OfficeMax to Oppose K Capital Nominee
April 11 2005 - 8:01AM
PR Newswire (US)
OfficeMax to Oppose K Capital Nominee ITASCA, Ill., April 11
/PRNewswire-FirstCall/ -- OfficeMax Incorporated (NYSE:OMX) today
announced that it received notice from two affiliated offshore
funds, K Capital Offshore Master Fund (U.S. Dollar) L.P. and
Special K Capital Offshore Master Fund (U.S. Dollar), L.P.
(collectively, "K Capital") of their intent to nominate a candidate
for its Board of Directors at the Company's 2005 annual meeting of
shareholders. The K Capital candidate would be in opposition to
Carolyn M. Ticknor, a current independent director nominated for
re-election to the Company's Board of Directors. "We are
disappointed that K Capital has opted to conduct an election
contest, especially in light of our express invitation to K Capital
to present to us any specific strategic proposal for the Company
they might have. Instead of delivering such a proposal to us, they
have chosen to create unnecessary distractions for our board,
management and employees at this important time," said George J.
Harad, Executive Chairman of the Board and Chief Executive Officer
of the Company. "We believe the best interests of our shareholders
will be better served by re-electing Ms. Ticknor, who is an
independent and highly-qualified director, and by continuing to
move forward aggressively with our current business plan. We
therefore intend to oppose K Capital's nominee and to work actively
to re-elect Ms. Ticknor, and the company's other independent
directors who have been nominated for election." The Company's 2005
Annual Meeting of Shareholders is scheduled to be held on May 9,
2005, at 2:00 p.m. Central Daylight Time at the Wyndham Northwest
Chicago Hotel, 400 Park Boulevard Itasca, Illinois. The Company and
certain other persons may be deemed participants in the
solicitation of proxies from shareholders in connection with the
Company's 2005 Annual Meeting of Shareholders. Information
concerning such participants is available in the Company's Proxy
Statement filed with the Securities and Exchange Commission on
April 1, 2005. Shareholders are advised to read the Company's Proxy
Statement and supplements thereto and other relevant documents when
they become available, because they will contain important
information. Shareholders may obtain, free of charge, copies of the
Company's Proxy Statement and any other documents filed by the
Company with the SEC in connection with the 2005 Annual Meeting of
Shareholders at the SEC's website at (http://www.sec.gov/) or by
contacting D.F. King & Company toll-free at (800) 347-4750.
About OfficeMax OfficeMax is a leader in both business-to-business
and retail office products distribution. The company provides
office supplies, and paper, print and document services, technology
products and solutions, and furniture to large, medium, and small
businesses and consumers. OfficeMax customers are served by more
than 41,000 associates through direct sales, catalogs, the
Internet, and 935 superstores. Forward-Looking Statements Certain
statements made in this press release and other written or oral
statements made by or on behalf of the Company may constitute
"forward-looking statements" within the meaning of the federal
securities laws. Statements regarding future events and
developments and the Company's future performance, as well as
management's expectations, beliefs, intentions, plans, estimates or
projections relating to the future, are forward-looking statements
within the meaning of these laws. Management believes that these
forward-looking statements are reasonable; however, you should not
place undue reliance on such statements. These statements are based
on current expectations and speak only as of the date of such
statements. The Company undertakes no obligation to publicly update
or revise any forward-looking statement, whether as a result of
future events, new information or otherwise. Important factors
regarding the Company which may cause results to differ from
expectations are included in the Company's Annual Report on Form
10-K for the year ended December 31, 2004, including under the
caption "Cautionary and Forward-Looking Statements", and in other
filings with the SEC. OfficeMax Media Contact OfficeMax Investor
Relations Contact Bill Bonner John Jennings 630 438 8584 630 438
8760 DATASOURCE: OfficeMax Incorporated CONTACT: Bill Bonner,
Media, +1-630-438-8584, John Jennings, Investor Relations,
+1-630-438-8760, both of OfficeMax Incorporated Web site:
http://www.officemax.com/
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