Transtech Reminds Stockholders to Vote the WHITE Proxy Card for Transtech’s Director Nominees
2012年1月14日 - 9:20AM
ビジネスワイヤ(英語)
Transtech Industries, Inc. (OTC: TRTI) today reminded its
stockholders to immediately vote their WHITE proxy card by telephone or mail for
the re-election of Transtech’s highly qualified and very
experienced Board of Director nominees, Robert V. Silva and
Andrew J. Mayer, Jr., in order to ensure their votes are
received in time for the Company’s annual meeting of stockholders
to be held on Thursday, July 19, 2012, at 10:00a.m., local time, at
the offices of Blank Rome LLP, One Logan Square, Philadelphia, PA
19103.
Transtech also confirmed that it has received a purported notice
of nomination from a stockholder, John E. Mander, seeking to
nominate two individuals, each of whom has longstanding and close
ties to the family of the late Marvin H. Mahan, to the Company’s
Board of Directors. The Company is currently contesting the
validity of this purported notice of nomination in Delaware
Chancery Court on the basis that such purported notice of
nomination does not comply with the Company’s By-laws. Transtech
urges its stockholders to reject this attempt by Mr. Mander and
others acting in concert with the family of the late Mr. Mahan to
usurp control of the Company and to disregard any proxy card or
voting instruction card that they may receive from anyone other
than Transtech.
In urging Transtech stockholders to stop the dissident group in
their tracks and cast their votes for Transtech’s director
nominees, Transtech asked its stockholders to consider:
- Mr. Mander has testified that his
efforts are being underwritten by the Mahan family and otherwise
supported by Herbert G. Case Jr., a former close associate of the
late Mr. Mahan. Last summer, the late Mr. Mahan engaged Mr.
Case to assist him in his efforts to usurp control of the Company,
promising him a controlling equity interest in the Company, if his
efforts were successful.
- Stockholders should be aware that
Mr. Case has a criminal record, having been convicted on federal
charges, resulting from his role in the operations of Scientific
Chemical Processing, Inc. (“SCP”). SCP operated a site in
Carlstadt, New Jersey that was named a “Superfund” site by the
United States Environmental Protection Agency. In 1983, Mr. Case
was convicted of conspiracy and mail fraud in a plot to dump
millions of gallons of chemical waste in a Freehold, New Jersey
landfill and the Newark, New Jersey sewer system. The Company
believes that the late Mr. Mahan controlled the entity which leased
the site to SCP.
- The Company’s Board of Directors
believes that if Mr. Mander and his dissident group were to be
successful in usurping control of Transtech, the Company’s future
could be placed in jeopardy. The Company’s involvement with Mr.
Case, who would then be one of Transtech’s largest stockholders,
could cause the New Jersey Department of Environmental Protection
to reconsider certain permits previously granted to Transtech. Mr.
Mander has not provided any assurance that his dissident group’s
involvement with Mr. Case will not jeopardize the permits, the
Company’s ability to procure future permits, or the Company’s
constructive relationships with its regulators, including, but not
limited to, the United States Environmental Protection Agency and
the New Jersey Department of Environmental Protection.
- The Company’s current management has
labored hard to put behind it many of the regulatory and legal
issues and significant liabilities that arose during the time that
the late Mr. Mahan led and/or controlled the Company. Given the
significant progress that the Company’s current management has made
in addressing these past issues and in rebuilding a constructive
relationship with its regulators, and in order to preserve such
settlements and avoid the potential for future conflicts with the
its regulators, the Company does not believe that it is in the best
interests of the Company or its stockholders to return control of
the Company to affiliates and/or associates of the late Mr.
Mahan.
- The dissident group has not
disclosed to the Company or to the Company’s stockholders what
their true plans and intentions for Transtech are, should they be
successful in usurping control of the Company and it is not clear
how they would be positioned to assume control of Transtech in the
absence of current management.
Transtech strongly recommends that all stockholders vote for
their Board’s highly qualified nominees on the WHITE proxy
card TODAY—by telephone or by signing, dating and returning the
WHITE proxy card. Stockholders that need assistance in
voting their shares or have any questions are urged to call Andrew
J. Mayer, Jr., at (856) 481-4214 ext. 103.
Transtech Industries (CE) (USOTC:TRTI)
過去 株価チャート
から 12 2024 まで 1 2025
Transtech Industries (CE) (USOTC:TRTI)
過去 株価チャート
から 1 2024 まで 1 2025
Real-Time news about Transtech Industries Inc (CE) (その他OTC): 0 recent articles
その他のTranstech Industries, Inc.ニュース記事