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3K to Hold Shareholder Meeting at Calloway's NurseryMay 15, 2013 (Close-Up Media via COMTEX) -- 3K Limited Partnership, the largest shareholder of Calloway's Nursery, Inc., holding approximately 18.4 percent of the outstanding shares, announced that it has called a shareholders meeting and nominated a slate of directors to replace CLWY's current Board of Directors. 3K calls on CLWY to immediately call and hold a shareholders meeting to vote on the election of directors. According to a release, 3K believes that CLWY has operated far too long under a non-independent Board of Directors with a significant lack of focus on profitability and returns for shareholders. 3K is also gravely concerned about CLWY's out-of-date governance structure, with an anti-shareholder poison pill, apparent lack of audit, compensation and nominating committees, and lack of adequate financial, management compensation and other disclosures to shareholders. 3K also believes that CLWY is significantly diluting its outside shareholders and transferring ownership of CLWY to insiders through its generously subsidized 2008 Stock Purchase Plan created for the benefit of CLWY's directors, officers and employees. 3K believes that CLWY is long overdue for a new direction led by experienced outside directors. 3K has therefore nominated the following slate of five independent directors to replace the current Board of Directors: Peter H. Kamin is the founder and Managing Partner of 3K Limited Partnership, a private investment fund. Previously, Kamin was a founder and Managing Partner of ValueAct Capital, an investment fund focused on value investments and in partnering with management teams to successfully implement strategies targeted towards generating returns on invested capital. Prior to founding ValueAct Capital, Kamin founded and managed Peak Investment L.P., a private investment fund. Kamin serves as a director of Ambassadors Group, Inc., MAM Software Group, Inc., Rand Worldwide, Inc., Tile Shop Holdings and several privately held companies. Jay H. Golding is the President of Port Chester Industries, a merchant banking company. Golding previously served as Chairman and Chief Executive Officer of Hi-Port Industries, a food and beverage distribution and service company. Golding serves as a director of Seitel, Inc. and several privately held companies. Alan B. Howe is a co-founder and the Managing Partner of Broadband Initiatives, a corporate advisory and consulting firm, and also currently serves as Interim Chief Executive Officer of Sunrise Telecom, Inc. Howe previously served as Vice President of Strategic and Wireless Business Development of Covad Communications, Inc., Chief Financial Officer and Vice President of Corporate Development of Teletrac, Inc., and Director of Corporate Development of Sprint PCS. Howe is Chairman of the Board of Directors of Selectica, Inc. and serves as a director of Data I/O Corp. Alfred J. Knapp, Jr. is a partner and investment manager with CCM Opportunistic Partners, an investment fund. Knapp was previously founder, President and the principal shareholder of Andover Group, Inc., a real estate development firm, and Chief Executive Officer and President of ICO, Inc., a manufacturer of processed polymers. Knapp serves as a director of On Track Innovations. Terry W. Shaver is founder, President, Chief Executive Officer and Chairman of the Board of Abatix Corp., a supplier of personal protection and safety equipment and other industrial tools and supplies. Shaver previously served as a sales representative for Global Safety Resources, Inc., Continental Industrial Supply Corp. and Briggs-Weaver, Inc. 3K's nominees will be responsible stewards of the trust placed in them by CLWY's shareholders and will commit themselves to renewing the company's focus on profitability and returns for the benefit of all shareholders. CLWY shareholders are urged to show their support by voting for 3K's nominees at CLWY's next shareholders meeting. ((Comments on this story may be sent to [email protected])) |