Keweenaw Land Association, Limited (KEWL) announces that Chairman, David Ayer, has issued a letter to shareholders, dated April 12, 2011, which is available in full on KLA’s website, www.keweenaw.com.

This letter is in response to the unprecedented move by Mr. Gutstein to include Mr. Ayer on his proxy card without Mr. Ayer’s expressed knowledge or permission.

In his letter David Ayer stated, “This time Mr. Gutstein has gone too far; he is implying that I am running ‘on his slate’. This was done without my knowledge or permission.

  • THIS IS A BLATANT ATTEMPT TO MISLEAD THE SHAREHOLDERS INTO THINKING THAT I SUPPORT HIM. I DO NOT SUPPORT RON GUTSTEIN.
  • I have argued and will continue to argue that Ron Gutstein is not a qualified candidate and would be detrimental to the long-term interests of the KLA shareholders. He and his associates have cost the company over $300,000 and provided not one iota of value.
  • By his own admission he is again trying to block a quorum by asking you to vote on his card. Two years ago, he did not even vote the shares that were voted in good faith thus disenfranchising all who cast their vote for him. He is trying to deprive you from having an annual meeting, which you are clearly entitled to.”

Please vote on our Green proxy card or voting instruction form. If you have any questions or need assistance voting your shares, please contact our proxy solicitor, Georgeson, at 800-314-4549.

KLA will publish a selective response to Mr. Gutstein ON ITS WEBSITE shortly.

About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 161,000 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan. Keweenaw shares trade in the pink sheets with 1,291,490 shares outstanding.

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