IRONWOOD, Mich.--(BUSINESS WIRE)--Keweenaw Land Association, Limited (KEWL: Pink sheets) today announced the final election results from its 2011 Annual Shareholder Meeting held May 16, 2011 in Ironwood, Michigan. Those results, certified by Corporate Election Services, indicate the re-election of Mr. David Ayer and Mr. Donald J. Hoffman, to new three-year terms on the Keweenaw Board of Directors by an overwhelming margin. In this year’s proxy contest, nearly 86% of outstanding shares were voted. For the fourth straight year, dissident candidate, Ronald S. Gutstein, was defeated, garnering less than 25% of the outstanding shares. Mr. Gutstein did not attend this year’s Annual Meeting. The Company also announced the approval of the two shareholder proposals submitted by the Keweenaw Land Association Board of Directors, approval of Anderson, Tackman & Company as auditors for 2011, and the increase in authorized shares from 2,500,000 to 10,000,000.
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.