SCHEDULE 14A INFORMATION
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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 15, 2000
DAIRY MART MANAGEMENT NOW DESPERATE SAYS FORMER CEO
LATEST PLAN TO SELL THE COMPANY SHOWS THAT CURRENT TEAM HAS LOST SUPPORT OF
SHAREHOLDERS.
(Windsor, CT) Responding to Dairy Mart's recent announcement that it will
pursue the sale of the company, less than a week after it said that it would
vigorously oppose such a plan, former company CEO Frank Colaccino referred to
the announcement as "the last desperate act of a failed management team who
will say anything to maintain their privileged position of power."
"I've talked to many shareholders," said Colaccino, "and to me this an
admission by current management that they have lost the support of
shareholders. Less than a week ago, they said they would vigorously oppose
the sale of the company - what changed?"
"Shareholders must ask themselves - is a desperate management team with a
history of rewarding themselves at the expense of shareholders capable of
managing our one last opportunity to realize value from this investment,"
added Colaccino.
In a letter dated May 15th (attached to this release), Colaccino renewed his
call for shareholders to replace the current board of directors at a
court-ordered meeting scheduled for May 25th. Colaccino heads the Committee
of Concerned Dairy Mart Shareholders, who own more than five percent of the
company and who announced a proxy contest on April 19th.
The latest Dairy Mart action comes less than a week after Colaccino reminded
the incumbent board that "they have a fiduciary duty to act in the best
interests of the company and its stockholders" and that they "should take no
action which would be outside of the ordinary course of business until after
the proxy contest or which would otherwise jeopardize the interests of the
stockholders."
-- MORE --
360 Bloomfield Avenue . Suite #208 . Windsor, CT 06095 . phone: 860-688-3667 .
fax: 860-688-2343
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"Shareholders can prevent current management from 'looting the palace at the
end of their reign' by voting them out on May 25th before they can do any
more damage to the value of Dairy Mart," said Colaccino.
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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