FORT WORTH, Texas, July 30, 2013 /PRNewswire/ -- Calloway's
Nursery, Inc. (PK:CLWY) (or the
"Company") and 3K Limited Partnership ("3K") jointly announced
today that the Company and 3K have entered into a settlement
agreement regarding their proxy contest related to the Company's
2013 Annual Meeting of Shareholders.
Under the terms of the agreement, the Board of Directors will be
expanded from five to eight members. Two 3K nominees, Peter H. Kamin and Alan
B. Howe, will join the Board, along with David Straus, President and CEO of Sloat Garden
Center, Inc. They will join the five Company nominees, James C. Estill, John T.
Cosby, John S. Peters, Dr.
Stanley Block and Daniel R. Feehan.
Mr. Estill, Chairman of the Board of the Company, said, "We
welcome Peter Kamin, Alan Howe and David
Straus, major shareholders, to assist the incumbent
directors in the continuing effort to create shareholder
value."
Mr. Kamin added, "We are pleased to put this disagreement behind
us and look forward to working productively with Jim Estill and his colleagues. We believe
that the company has developed a uniquely merchandised store
operating format which can position the business for growth both
within and outside its core markets. On behalf of myself and
the two other newly nominated Directors, we expect to be able to
contribute our experiences in developing high return business
models as part of the new Calloway's board."
The Company's Annual Meeting will proceed as scheduled on
Wednesday, August 7, 2013 at
8:30 a.m. (CDT) at the Fort Worth
Botanic Garden. Shareholders may still attend and participate
in the Annual Meeting.
Founded in 1986, Calloway's Nursery, Inc. www.calloways.com is an 18-store
garden center chain serving the Dallas -
Fort Worth (as Calloway's Nursery) and Houston (as Cornelius Nursery) markets.
The company strives to make gardening fun, easy and successful for
customers by offering expert advice from Texas Certified Nursery
Professionals; store environments that are educational and easy to
shop; weekly gardening clinics that serve both novice and expert
gardeners; displays and instructions to aid gardeners with design
and color development in their yards; and a product selection of
the best plant varieties available.
SOURCE Calloway's Nursery,
Inc.