Bristol Capital Advisors Enters into a Cooperation Agreement with Research Solutions
September 19, 2023 at 05:00 pm EDT
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On September 15, 2023, Bristol Capital Advisors LLC announced that it has entered into a cooperation agreement with Research Solutions, Inc. Bristol Capital Advisors stated that under the terms of the Cooperation Agreement, Peter Derycz's employment would be terminated without cause, and he would resign from the Board, any committees thereof on which he currently serves, and any other positions that he holds with the Company and any of its subsidiaries. Bristol Capital Advisors also stated that the Company further agreed to identify and appoint an independent director, to be mutually agreed upon by Bristol Capital Advisors and the Board, to fill the resulting vacancy. Bristol Capital Advisors added that pursuant to the Cooperation Agreement, Bristol Capital Advisors irrevocably withdrew its notice of intent to nominate director candidates for election to the Board at the Company's 2023 annual meeting of shareholders and to cease all solicitations of proxies in connection with the annual meeting.
Research Solutions, Inc. is a holding company. The Company provides two service offerings to its customers: a cloud-based software-as-a-service (SaaS) research platform (Platforms) typically sold through annual auto-renewing license agreements and the sale of published scientific, technical, and medical (STM) content sold as individual articles (Transactions) through the Platform. Its cloud-based SaaS research platform consists of proprietary software and Internet-based interfaces sold to customers for an annual subscription fee. Its platform allows customers to initiate orders, route orders for the lowest cost acquisition, manage transactions, obtain spending and usage reporting, automate authentication, and connect to in-house and third-party software systems. Customers can access the Platform through online Web interfaces and through Web service APIs that enable customers to leverage Platform features and functionality from within in-house and third-party software systems.