Breeze-Eastern Announces Board Nominees for Annual Meeting
July 31 2007 - 5:10PM
Business Wire
Breeze-Eastern Corporation (AMEX:BZC) today announced that it has
entered into an agreement with certain of its major stockholders
with respect to the slate of nominees to be proposed by the company
for election as directors at the company�s 2007 annual meeting.
Under the terms of a Settlement Agreement dated as of July�31,
2007, by and among the company, Tinicum Capital Partners II, L.P.
and its affiliates (�Tinicum�), and a stockholder group consisting
primarily of Wynnefield Partners Small Cap Value, L.P., Goldsmith
& Harris Incorporated, and their respective affiliated entities
and persons (collectively, the �Stockholder Group�), the nominees
to be named in the company�s proxy materials for election to the
company�s eight member board will be current directors William J.
Recker, William M. Shockley and Robert L. G. White, and new
nominees William H. Alderman, Charles W. Grigg, Jay R. Harris,
Russell M. Sarachek and Frederick Wasserman (collectively, the
�Nominees�). Messrs. Alderman, Harris, Saracheck and Wasserman
previously had been proposed as nominees to the company board by
the Stockholder Group in a preliminary proxy statement filed with
the Securities and Exchange Commission (�SEC�). Messrs. Grigg and
Shockley are affiliated with Tinicum. The Agreement further
provides that the Stockholder Group will withdraw its nominees to
the company Board and terminate its proxy solicitation. The members
of the Stockholder Group and Tinicum have further agreed to refrain
from submitting any stockholder proposal or director nominations at
the 2007 annual meeting and at any other meetings of company
stockholders which may be held prior to and including the company�s
2008 annual meeting, subject to certain conditions. As of the date
of the Settlement Agreement, the members of the Stockholder Group
beneficially owned, in the aggregate, 3,206,007 shares, or 34.4%,
of the company�s common stock and Tinicum beneficially owned
2,471,067 shares, or 26.5% of the company's common stock. The
Company also agreed to reimburse certain out-of-pocket expenses of
the Stockholder Group and Tinicum. The Settlement Agreement
provides that the company will recommend, and reflect such
recommendation in its definitive proxy statement, a vote "for" the
Nominees at the 2007 annual meeting which will be held within 60
days of the previously announced record date of July�25,�2007.
Under the Settlement Agreement, the members of the Stockholder
Group and Tinicum have agreed to cause all shares of company common
stock held of record or beneficially owned by them or any affiliate
on the record date, with respect to which they have shared or sole
voting power, to be present at the 2007 annual meeting for quorum
purposes and to be voted at the 2007 annual meeting in favor of the
election of the Nominees and against any proposal made in
opposition to, or in competition with, any proposal or Nominee
recommended by the company Board at the annual meeting. In
addition, each member of the Stockholder Group is obligated to use
commercially reasonable efforts to cause all shares of common stock
with respect to which such member shares investment discretion and
does not have sole voting power to be present at the annual meeting
for quorum purposes and to be voted in the manner described above.
The summary of the terms of the Settlement Agreement as set forth
in this press release is qualified in its entirety by reference to
the Settlement Agreement, a copy of which is being filed by the
company with the SEC, as an exhibit to its Current Report on Form
8-K, and which is available on the SEC website at www.sec.gov and
also available free of charge by directing a request to
Breeze-Eastern Corporation, 700 Liberty Avenue, Union, New Jersey,
07083, Attention: Secretary. The company plans to file with the SEC
and mail to its stockholders a proxy statement in connection with
its 2007 annual meeting, and advises its stockholders to read the
proxy statement relating to the annual meeting when it becomes
available because it will contain important information.
Stockholders may obtain a free copy of the proxy statement and any
other relevant documents (when available) that the company files
with the SEC at the SEC�s website at www.sec.gov. The proxy
statement and these other documents, when available, may also be
obtained free of charge from the company by directing a request to
Breeze-Eastern Corporation, 700 Liberty Avenue, Union, NJ 07083,
Attention: Secretary. The company, its directors and named
executive officers may be deemed to be participants in the
solicitation of the company�s stockholders in connection with the
annual meeting. Stockholders may obtain information regarding the
names, affiliations and interests of such individuals in the
company�s Annual Report on Form 10-K for the fiscal year ended
March�31,�2007 and in the company�s definitive proxy statement with
respect to its 2006 annual meeting, each of which is filed with the
SEC, and (when available) in the company�s definitive proxy
statement with respect to the 2007 annual meeting, that the company
will file with the SEC. To the extent holdings of the company�s
equity securities by such persons have changed since the
information reflected in the foregoing documents, such changes have
been reflected on Statements of Changes in Beneficial Ownership of
Securities on Form 4 filed with the SEC. INFORMATION ABOUT
FORWARD-LOOKING STATEMENTS Certain statements in this press release
constitute �forward-looking statements� within the meaning of the
Securities Act of 1933, as amended, and the Securities Exchange Act
of 1934, as amended (the "Acts"). Any statements contained herein
that are not statements of historical fact are deemed to be
forward-looking statements. The forward-looking statements in this
press release are based on current beliefs, estimates and
assumptions concerning the operations, future results, and
prospects of the company. As actual operations and results may
materially differ from those assumed in forward-looking statements,
there is no assurance that forward-looking statements will prove to
be accurate. Forward-looking statements are subject to the safe
harbors created in the Acts. Any number of factors could affect
future operations and results, including, without limitation,
competition from other companies; changes in applicable laws, rules
and regulations affecting the company in the locations in which it
conducts its business; the availability of equity and/or debt
financing in the amounts and on the terms necessary to support the
company�s future business; interest rate trends; determination by
the company to dispose of or acquire additional assets; general
industry and economic conditions; events impacting the U.S. and
world financial markets and economies; and those specific risks
that are discussed in the company�s previously filed Annual Report
on Form 10-K for the fiscal year ended March 31, 2007. The company
undertakes no obligation to update publicly any forward-looking
statements, whether as a result of new information or future
events.
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