57th Street General Acquisition Corp. Announces Results of 2011 Annual Meeting of Stockholders
October 28 2011 - 3:01PM
Business Wire
Crumbs Bake Shop, Inc. (formerly “57th Street General
Acquisition Corp.”) (the “Company”) (NASDAQ: CRMB), owner of Crumbs
Holdings LLC (“Crumbs”), a national neighborhood bakery and the
largest U.S.-based retailer of cupcakes, held its 2011 annual
meeting of stockholders on October 25, 2011 at the offices of
Provident State Bank, located at 312 Main Street in Preston,
Maryland. At yesterday’s meeting, the following items were
approved:
- Shareholders elected four directors to
the Board of Directors: Mark D. Klein, Frederick G. Kraegel,
Leonard A. Potter and Andrew J. Moger. Each will serve a one-year
term.
- Shareholders approved an amended and
restated certificate of incorporation, pursuant to which the
Company changed its name to “Crumbs Bake Shop, Inc.” from “57th
Street General Acquisition Corp.”
- Shareholders approved an amendment to
the certificate of designation of the Series A Voting Preferred
Stock to, among other things, specifically eliminate the ability of
the holders of the Series A Preferred Stock, as a class, to elect a
majority of the Board of Directors if such right exceeds the Series
A Holders’ aggregate commensurate ownership of the Company.
- Shareholders approved the Company’s
Equity Incentive Plan.
- Finally, shareholders ratified the
appointment of Rothstein Kass & Company, P.C. as the Company’s
independent registered public accounting firm for the fiscal year
ending December 31, 2011.
In addition, prior to the stockholder meeting holders of the
Company’s Series A Voting Preferred Stock reelected four Series A
directors to the Board of Directors: Messrs. Edwin H. Lewis, Jason
Bauer, Julian R. Geiger and Jeffrey D. Roseman. Each will serve a
one-year term.
Shares of the Company’s common stock will continue to trade on
the Nasdaq Stock Market under the symbol “CRMB.” The name change
will be effected on the Nasdaq system prior to the open of business
on Monday, October 31, 2011.
Jason Bauer, Co-Founder, CEO, and President of Crumbs Bake Shop,
Inc. stated, “On behalf of the entire board of directors and
management team, we thank our stockholders for their support and
share their confidence in the future of our Company. We intend to
continue developing our namesake brand and positioning ourselves as
a national neighborhood bakery specializing in gourmet cupcakes as
we pursue our goal of operating 200 stores by the end of 2014. We
are also pleased to be changing our corporate name to Crumbs Bake
Shop, Inc. which better reflects the nature of our business
operations and will allow us to further elevate our standing within
the investment community.”
Third Quarter 2011 Earnings Call
The Company will release third quarter 2011 financial results on
Thursday, November 10, 2011 after the market close. A conference
call will follow at 5:00 PM ET and will be webcast live from the
investor relations portion of the Company’s website at crumbs.com.
The conference call also can be accessed live over the phone by
dialing 888-490-2763 or for international callers by dialing
719-325-2339. A replay will be available one hour after the call
and can be accessed by dialing 877-870-5176 or 858-384-5517 for
international callers; the password is 8454427. The replay will be
available until November 30, 2011.
About Crumbs Bake Shop, Inc.
The first Crumbs bake shop opened its doors in March 2003 on the
Upper West Side of Manhattan by co-founders Mia & Jason Bauer.
The design of Crumbs Bake Shops is inspired by old-time
neighborhood bakeries, creating a warm and friendly environment
with wall-to-wall treats. Ranked the largest retailer of cupcakes
nationwide and one of Inc. Magazine’s 10 Breakout Companies of
2010, Crumbs currently has 43 locations, including 29 locations in
the New York Metro area, nine locations on the West Coast, three
locations in Washington, D.C., one location in Virginia and one
location in Chicago. The specialty of the house is cupcakes;
however, the menu also includes an irresistible blend of
comfort-oriented classics and elegant baked goods. There are more
than 60 varieties of cupcakes baked fresh daily with a new cupcake
of the week debuting each Monday.
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