Mile Marker International, Inc. (Pink Sheets:MMRK)(“the Company”), a specialty vehicle parts manufacturer and distributor, today announced that the Company has called for a special meeting of its shareholders on October 20, 2008 to vote on several proposals recently submitted by two of its directors.
Mile Marker International Inc. announced that the Company would be holding a special meeting of its shareholders at 10:00 a.m. on Monday, October 20, 2008 at its Company headquarters at 2121 Blount Road, Pompano Beach, Florida. All shareholders of record as of September 16, 2008 will be eligible to vote. The meeting was requested pursuant to Florida law and the Company’s By-Laws by directors Richard Aho and Alvin Hirsch in letters submitted to the Company’s Secretary on September 4, September 5 and September 9. Mr. Aho has requested the removal of the entire Board of Directors and the election of a new Board. Mr. Hirsch has requested the removal of directors Richard Aho, David Allsopp and Alexander Jowa from the Board of Directors and approval for issuance of preferred stock by the Company.
Alvin A. Hirsch, President and Chief Executive Officer, stated: “Richard Aho has recently made several unsuccessful attempts to take control of our Board of Directors and to terminate the Management. This has included an attempted action by written consent of ten shareholders constituting a minority of shares which the Company’s counsel has advised Mr. Aho is legally void and of no effect. Unfortunately, Mr. Aho has incorrectly advised a number of the Company’s shareholders in writing otherwise. Based on its understanding of the legal considerations, the Company does not recognize this action by Mr. Aho as legal or binding. A proper procedure for seeking shareholder approval is by means of a special meeting of all the shareholders pursuant to Florida law and the Company’s By-Laws. The Company’s shareholders should expect to shortly be receiving proxy materials describing the matters to be considered at the special meeting of shareholders on October 20, 2008.”
Included in this release are certain “forward-looking” statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s financial performance. Such statements are based on management’s current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered is contained in the Company’s previous filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward–looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
Mile Marker International, Inc., Pompano Beach
Al Hirsch, President
and Chief Executive Officer,
954-782-0604