Kreisler Manufacturing Corp. (KRSL: OTC Pink Limited) | AB Value Management LLC Announces Continued Action to Seek Election of Its Directors to the Board of Kreisler Manufacturing Corp.

AB Value Management LLC Announces Continued Action to Seek Election of Its Directors to the Board of Kreisler Manufacturing Corp.

Dec 18, 2014

OTC Disclosure News Service

AB Value Management LLC, an investment management company that owns
greater than 11% of Kreisler Manufacturing Corporation’s (OTC Pink:
KRSL) common stock announces the following:

Kreisler Manufacturing Corporation (the “Company”) failed to achieve a
quorum at its December 18, 2014 scheduled annual meeting. AB Value
Management LLC (“AB Value”) has not presented its ballots in an effort
to force a new annual meeting in which its nominees are permitted to be

By blocking a quorum, AB Value will force the Company to allow it the
opportunity to nominate its director candidates. Andrew Berger,
principal of AB Value has stated, “We chose to undertake the arduous
effort to add new directors to the Company because of the lack of focus
on sound governance and recent efforts by management to pay themselves
millions of dollars for ‘back pay’ from the 2003-2014 period. We will do
whatever it takes to ensure the Company is positioned for success for
all stakeholders rather than unjust self-enrichment of the Company’s
executive management.” We petitioned the court via an emergency hearing
to force the Company to waive its advance notice bylaw requirement given
the extreme nature of recently discovered events, including:

(i) a 57% increase in base salary
that was passed on December 5, 2014 for the two co-presidents, which
the Company has yet to disclose to its stockholders

(ii) the concerns expressed publicly on December 5, 2014 by Mr. Daly, an
independent director and Kreisler’s largest individual shareholder and
existing independent director of the activities of Kreisler’s existing
board, regarding the need of a compensation committee comprised solely
of independent directors and action that may have “a material impact on
the company’s current cash position”;

(iii) inaccuracies in the proxy statement regarding the biography of
John W. Poling within management’s proxy;

(iv) the ownership change of a 37% voting bloc in the Company previously
within management’s proxy;

(v) the Company’s December 3rd press release respecting a new fixed
price contract – a strategy hauntingly reminiscent of the Company’s
failed and expensive efforts in Poland; and

(vi) the incumbent directors’ recent effort to further entrench
themselves with the their unilateral adoption of draconian and
preclusive defensive bylaws in the Company’s December 8th
Amended and Restated Bylaws.

AB Value will continue to challenge in court the methods by which the
incumbent directors have entrenched themselves and disenfranchised the
stockholders of the Company. AB Value fully expects discovery and trial
on a full record will vindicate its efforts, and intends to test the
veracity of the statements to the court made by defendants, and in
particular, those of Ned Stern, in their efforts to avoid the emergency
relief requested from the court by AB Value and temporarily retain
control of the Company.

David Polonitza, a prospective nominee for the board has remarked, “The
Company is using every trick in the book to stop the will of the
stockholders from being heard. I look forward to a full and fair
election. Stockholder democracy is not a punishment, it’s an obligation.
The support of a 9.1% Stern family stockholder is a strong indication of
the quality of AB Value’s efforts.”

AB Value wants to thank the many stockholders who continue to support
its efforts. “It may take time for our nominees to be voted onto the
Company’s board,” stated Andrew Berger, “but stockholder votes are
trending our way over management and the facts are on our side. We will
do whatever it takes to ensure that the Company’s army of lawyers cannot
defeat the will of the majority of stockholders.”

AB Value encourages stockholders to continue to vote the GOLD Proxy.
Voting the GOLD Proxy will allow us to force a new meeting and elect
our directors.

If you have any questions or need assistance in voting your shares,
please call:

InvestorCom, Inc.
65 Locust Avenue
Suite 302
New Canaan,
CT 06840
Shareholders, Banks, and Brokers call
(203) 972-9300

Copyright © 2014 Businesswire. All Rights Reserved

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source:

Leave a Reply

WP2Social Auto Publish Powered By :
Bunk Beds