ELMWOOD PARK, N.J., Dec. 9, 2014 /PRNewswire/ — Kreisler Manufacturing Corporation (OTC Pink: KRSL) issued the following letter to its stockholders urging them to vote FOR all of Kreisler’s director nominees using only WHITE proxy card.
December 9, 2014
Dear Fellow Kreisler Stockholder:
RE-ELECT KREISLER’S DIRECTORS
VOTE THE WHITE PROXY CARD TODAY
Kreisler Manufacturing Corporation has made significant progress delivering value to all stockholders. During the last fiscal year ended June 30, 2014, Kreisler has shown an approximately 42% increase in its income from operations and a 47% increase in its income before income tax expense compared to the fiscal year ended June 30, 2013. Since January 1, 2014, the stock price has increased by approximately 18%.
Kreisler directors and management have appreciated your support in the past and need your support now to fend off an activist hedge fund, AB Value Management LLC, with its own agenda led by Andrew Berger. By now, you should have received the Kreisler proxy statement for our December 18, 2014 Annual Meeting, along with a WHITE proxy card or voting instruction form. In addition, you may already have been contacted by or on behalf of Andrew Berger or may soon receive proxy materials and a GOLD proxy card from AB Value hedge fund. These materials contain a number of misleading statements and factual inaccuracies which we will be happy to discuss with you. More importantly, AB Value has launched this proxy contest in violation of Kreisler’s bylaw provisions that were designed to ensure the process is fair to all stockholders. This issue will be decided by the court.
We urge you to discard any GOLD proxy card that you may receive from AB Value and to sign and return only the WHITE proxy card that you receive from Kreisler. If you previously signed a GOLD proxy card sent to you by AB Value, you can still vote for your Board’s nominees following the instructions on the WHITE proxy card.
The Stern family collectively owns approximately 40% of Kreisler and we have by far the largest economic interest in Kreisler’s long-term success. We believe that the election of the dissident group’s nominees will lead to a short-term focus that would jeopardize Kreisler’s operations and financial position and harm the value of your investment.
YOUR VOTE IS IMPORTANT!
RE-ELECT YOUR DIRECTORS BY VOTING THE WHITE PROXY CARD TODAY
If you have any questions or need assistance in voting your WHITE proxy card, we encourage you to call our proxy solicitor, Innisfree MA Incorporated toll-free at (888) 750-5834. Banks and brokers can call (212) 750-5833.
Thank you for your continued support of Kreisler. We look forward to communicating with you in the coming weeks.
/s/ Edward A. Stern
Edward A. Stern
Co-President and Chief Corporate Officer
About Kreisler Manufacturing Corporation
Kreisler is a manufacturer of precision metal components and assemblies for use in military and commercial aircraft engines and industrial gas turbines. These products primarily include tube and manifold assemblies. The Company and its wholly-owned subsidiary, Kreisler Industrial Corporation, are located in Elmwood Park, New Jersey.
This information and other statements by Kreisler Manufacturing Corporation in this letter contain “forward-looking statements”. Words such as “believe,” “demonstrate,” “expect,” “estimate,” “anticipate,” “should,” “project,” and “likely” and similar expressions identify forward-looking statements. In addition, statements that are not historical should also be considered forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. Such forward-looking statements are based on current expectations that involve a number of known and unknown risks, uncertainties and other factors which may cause actual events to be materially different from those expressed or implied by such forward-looking statements. Kreisler is under no obligation to (and expressly disclaims any such obligation to) update or revise any forward-looking statement whether as a result of new information, future events or otherwise. If Kreisler does update any forward-looking statement, no inference should be drawn that Kreisler will make additional updates with respect to that statement or any other forward-looking statements.
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SOURCE Kreisler Manufacturing Corporation