CPY Cpi Corp. Common Stock

ST. LOUIS, July 8 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE:CPY) today announced that, based on a preliminary vote count, CPI stockholders voted to elect all six of the board's nominees -- James Abel, Paul Finkelstein, Michael Glazer, Michael Koeneke, David Meyer and Turner White -- at CPI's 2009 Annual Meeting of Stockholders held today. The preliminary vote count confirms that the nominees of Ramius Group, a dissident stockholder, were defeated by a clear margin. "On behalf of CPI's board and management team, we thank our stockholders for their strong endorsement of the Company's slate of directors," said David Meyer, Chairman of CPI. "We are confident that CPI has the right board and management team in place and is executing the right strategic plan to further enhance value for all of our stockholders. We are focused on continuing to enhance CPI's operational efficiency, customer service, and cash generation while developing new avenues for profitable growth." Prior to the closing of the polls at the Annual Meeting, all proxy cards received by the Company and Ramius were turned over to the independent inspector of elections, IVS Associates, Inc., for final tabulation and certification. Final results will be announced once the votes have been tabulated and certified, which CPI expects to occur within several weeks. About CPI Corp. CPI Corp. has been dedicated to helping families conveniently create cherished photography portrait keepsakes that capture a lifetime of memories for more than 60 years. CPI Corp. provides portrait photography services in approximately 3,000 locations, principally in Sears and Walmart stores. As the first in the category to convert to a fully digital format, CPI Corp. studios offer unique posing options, creative photography selections, a wide variety of sizes and an unparalleled assortment of enhancements to customize each portrait -- all for an affordable price. CPI Corp. is based in St. Louis and traded on the New York Stock Exchange (ticker: CPY). Forward-Looking Statements The statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties. The Company identifies forward-looking statements by using words such as "preliminary," "plan," "expect," "looking ahead," "anticipate," "estimate," "believe," "should," "intend" and other similar expressions. Management wishes to caution the reader that these forward-looking statements, such as the Company's outlook for portrait studios, net income, future cash requirements, cost savings, compliance with debt covenants, valuation allowances, reserves for charges and impairments and capital expenditures, are only predictions or expectations; actual events or results may differ materially as a result of risks facing the Company. Such risks include, but are not limited to: the Company's dependence on Sears and Walmart, the approval of the Company's business practices and operations by Sears and Walmart, the termination, breach, limitation or increase of the Company's expenses by Sears under the license agreements, or Wal-Mart under the lease and license agreements, customer demand for the Company's products and services, the economic recession and resulting decrease in consumer spending, compliance with the NYSE listing requirements, manufacturing interruptions, dependence on certain suppliers, competition, dependence on key personnel, fluctuations in operating results, a significant increase in piracy of the Company's photographs, widespread equipment failure, compliance with debt covenants, high level of indebtedness, implementation of marketing and operating strategies, outcome of litigation and other claims, impact of declines in global equity markets to pension plans and impact of foreign currency translation. The risks described above do not include events that the Company does not currently anticipate or that it currently deems immaterial, which may also affect its results of operations and financial condition. The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. DATASOURCE: CPI Corp. CONTACT: Matthew Sherman or Eric Brielmann, both of Joele Frank, Wilkinson Brimmer Katcher, +1-212-355-4449 Web Site: http://www.cpicorp.com/

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