IRONWOOD, Mich.--(BUSINESS WIRE)--Glass Lewis & Company, LLC (GL&C), a leading independent, governance analysis and proxy voting firm, recommends a vote "FOR" Keweenaw Land Association, Limited (KEWL: OTC Pink) Board nominees, Mr. John E. Earhart and Ms. Marjorie E. Nesbitt, at the 2013 Annual Meeting of Shareholders on May 20, 2013.
In their report dated May 6, 2013, Glass Lewis & Company, LLC concluded, “We remain concerned the Dissident (Mr. Ronald Gutstein) has no meaningful experience in the Company's industry, limited governance expertise and no clear background related to major strategic transactions…. Mr. Gutstein's primary arguments and plans have remained essentially unaltered for the last half decade, a span covering four outright rejections of his candidacy and strategies by shareholders. In the absence of clear evidence to the contrary, we believe shareholders have clearly and consistently voiced their opposition to the Dissident.”
In response to the Glass Lewis report, Keweenaw Land Association Board Chairman, David Ayer, expressed his satisfaction stating, “Glass Lewis got it right. Since 2008, shareholders have unequivocally rejected Mr. Gutstein and his vague proposals to unlock the value of the company. We remain extremely appreciative of our shareholders who truly understand the real value of Keweenaw and continue to support the goals of our organization. The Board remains committed to managing our timber, land, and mineral assets for the long-term benefit of its shareholders.”
Keweenaw Land Association shareholders are urged to vote the GREEN proxy card. Shareholder questions or requests for additional information should be directed to Charles W. Garske, Okapi Partners LLC toll-free at (877) 566-1922.
Additional information is available on the Company’s website at www.keweenaw.com.
About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings of approximately 162,000 surface acres and over 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan. Keweenaw shares trade in the OTC Markets under the Pink directory with 1,294,118 shares outstanding.