Quigley Corporation Receives Support from Leading Independent Proxy Advisory Firms; RiskMetrics and Glass Lewis Reject Dissident
May 12 2009 - 6:00AM
PR Newswire (US)
DOYLESTOWN, Pa., May 12 /PRNewswire-FirstCall/ -- The Quigley
Corporation (NASDAQ:QGLY) http://www.quigleyco.com/, today
announced that the world's leading independent proxy advisory firms
RiskMetrics Group ("RMG"), (formerly ISS-Institutional Shareholder
Services), and Glass Lewis & Co. have recommended that
stockholders vote the Quigley Corporation WHITE proxy card and
reject dissident investor Ted Karkus' solicitation seeking control
of the Board of Directors at the Company's upcoming annual meeting
to be held on May 20, 2009. Both governance advisory services noted
that Mr. Karkus has not provided a detailed plan to manage the
Company. In its report, issued on May 10, 2009, Glass Lewis states
that the Dissident has failed to justify the removal of the
incumbent Directors and the election of its nominees. With that,
Glass Lewis also notes that just one of the dissident nominees has
relevant pharmaceutical industry exposure and public company board
experience. It is Glass Lewis' opinion that the incumbent Board and
management have an effective plan in place and note the long-term
performance of the Company's Pharma business. Accordingly, Glass
Lewis indicated that the election of the Dissident nominees is not
warranted at this time and recommends that shareholders vote FOR
all the Quigley Corporation incumbent nominees. In its report,
dated May 10, 2009, RMG stated that it believes that Mr. Karkus'
plan is "very general and lacks specifics," thereby making it
difficult for shareholders to know what they would do differently.
RMG noted that it requires from the dissidents a well-reasoned and
detailed business plan (including the dissidents' strategic
initiatives), a transition plan that describes how the change in
control of the company will be effected, and if applicable, the
identification of a qualified and credible new management team. As
RMG notes the dissident have not met these requirements and
accordingly RMG cannot recommend support for the dissident
nominees. Glass Lewis has given its full support for the reelection
of the Board of Directors of The Quigley Corporation. RMG supports
a partial slate of the Company's Directors, recommending that
stockholders vote the WHITE proxy card and withhold from three of
seven incumbent nominees only, to preclude the dissidents from
gaining a majority board recommendation. Guy Quigley, CEO and
Chairman, stated, "We are pleased that the two leading independent
proxy advisory firms have each recommended that stockholders vote
the White proxy card and reject the dissidents' control-seeking
solicitation. However, The Quigley Corporation respectfully
disagrees with the RMG recommendation and continues to believe
re-election of its full slate of Directors is in the best interest
of all stockholders. We urge all stockholders to return the WHITE
proxy card today." About The Quigley Corporation The Quigley
Corporation (NASDAQ:QGLYNASDAQ:http://www.Quigleyco.com) is a
diversified natural health medical science company. Its Cold Remedy
segment is a leading marketer and manufacturer of the COLD-EEZE(R)
family of lozenges, gums and sugar free tablets clinically proven
to cut the common cold nearly in half. COLD-EEZE customers include
leading national wholesalers and distributors, as well as
independent and chain food, drug and mass merchandise stores and
pharmacies. The Quigley Corporation has several wholly owned
subsidiaries; Quigley Manufacturing Inc., which consists of two FDA
approved facilities to manufacture COLD-EEZE(R) lozenges as well as
fulfill other contract manufacturing opportunities, and Quigley
Pharma Inc. (http://www.quigleypharma.com/) which conducts research
in order to develop and commercialize a pipeline of patented
botanical and naturally derived potential prescription drugs.
Forward-Looking Statements Certain statements in this press release
are "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and involve known and
unknown risk, uncertainties and other factors that may cause the
Company's actual performance or achievements to be materially
different from the results, performance or achievements expressed
or implied by the forward-looking statement. Factors that impact
such forward-looking statements include, among others, changes in
worldwide general economic conditions, changes in interest rates,
government regulations, and worldwide competition. Important
Additional Information The Quigley Corporation ("Quigley" or the
"Company") filed a definitive proxy statement with the Securities
and Exchange Commission (the "SEC") on April 2, 2009 in connection
with the 2009 Annual Meeting of Stockholders and began the process
of mailing the definitive proxy statement and a WHITE proxy card to
stockholders. The Company's stockholders are strongly advised to
read Quigley's proxy statement as it contains important
information. Stockholders may obtain an additional copy of
Quigley's definitive proxy statement and any other documents filed
by the Company with the SEC for free at the SEC's website at
http://www.sec.gov/. Copies of the definitive proxy statement are
available for free at
http://www.amstock.com/ProxyServices/ViewMaterial.asp?CoNumber=07814.
In addition, copies of the Company's proxy materials may be
requested at no charge by contacting MacKenzie Partners, Inc. at
1-800-322-2885 or via email at . Detailed information regarding the
names, affiliations and interests of individuals who are
participants in the solicitation of proxies of Quigley's
stockholders is available in Quigley's definitive proxy statement
filed with SEC on April 2, 2009. CONTACT: Media Investor Relations
Karen Pineman Carl Hymans G.S. Schwartz & Co. G.S. Schwartz
& Co. 212.725.4500 212.725.4500 DATASOURCE: Quigley Corporation
CONTACT: Karen Pineman, , or investors, Carl Hymans, , both of G.S.
Schwartz & Co., +1-212-725-4500 Web Site:
http://www.quigleyco.com/
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