SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14 (a) of the Securities Exchange Act
of 1934
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[x] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
Dairy Mart Convenience Stores, Inc.
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(Name of Registrant as Specified in Its Charter)
Committee of Concerned Dairy Mart Shareholders
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant
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THE COMMITTEE OF CONCERNED
DAIRY MART SHAREHOLDERS
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FOR IMMEDIATE RELEASE
MAY 8, 2000
FORMER DAIRY MART CEO URGES SHAREHOLDERS TO OUST BOARD OF
DIRECTORS
LETTER URGES ACTION AT COURT-ORDERED MAY 25TH SHAREHOLDERS MEETING
(WINDSOR, CT) -- Former Dairy Mart CEO Frank Colaccino today urged shareholders
to replace the current board of directors at a court-ordered meeting May 25.
In a letter dated May 5th, Colaccino communicated directly with shareholders
as head of the Committee of Concerned Dairy Mart Shareholders, which controls
more than five percent of Dairy Mart's stock (AMEX: DMC).
The letter detailed a six-year downward spiral by Dairy Mart that has resulted
in the lowest stock price in the company's history, cumulative losses exceeding
$34,000,000 and a debt-to-equity ratio of 17:1.
Additionally, the Committee's letter also cites examples of current management
consistently awarding itself generous compensation packages "with the consent
of the Board," in stark contrast to the steadily diminishing value of the
company's stock.
"It's the shareholder's turn to receive value," said Colaccino.
-- More --
360 Bloomfield Avenue . Suite #208 . Windsor, CT 06095 . phone: 860-688-3667 .
fax: 860-688-2343
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"We believe Dairy Mart has been so badly damaged by six years of fiscal
mismanagement, that the best, and possibly the only way to realize shareholder
value is to sell the company," Colaccino added.
In a separate communication delivered today, Colaccino reminded the incumbent
board that they "have a fiduciary duty to act in the best interests of the
Company and its stockholders." Colaccino's letter to directors goes on to say,
"Consistent with this legal obligation, I am specifically requesting that,
pending resolution of the Proxy Contest, you take no action which would be
outside of the ordinary course of business or which would otherwise
jeopardize the interests of the stockholders of the Company or the ability
of the New Board, if elected, to manage the Company effectively and for the
benefit of its stockholders."
Contacts: Frank Colaccino
Committee of Concerned Dairy Mart Shareholders
(860) 688-3667 x-11
Gene Sheehan
Sullivan & LeShane Public Relations, Inc.
(860) 560-0001
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