reviewed annually, a plan that targeted revenue in 2020 of $560 million and adjusted EPS of $1. The Company was well on its way to achieving these targets when the Board decided to “take the company in a different direction.” Apparently, this direction was a downward spiral. Current management then decided to pay a consultant a substantial fee to develop a new strategic plan. Why could current management not develop the plan themselves, or follow the one which had been so successful?

Last, it is expected that the Board will in the coming days and weeks issue more press releases now that the Leon County Circuit Court has ordered the Company to conduct an Annual Meeting- the first in 25 months, and there will be a proxy contest. The Company has indicated in writing to the Court that they intend to appeal the Order requiring the Company to have an Annual Meeting. This could delay further and stall an Annual Meeting and prevent you, the shareholders, from electing any new directors.

What Shareholders’ deserve, but likely will not receive from the current Board

We expect that in future Press Releases, the Board may try to take one or more of at least three actions: a) create an illusion of progress; b) continue to try to pass the blame to former management for this Board’s failures; and c) announce the hiring of new executives, board member appointments, and adjustments in the classes of directors.

On the first point, what you deserve as shareholders is factual straightforward information on operating trends. Under the Board’s leadership, just how badly have revenues deteriorated. On the second point, the Board should publish now whatever it thinks it has to support any claims that they are not the ones responsible for the current state of the Company. Former executive management has never been given any information on the meaning of their “for cause” terminations in spite of multiple requests. The Board should let shareholders know what the over 50,000 hours of legal and accounting time on their investigation has found. Exactly what has this investigation’s estimated $40 million in lawyers, accountants and consultants bought and what does the Board have to show for the estimated additional $30 million the Board has spent on other lawyers, accountants and consultants? The shareholders have a right to know- what has the investigation found?

On the last point, please ask- why is the Board making these moves now and are they in the best interest of shareholders? In our view, their judgment has been poor on many fronts, including the choice of interim management, which has cost all shareholders substantially. We are not pre-judging any potential hiring of personnel or the filling of empty director seats because every candidate deserves a fair evaluation. However, the Board’s motivation is relevant.

There will be more press releases coming as the proxy contest evolves. In addition, there will be detailed commentary posted on our website relative to MiMedx and the proxy contest. Please check our website frequently: www.mimedxboardproxy.com

Legend

Parker H. “Pete” Petit (“Mr. Petit”), David J. Furstenberg, and Shawn P. George (collectively, the “Participants”) intend to file with the Securities and Exchange Commission (the “SEC”) a definitive proxy statement and accompanying form of proxy to be used in connection with the solicitation of proxies from the shareholders of MiMedx Group, Inc. (the “Company”). All shareholders of the Company are advised to read the definitive proxy statement and other documents related to the solicitation of proxies by the Participants when they become available, as they will contain important information, including additional information related to the Participants. The definitive proxy statement and an accompanying proxy card will be furnished to some or all of the Company’s shareholders and will be, along with other relevant documents, available at no charge on the SEC website at https://www.sec.gov/.

Information about the Participants and a description of their direct or indirect interests by security holdings is contained in the Schedule 14A filed by Mr. Petit with the SEC on April 11, 2019. This document is available free of charge from the sources indicated above.

Media:
Bob Dilenschneider
The Dilenschneider Group
212.922.0900

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New Inject/Eject Mechanism from Southco Simplifies Installation and Operation with Tool Free Operation

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HONG KONG SAR – Media OutReach – 14 January 2021 – Southco Asia Ltd., a subsidiary of Southco Inc., a leading global provider of engineered access solutions such as locks, latches, captive fasteners, electronic access solutions and hinges/ positioning technology, has introduced a new addition to its successful P7 Inject/Eject series, designed for the popular solid-state drive (SSD) data storage format used in the Telecom and Data Center industries. Southco’s P7-M2 Solid-State Drive Inject/Eject Mechanism features intuitive, tool-free operation, and simple installation and removal of PC boards.

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P7-M2 Solid-State Drive Inject/Eject Mechanism

Southco’s P7-M2 Solid-State Drive Inject/Eject Mechanism can be easily installed by inserting it into the PC board and rotating 90 degrees into place. The PC board can then be pressed into place and pushed closed. Easily removed with the push of a button, the P7-M2 Solid-State Drive Inject/Eject Mechanism features a special tab design that absorbs PC board tolerance and eliminates vibration. The P7-M2 Solid-State Drive Inject/Eject Mechanism also complements industrial design, with a button that customized to match application color preferences.

