Crown Crafts Announces Certified Results of Proxy Contest
GONZALES, La., Aug. 27, 2007 (PRIME NEWSWIRE) -- Crown Crafts, Inc. (the "Company") (Nasdaq:CRWS) today announced that the independent inspectors of elections, IVS Associates, Inc., have certified the voting results of the Company's Annual Meeting held on August 14, 2007.
In this election, three director seats were submitted to a vote of stockholders. The stockholders have elected two of management's nominees, E. Randall Chestnut and William T. Deyo, and one of Wynnefield Partners Small Cap Value, L.P.'s nominees, Frederick G. Wasserman. More than 80% of the 10 million outstanding shares voted either in person or by proxy at the Annual Meeting. The certified 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 would like to thank Steven E. Fox for his dedicated service and many contributions to the Company and its Board of Directors for the past six years. We would also like to welcome Frederick G. Wasserman to the Board," commented E. Randall Chestnut, Chairman, President and Chief Executive Officer of the Company. "We regret that the Company and its stockholders had to endure the time-consuming and expensive contest and we look forward to returning our attention to growing our business and providing shareholder value," Mr. Chestnut continued.
Crown Crafts, Inc. designs, markets and distributes infant and juvenile consumer products, including bedding, blankets, bibs, bath items and accessories. Its subsidiaries include Hamco, Inc. and Crown Crafts Infant Products, Inc. Crown Crafts is America's largest producer of infant bedding, bibs and bath items. The Company's products include licensed and branded collections as well as exclusive private label programs for certain of its customers.
CONTACT: Crown Crafts, Inc. Olivia Elliott, Secretary - Treasurer (225) 647-9124
Released August 27, 2007