MITY Shareholders Approved Proposed Merger
June 26 2007 - 10:41PM
Business Wire
MITY Enterprises, Inc. (�MITY� or the �Company�) (NASDAQ:MITY)
announced that at a special meeting of shareholders held today the
Company�s shareholders approved the proposed merger agreement
providing for the merger of MITY with an affiliate of Sorenson
Capital Partners L.P. and Peterson Partners LP. Based on
preliminary voting results provided by the Inspector of Elections,
approximately 93% of the shares present and voting at the meeting
voted for the approval of the merger agreement. The number of
shares voting to approve the merger agreement represents
approximately 77% of the total number of shares outstanding and
entitled to vote. Under the terms of the merger agreement, MITY
shareholders will receive $21.50 in cash, without interest, for
each share of MITY common stock they hold. The transaction is
anticipated to close by July 16, 2007. This would be in advance of
the target closing date of August 2, 2007 as defined in the merger
agreement. About MITY Founded in 1987, MITY Enterprises, Inc.
designs, manufactures and markets innovative institutional
furniture created to meet the efficiency needs of its customers.
MITY Enterprises focuses on providing premium quality institutional
furniture products to niche markets. The product lines consist of
multipurpose room furniture and healthcare seating. MITY�s products
are marketed under the Mity-Lite, Broda and Versipanel tradenames.
Headquartered in Utah, MITY Enterprises serves national and
international customers directly and through distributors. For
further information, visit MITY Enterprises online at
www.mityinc.com. About Sorenson Capital Sorenson Capital
(www.sorensoncapital.com) is a private equity fund that provides
small- to middle-market buyout and growth equity investments with a
particular focus on opportunities in selected states in the western
U.S. Sorenson Capital is managed and controlled by West Rim
Capital; both are headquartered in Salt Lake City, Utah with
offices in Palo Alto, California and Phoenix, Arizona. About
Peterson Partners Peterson Partners, based in Salt Lake City, is
one of the Intermountain West�s leading private equity firms.
Specializing in small to mid-sized companies, Peterson Partners has
a track record of success including investments in JetBlue, Making
Memories, EnergySolutions, Asurion, Instashred, Winder Farms, 3form
and Diamond Rental. Founded in 1995, Peterson Partners has over
$300 million under management through four funds. Press Contact:
Jordan Clements (801) 365-0180 or jordan@petersonpartnerslp.com.
Forward-Looking Statements This press release contains
forward-looking statements related to, among other things, the
completion of the Merger and the other transactions contemplated by
the Merger Agreement. These statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Investors are cautioned that forward-looking
statements inherently involve risks and uncertainties that could
cause actual results to differ materially from those contemplated
in the forward-looking statements. Such risks include, but are not
limited to, the ability of the parties to the Merger Agreement to
satisfy the conditions to closing specified in the Merger Agreement
and other risks and uncertainties outlined in the Company�s
documents filed with the Securities and Exchange Commission (SEC),
including the Company�s most recent annual report on Form 10-K for
the fiscal year ended March 31, 2006, and its subsequent quarterly
reports on Form 10-Q and current reports on Form 8-K as filed with
the SEC. All forward-looking statements and other information in
this press release are based upon information available as of the
date of this release. Such information may change or become invalid
after the date of this release, and, by making these
forward-looking statements, the Company undertakes no obligation to
update these statements after the date of this release.
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