Leading Independent Advisory Firm Glass Lewis Recommends Insignia Systems, Inc. Shareholders Vote FOR "Item #6, Approval of V...
July 02 2018 - 6:00AM
Air T, Inc. (NASDAQ:AIRT) is a diversified holding company with a
powerful portfolio of businesses and financial assets, including
overnight air cargo operations, ground support equipment
manufacturing and local maintenance services, and commercial
aircraft asset management and logistics. Today, Air T commented on
the recommendation by leading independent proxy advisory firm Glass
Lewis that shareholders vote FOR “Item #6, Approval of Voting
Rights” put forth by Air T at the upcoming shareholder meeting of
Insignia Systems, Inc. (NASDAQ:ISIG) on Friday, July 20, 2018 at
9:00 a.m. CT.
Air T, Inc. plus funds affiliated with Air T, Inc. together own
approximately 32% of the Insignia’s outstanding shares. Air T
Chairman and CEO, Nick Swenson, commented, “We are pleased to have
received the independent support of Glass Lewis who recommends
shareholders vote FOR ‘Item #6, Approval of Voting Rights.’ We have
been an investor in Insignia since 2014 and applaud the leadership
of CEO Kristine Glancy along with the recent steps taken at
Insignia to revitalize the direction and expertise of its board to
better support value creation strategies on which we can all agree.
We remain confident in Insignia’s potential to be a powerful
business and to generate free cash flow.”
In particular, Glass Lewis noted that:1
- Glass Lewis generally believes that the economic stake of each
shareholder should match their voting power, and common
shareholders should therefore be allowed one vote per
share.
- We believe shareholders should be encouraged by the [Insignia]
board's willingness to enter into a cooperation agreement with Mr.
Swenson and the Air T Group.
- The parties [Insignia’s board and the Air T Group] have agreed
on a path forward to accommodate Air T's substantial investment and
involvement in the [Insignia] Company's affairs. As such, we
believe shareholders may reasonably support this proposal.
We urge you to vote using the BLUE CARD sent to you by Air T,
Inc. and to vote FOR the Approval of Voting Rights Proposal.
If you have any questions or require any assistance with
providing your proxy or any other matters, please contact Alliance
Advisors, our proxy advisor, at 833-795-8496.
Air T, Inc., Groveland Capital LLC and Nicholas J. Swenson
(collectively, the "Air T Group") filed a proxy statement and
accompanying proxy card with the Securities and Exchange Commission
(the "SEC") to solicit votes at the 2018 annual meeting of
shareholders of Insignia Systems, Inc. As of May 21, 2018, the
record date for Insignia's annual meeting, the Air T Group
beneficially owned, in the aggregate, 3,850,282 shares of Insignia,
representing approximately 32.2% of the outstanding shares of
Common Stock as of such date.
PARTICIPANTS IN PROXY SOLICITATION
Air T, Inc., Groveland Capital LLC and Nicholas J. Swenson are
the participants in this proxy solicitation. Information regarding
the participants and their interests in the solicitation is
included in Air T Group's proxy statement and other materials filed
with the SEC. SHAREHOLDERS OF INSIGNIA SHOULD READ THE PROXY
STATEMENT AND OTHER PROXY MATERIALS CAREFULLY AND IN THEIR ENTIRETY
AS THEY CONTAIN IMPORTANT INFORMATION RELATING TO THE ANNUAL
MEETING, AIR T GROUP AND AIR T GROUP'S SOLICITATION OF PROXIES.
THESE PROXY MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC'S
WEBSITE AT WWW.SEC.GOV OR FROM ALLIANCE ADVISORS, LLC.
ABOUT AIR T, INC.Established in 1980, Air T
Inc. is a holding company with a powerful portfolio of businesses
and financial assets. Its four core segments are: overnight air
cargo, aviation ground support equipment manufacturing, aviation
ground support maintenance services, and commercial jet engines and
parts. The Company's ownership interests consist of a broad set of
operating and financial assets that are designed to expand,
strengthen and diversify Air T’s cash earnings power. Our goal is
to build on Air T’s core businesses, and when appropriate, to
expand into adjacent and other industries that we believe fit into
the Air T family. For more information, visit www.airt.net.
FORWARD-LOOKING STATEMENTSStatements in this
press release, which contain more than historical information, may
be considered forward-looking statements (as such term is defined
in the Private Securities Litigation Reform Act of 1995), which are
subject to risks and uncertainties. Actual results may differ
materially from those expressed in the forward-looking statements
because of important potential risks and uncertainties, including,
but not limited to, the risk that contracts with major customers
will be terminated or not extended, future economic conditions and
their impact on the Company’s customers, the Company’s ability to
recover on its investments, including its investments in Delphax
and other recently acquired companies, the timing and amounts of
future orders under the Company’s Global Ground Support
subsidiary’s contract with the United States Air Force, and risks
and uncertainties related to business acquisitions, including the
ability to successfully achieve the anticipated benefits of the
acquisitions, inflation rates, competition, changes in technology
or government regulation, information technology disruptions, and
the impact of future terrorist activities in the United States and
abroad. A forward-looking statement is neither a prediction nor a
guarantee of future events or circumstances, and those future
events or circumstances may not occur. The Company is under no
obligation, and it expressly disclaims any obligation, to update or
alter any forward-looking statements, whether as a result of new
information, future events or otherwise.
1Glass Lewis permission was neither sought nor obtained for use
of quotes.
CONTACTMediaAnthony
Giombetti818-821-7530anthony@giombettipr.com
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