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Quipp Announces Results of Annual and Special Meetings of Shareholders.

Quipp, Inc. announced the results of its annual and special meetings held on April 29, 2003. At the annual meeting, shareholders elected Ralph M. Branca and Louis D. Kipp to the Board of Directors, approved the proposal to amend the Articles of Incorporation to include procedures relating to special meetings of shareholders and ratified the Audit Committee's appointment of KPMG LLP as independent accountants to examine Quipp's financial statements for 2003. At the special meeting, shareholders approved the two shareholder proposals recommending, in effect, that the Board of Directors resolve to amend the Articles of Incorporation and Bylaws to eliminate staggered terms for the Board of Directors.

Michael Kady, President of Quipp, stated: "We are gratified by the overwhelming support for the Board of Directors' proposals in the annual meeting. The fact that over 92 percent of the shares voted were cast in support of Ralph and Lou constitutes a significant vote of confidence in the Board of Directors. Moreover, the adoption, by more than a 2-to-1 margin, of the amendment to the Articles of Incorporation to include procedures regarding special meetings of shareholders demonstrates shareholder support for striking an appropriate balance between enabling holders of Quipp common stock to call a special meeting and reducing management distraction and Quipp expense, as well as procedural abuse, that may result from the call of multiple special meetings within a limited period of time."

Mr. Kady continued: "In the course of our discussions with certain shareholders, we agreed that, under different circumstances, it would be appropriate for shareholders to consider elimination of the special meeting procedures adopted at the annual meeting. Therefore, the Board of Directors will submit to shareholders, no later than the annual meeting of shareholders in 2006, a proposal to remove the special meeting provisions from our Articles of Incorporation."

Finally, Mr. Kady added: "With regard to the special meeting proposals, we understand the preference of many shareholders that boards of directors not be classified, especially during these times of intense focus on corporate governance. We recommended a vote against the shareholder proposals because we felt that, among other things, a classified board preserves some degree of continuity of board membership, which facilitates long-term planning and enhances the ability of the Board to implement business strategies. Nevertheless, we will seriously consider the recommendations adopted by our shareholders."

Quipp, Inc., through its subsidiary, Quipp Systems, Inc., designs, manufactures, and installs material handling equipment to facilitate the automated bundling and movement of newspapers from the printing press to the delivery truck.

CONTACT: Michael Kady of Quipp, Inc., +1-800-345-9680

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Publication:PR Newswire
Geographic Code:1USA
Date:May 8, 2003
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