Crown Crafts Clarifies Results Announced in Press Release Issued by Wynnefield Group Regarding Re-Election of Crown Crafts Directors
GONZALES, La., Aug. 20, 2007 (PRIME NEWSWIRE) -- Crown Crafts, Inc. (the "Company") (Nasdaq:CRWS) today issued the following statement in an effort to clarify the preliminary results of the election contest which were the subject of an inaccurate press release issued by the Wynnefield Group earlier today.
In a press release issued earlier today, Crown Crafts believes the Wynnefield Group mischaracterized the preliminary results issued by IVS Associates, the independent inspector of election, retained by Crown Crafts to ensure the accuracy and credibility of the contested election.
In this election, the preliminary results, which are subject to a review and challenge before the final vote results are certified, three director seats were submitted to a vote of shareholders. E. Randall Chestnut, Chairman and Chief Executive Officer of Crown Crafts, whose re-election was uncontested, received 8,244,338 votes in favor of his re-election, the most of any candidate. William T. Deyo, Jr., an incumbent Crown Crafts director nominee, received 4,154,476 votes in favor of his re-election, the second most votes of any candidate. Fredrick Wasserman, a nominee of the Wynnefield Group received 4,089,852 votes in favor of his election, only 39,353 more than Mr. Fox (or less than 0.5% of the votes needed for election to the Board). Wynnefield nominee Nelson Obus received the least support of any candidate, with 4,015,909 shares in favor of his election. The preliminary results are as follows:
Nominees For Withheld -------- --- -------- E. Randall Chestnut 8,244,338 32,968 William T. Deyo 4,154,476 32,901 Frederick G. Wasserman 4,089,852 4,519 Steven E. Fox 4,050,499 41,219 Nelson Obus 4,015,909 174,121
"We hope that the Wynnefield Group will refrain from making further comments until the results are certified," commented E. Randall Chestnut, Chairman, President and Chief Executive Officer of the Company.
CONTACT: Crown Crafts, Inc. Investor Relations Department (225) 647-9146
Released August 20, 2007