Lloyd I. Miller III Announces Voting Intentions for Emerson Radio's Upcoming Annual Meeting
December 11 2007 - 9:35AM
PR Newswire (US)
NAPLES, Fla., Dec. 10 /PRNewswire/ -- Emerson Radio Corporation
(AMEX: MSN) has submitted a slate of directors to its stockholders
for election at the upcoming Annual Meeting of stockholders
scheduled for December 13, 2007. As a beneficial owner of more than
one million shares of Emerson's common stock, Lloyd I. Miller III
intends to withhold votes for all of the director nominees, other
than the two continuing members of the audit committee. Mr. Miller
also intends to abstain from the ratification of auditors. These
proposals are more fully described in Emerson's Proxy Statement for
the Annual Meeting. Specifically, Mr. Miller intends to vote
against Emerson's proposals for the following reasons: -- Mr.
Miller intends to withhold votes for the company-nominated
directors, other than the continuing members of the audit
committee, because he believes that Emerson failed to provide
adequate oversight of affiliated transactions with Emerson's
controlling stockholder. As a stockholder, Mr. Miller is concerned
about the recent resignation letter of one of Emerson's independent
directors, which was filed by Emerson on Form 8-K on October 31,
2007. The letter expressed the independent director's opposition to
related party transactions with Emerson's controlling stockholder.
-- Mr. Miller intends to abstain from the ratification of
appointment of Moore Stephens, P.C. as Emerson's independent
registered public accountants for the fiscal year ending March 31,
2008. Mr. Miller intends to abstain from ratification of the
auditors because of the continuing pattern of related party
transactions and weaknesses in internal controls at Emerson. Lloyd
Miller is seeking solely to inform Emerson stockholders of his
voting intentions and reasons for his opposition to the
company-nominated directors and the ratification of the appointment
of the auditors. He is not soliciting votes of other stockholders.
CONTACT: Lloyd I. Miller III, +1-239-262-8577 DATASOURCE: Lloyd I.
Miller III CONTACT: Lloyd I. Miller III, +1-239-262-8577
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