“Tool-free operation is a priority in PC board accessory installation, and our new SSD inject/eject mechanism meets this need with a simple, intuitive installation process,” said Global Product Manager Ike Teng. “The P7-M2 Solid-State Drive Inject/Eject Mechanism is easy to use at every step, from installation to removal.”

About Southco

Southco, Inc. is the leading global designer and manufacturer of engineered access solutions. From quality and performance to aesthetics and ergonomics, we understand that first impressions are lasting impressions in product design. For over 70 years, Southco has helped the world’s most recognized brands create value for their customers with innovative access solutions designed to enhance the touch points of their products in transportation and industrial applications, medical equipment, data centers and more. With unrivalled engineering resources, innovative products and a dedicated global team, Southco delivers the broadest portfolio of premium access solutions available to equipment designers throughout the world.

Southco Asia Limited

2401-2406, Tower 2, Ever Gain Plaza

88 Container Port Road, Kwai Chung

Hong Kong

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Donnie Yen appointed as International Image Ambassador of Hong Kong Fire Services Department

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HONG KONG SAR – Media OutReach – 14 January 2021 – To elevate its international image, the Hong Kong Fire Services Department (HKFSD) invited Mr Donnie Yen to become its International Image Ambassador. The appointment ceremony was held earlier at the Fire and Ambulance Services Academy in Pak Shing Kok, Tseung Kwan O, in which the Director of Fire Services, Mr Joseph Leung, presented the appointment certificate to Mr Yen.

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The Director of Fire Services, Mr Joseph Leung, presents the appointment certificate to Mr Donnie Yen.

The Fire Services promotional videos stars Donnie Yen as fire and ambulance personnel.

 

In the ceremonial proceedings, Mr Yen said he was honoured to serve as the International Image Ambassador of the HKFSD. He shared some anecdotes from the filming of the Fire Services promotional videos and revealed that he will, for the department, record a song for the first time ever.

Director Leung revealed that the collaboration was materialised largely thanks to Mr Yen’s distinct heroic image which strongly resonates with the intrepidity of the Fire Services personnel. His dedication to work and perfection-seeking professionalism also coincide with the HKFSD’s spirit to constantly strive for improvement and excellence. With an international perspective and reputation, the newly appointed International Image Ambassador will help promote the department’s professionalism and commitment through various media and platforms, spreading the HKFSD’s name worldwide.

For further details, visit the HKFSD’s official Facebook Page:

[View Image]https://www.facebook.com/hkfsd.gov.hk

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Kincentric Best Employers in Malaysia Embrace the Next Normal in Extraordinary Ways

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KUALA LUMPUR, MALAYSIA – Media OutReach – 14 January 2021 – Never in history have employee engagement experiences played a more crucial role than it has in 2020. The unprecedented challenges that businesses have undergone have shown us that it is people, more than any other factors that carry a company through a crisis towards success.

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With decades of expertise in culture and engagement, leadership assessment and development, and HR and talent advisory services, Kincentric (a Spencer Stuart Company) helps organizations to be the best in the business through their Best Employers program, a leading employer benchmarking program measuring and recognizing extraordinary employers demonstrating workplace excellence.

For 20 years, the Kincentric Best Employers program has recognized leading employers across the world who are committed to realizing great workplace experiences. Selected by an independent panel of judges, these organizations are leading the way in aspects that are crucial for success — employee engagement, agility, engaging leadership and talent focus.

In 2020, Kincentric Best Employers in Malaysia have consistently found new and innovative ways to empower and motivate their people throughout a very challenging year, creating a work environment where people feel appreciated, highly connected and inspired to do their best, every day. As we begin 2021, we look at how our Best Employers in Malaysia have applied an agile approach to strategy, measurement and delivery of the Employee eXperience to prepare for the next normal.

edotco Group Sdn Bhd

  • Best Employer in Malaysia and recipient of the Commitment to Engaging Leadership special award, the integrated telecommunications infrastructure services company employed three key strategies, namely timely and empathetic communication, personal involvement of senior leadership and people managers in employee development programs, and activation of people managers as informal mentors.
  • Apart from regular and prompt updates to employees on business and COVID-19 related developments, the organization focused on sustaining employee resilience through financial, mental and physical wellbeing in 2020, doubling down on employee development investment by 50% to future-proof its workforce via digital competencies.
  • “At edotco, we believe in never letting a crisis go to waste. The COVID-19 pandemic had bought home 2 new values into our organization (Resilience and Empathy) as the anchor that keeps our ship grounded. While we had shifted some of our priorities, adopting these principles helped our leadership team remain laser-focused in engaging our employees in a united manner and provided us with a framework to navigate through these turbulent waters. I believe we will emerge stronger as an organization come 2021,” says Adlan Tajudin, Chief Executive Officer.

