Leading Independent Proxy Advisor ISS Recommends Insignia Systems, Inc. Shareholders Vote FOR “Item #6, Approval of Voting ...
July 05 2018 - 6:00AM
Shareholders are reminded to vote the BLUE proxy
card before Friday, July 20, 2018 at 9:00 a.m. CT
Air T, Inc. (NASDAQ:AIRT), a company with a portfolio of powerful
businesses and financial assets that include overnight air cargo
operations, ground support equipment manufacturing and local
maintenance services, and commercial aircraft asset management and
logistics, today commented on the recommendation by leading
independent proxy advisor Institutional Shareholder Services
(“ISS”) that Insignia Systems, Inc. (NASDAQ:ISIG) shareholders vote
FOR “Item #6, Approval of Voting Rights” proposed
by Air T. Shareholders are reminded to vote the BLUE proxy card
before Insignia’s annual meeting 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 Insignia’s outstanding shares. In its report,
ISS concluded that:1
- A vote FOR this proposal [Item #6] is
warranted, as the concerns relating to the resulting concentration
of voting power are not specific enough to overcome the “one share,
one vote” principle.
Welcoming ISS’ favorable recommendation, Air T Chairman and CEO,
Nick Swenson, commented, “The support of our proposal -- ‘Item #6,
Approval of Voting Rights’ -- by the proxy advisor ISS comes at an
important time for Insignia Systems, as it works to revitalize the
direction and expertise of its board to better support value
creation strategies on which we can all agree. Since 2014, we have
been investors in Insignia. We are supportive of their company’s
leadership and remain confident in its long-term potential.”
Shareholders are reminded that every vote counts. We urge you to
vote using the BLUE CARD sent to you by Air T, Inc. and to vote FOR
proposal “Item #6, Approval of Voting Rights.” 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 portfolio of powerful businesses
and financial assets. Our four core segments are: (1) overnight air
cargo, (2) aviation ground support equipment manufacturing, (3)
aviation ground support maintenance services, and (4) 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.
1ISS permission was neither sought nor obtained for use of
quotes.
CONTACTMedia Anthony Giombetti
818-821-7530 anthony@giombettipr.com
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