Full Press Release Details
INDUSTRIES CONFIRMS END OF PROXY CONTEST
NY, April 22, 2008 - Lakeland Industries, Inc. (NASDAQ: LAKE), a leading
manufacturer of industrial protective clothing for industry, municipalities,
healthcare and to first responders on the federal, state and local levels, today
confirmed that it has received a notice from Seymour Holtzman withdrawing his
notice of intent to nominate two individuals for election at Lakeland's 2008
annual meeting of stockholders and advising Lakeland that he has no intent of
nominating anyone for election as a director at the 2008 annual
very pleased to be able to avoid what would have undoubtedly been a costly and
disruptive proxy contest so that we can now move beyond this distraction and
return our full attention to delivering on Lakeland's very significant potential
and enhancing value for all Lakeland shareholders," said Christopher J. Ryan,
Lakeland's President and CEO.
Ryan, "We appreciate Seymour Holtzman's role as a significant and financially
savvy shareholder as well as his very constructive suggestions. As we've said,
Lakeland's Board of Directors and management team are committed to acting in the
best interests of the Company and all stockholders. We have had
extensive conversations with Mr. Holtzman and his associates and are prepared to
have continuing conversations with them as long as they are
constructive. Clearly, his decision to end this proxy contest, paves
a path for us to continue those conversations and work together in a spirit of
cooperation to maximize shareholder value."
Industries, Inc. and its directors and executive officers may be deemed to be
participants in the solicitation of proxies from stockholders in connection with
the Company's 2008 Annual Meeting of Stockholders. The Company plans
to file a proxy statement with the Securities and Exchange Commission ("SEC") in
connection with the solicitation of proxies for the Annual
Meeting. Information concerning persons who may be considered
participants in the solicitation of the Company's stockholders under the rules
of the SEC is set forth in public filings filed by the Company with the SEC,
including its proxy statement relating to its 2007 Annual Meeting of
Stockholders, and will be set forth in its proxy statement relating to its 2008
Annual Meeting of Stockholders. These documents may be (currently or
when filed with the SEC) obtained free of charge at the SEC's website at
http://www.sec.gov and the Company's website at http://www.lakeland.com.