DMI Furniture, Inc.
101 Bullitt Lane
Louisville, Kentucky 40222
Press Release
For further information:
AT THE COMPANY
Joseph G. Hill
Vice-President-Finance
502-426-4351 Ext. 227
E-mail: [email protected]
FOR IMMEDIATE RELEASE
August 22, 2000
DMI Furniture, Inc. Adopts By-Laws Amendment
Louisville, Kentucky - August 22, 2000 -- DMI Furniture,
Inc., (NASDAQ: DMIF) today announced that its board of directors
has approved an amendment to its by-laws. The amendment adds new
by-law sections establishing procedures for the introduction of
business at stockholder meetings, and the nomination of
directors. The new provisions require stockholders to deliver
written notice of proposed business and director nominations to
the Company not less than 60 and not more than 90 days before
stockholder meetings.
The Board has also set the date for the next annual meeting
of DMI's stockholders for December 15, 2000 at 10:00 AM at The
Brown Hotel in Louisville. The record date for stockholders to
vote on matters brought before the meeting was set for November
1, 2000.
At the December annual meeting, DMI stockholders will elect
six directors for a one-year term. The Board has nominated five
of its current directors for reelection. Mr. Joseph L. Ponce, a
director of DMI since 1977, will be retiring at the December
meeting in accordance with the Company's mandatory director
retirement policy. In recent conversations with the Company,
Daniel H. Abramowitz of Hillson Partners Limited Partnership
indicated that he plans to seek election to the sixth board
position. In a recent filing with the Securities and Exchange
Commission, Hillson Partners Limited Partnership stated that as
of June 30, 2000, it beneficially owned 405,000 shares
representing 9.81% of DMI's outstanding common stock.
DMI Furniture, Inc. is a Louisville, Kentucky based
vertically integrated manufacturer, importer, and marketer of
residential and commercial office furniture with five
manufacturing plants in Indiana and manufacturing sources in
Asia, Malaysia, and Mexico. DMI's divisions are DMI Office
Furniture, DMI Desk Company, Dolly Madison Furniture, WYNWOOD
Furniture Company, and Homestyles.
FORWARD-LOOKING STATEMENTS: This news release contains forward-
looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934. Such statements are dependent on
a number of factors that could cause actual results to differ
materially from those expressed or implied in the forward-looking
statements. Such factors include anticipated sales,
profitability, cash flow levels, and purchases by major
customers, in addition to those factors set forth in the
company's required filings with the U.S. Securities and Exchange
Commission.
