[May 15, 2013] 3K Limited Partnership Seeks Shareholder Meeting at Calloway's Nursery Tweet May 15, 2013 (Close-Up Media via COMTEX) -- 3K Limited Partnership, a 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 Calloway's Nursery's current Board of Directors. According to a release, 3K calls on Calloway's Nursery to immediately call and hold a shareholders meeting to vote on the election of directors. 3K believes that Calloway's Nursery 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lack of focus on profitability and returns for shareholders. 3K is also gravely concerned about Calloway's Nursery's out-of-date governance structure, with an anti-shareholder poison pill, apparent lack of audit, compensation and nominating committees, and lack of adequate financial,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 Calloway's Nursery is significantly diluting its outside shareholders and transferring ownership of Calloway's Nursery to insiders through its generously subsidized 2008 Stock Purchase Plan created for the benefit of Calloway's Nursery's directors, officers and employees. 3K believes that Calloway's Nursery 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: Pete 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. 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 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 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 Knapp 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 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. Report information: 888-991-1296. ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]