Nocopi Technologies Stockholder Group Condemns Management's Postponement of Annual Meeting
Friday December 3, 7:24 pm Eastern Time
Company Press Release
SOURCE: Nocopi Committee to Maximize Our Return on Equity
PHILADELPHIA, Dec. 3 /PRNewswire/ -- The Nocopi Committee to Maximize Our Return on Equity (NoMore), a committee of stockholders of Nocopi Technologies, Inc. (OTC Bulletin Board: NNUP - news) organized to replace that Company's board of directors, issued a stinging rebuke to Nocopi's management for unilaterally postponing the Company's annual meeting of stockholders. The annual meeting, which was previously scheduled for Monday, December 6, 1999, has been rescheduled to occur on December 15, 1999.
In postponing the meeting, Nocopi Chairman Jack Halperin stated in a press release that the action was taken because, as of December 2, 1999, Nocopi's stockholders had submitted ``proxies for less than ten percent of the outstanding shares, far less than a quorum.' Halperin's statement was false when that press release was issued. Before Halperin's statement was issued, a NoMore representative had informed Nocopi's lawyers that substantially more than the ten percent of outstanding shares referenced in its release had already been submitted for voting. In fact, by 5:00 p.m. on December 2, according to information provided by ADP, a data processing company which collects and accumulates the votes of beneficial owners whose shares are held in brokerage accounts, proxies for shares in excess of those constituting a quorum had been submitted to it and, of those shares a substantial majority supported NoMore's nominees for election as directors over those of current management.
When it postponed the meeting, the Company's management must have known that it was losing its battle for control of Nocopi. At its worst, the postponement may be an attempt to thwart the expressed will of Nocopi's stockholders; at best, it may represent a forlorn effort to delay the inevitable. In any event, this postponement thoughtlessly inconveniences the many Nocopi stockholders who have already made travel arrangements and planned their schedules around a December 6 meeting date.
NoMore urges Nocopi's stockholders to support its nominees by returning the BLUE proxy card. Send a message to Jack Halperin that further self-serving actions will not be tolerated.
SOURCE: Nocopi Committee to Maximize Our Return on Equity |