 

Hartalega Sdn Bhd

  • As one of the world’s leading glove manufacturers, this second-time Best Employer was an integral part of the support system for the fight against COVID-19. Due to the supernormal demands, the company had to adapt quickly to ramp up production capacity amidst the freeze on migrant labor for which the glove industry is highly dependent on.
  • In a bid to attract locals to meet its production challenges, Hartalega quickly improved its value proposition for operator level jobs and accelerated the implementation of new automation systems throughout their production facilities.
  • Reflecting on the company’s journey in the program, Kuan Vin Seung, Chief Human Resource Officer shares “In year 2017, we decided to participate in the Kincentric Best Employers program to put Hartalega up against the best companies, not to win it but to learn how to be better. Having won it for the second time is really motivating and a testament that we are on the right path to become the best in people’s practices.”

 

Kulim (Malaysia) Berhad

  • At the core of this home-grown organization’s value system is C.A.R.E. (Competitive, Action, Responsible, Ethical) – the belief that the spirit of caring is integral to the prosperity and survival of its business. Inculcating an inclusive, non-discriminatory work environment, Kulim continually capitalizes on employee growth potential by grooming and preparing its workforce to meet the needs and changes in their current jobs, with a view of the future.
  • Promoting a high-performance work culture that runs parallel with its human capital initiatives, the company motivated and challenged employees to raise their performance through a highly-structured performance-based reward system.
  • As Tuan Haji Amran Zakaria, Head of Corporate Services Division explains, “Our people are our greatest asset. We must develop the right people, with the right caliber, skills and mindset. All of these must come together. If we do not develop people, then a lot of things are left to be desired. So, people are the fundamental factor and we need to continuously inject fresh mindsets and new thinking to drive the company forward.”

Roche Services (Asia Pacific) Sdn Bhd

  • A pioneer in healthcare, Roche combines its strengths in pharmaceuticals and diagnostics to drive personalized healthcare. While some organizations found the transition into remote work quite challenging, the company executed this seamlessly, enabled by their existing agile ways of working. Through a creative mid-to-long term communication and engagement plan to enable meaningful and proactive interaction, Roche kept team spirit up by organizing activities such as zoom cooking classes and mental well-being talks, as well as encouraged team sharing of hobbies and games.
  • Adopting flexible working policies such as the one-time Ergonomics Assistance Programme for the purchase of furniture, tools, devices or equipment to enable smooth work from home, the company fostered a supportive and inclusive workplace culture to retain and attract the best talent. The approach paid off as Roche successfully employed 180 talented individuals during the pandemic.
  • Delighted by the honor, Martin Kikstein, General Manager says “the Kincentric Best Employer Brand Award 2020 is an endorsement we are honored to receive as we truly believe any organization is only as good as its people. It is a meaningful award for all of us at Roche Services & Solutions (RSS) APAC, further reinforcing our people-first philosophy. Our collective passion to foster diversity and inclusion made this award possible for our organization. I want to take this opportunity to thank each and every member of my team, congratulations RSS APAC!” 

American Express (Malaysia)

  • American Express won Kincentric Best of the Best Employer in Malaysia 2020 by delivering an exceptional people-centric experience through three key areas — trust, open communication and top team alignment.
  • Recognizing the importance of a health and wellness culture from the start of the pandemic, they embarked on key initiatives beginning with the launch of a telehealth service for colleagues and their immediate family members to consult doctors and access expert medical care.
  • American Express Malaysia shares its success story here https://www.media-outreach.com/View/61145/

 

Organizations that are looking for valuable, insightful and actionable data to identify areas to better understand employee engagement, positively influence morale and enhance brand reputation in the next normal can visit https://www.kincentric.com/bestemployers.

 

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