PhoneTel Technologies, Inc. - 2000 Annual Meeting
CLEVELAND--(BUSINESS WIRE)--Aug. 1, 2000--PhoneTel Technologies, Inc. (OTCBB:PHTE - news) today reported that shareholders at its 2000 Annual Meeting held July 18, 2000, voted to re-elect the five members of PhoneTel's Board of Directors to new terms expiring at the 2001 Annual Meeting. The individuals re-elected are: Thomas M. Barnhart, II, John D. Chichester, Eugene I. Davis, Peter G. Graf and Kevin L.P. Schottlaender. Mr. Chichester is also President and Chief Executive Officer of PhoneTel; the other individuals are not employed by PhoneTel.
At the Annual Meeting, Mr. Donald Winton, a Chicago businessman and a record holder of 746 shares of PhoneTel common stock, was nominated by another shareholder from the floor for election as director. Of the six nominees for the five director positions, Mr. Winton received the fewest votes and was not elected.
PhoneTel has acted to correct an erroneous media report that there was an attempt at the Annual Meeting to replace Mr. Chichester as President and Chief Executive Officer. There was no such attempt made at the Annual Meeting. The publisher of the erroneous report printed a correction on July 28, 2000. Mr. Chichester has served in the capacities of President and Chief Executive Officer of PhoneTel since March 1999. As disclosed in PhoneTel's proxy statement to shareholders in connection with the Annual Meeting, Mr. Chichester recently entered into a new employment agreement with PhoneTel effective May 1, 2000. Mr. Chichester's employment by PhoneTel was approved by the Board of Directors. The Directors first took office as members of the Board in November 1999 in connection with PhoneTel's successful emergence from Chapter 11 reorganization proceedings.
PhoneTel had also requested shareholders to approve three proposals at the Annual Meeting, including an increase in the number of authorized shares of common stock from 15,000,000 to 45,000,000. This proposal passed. The other two proposals were to authorize a class of preferred stock and to increase the number of shares of common stock authorized to be issued under PhoneTel's 1999 Management Incentive Plan. Both of these proposals failed to gain shareholder approval. Final results of voting on all proposals considered at the Annual Meeting will be included in the filings of PhoneTel with the Securities and Exchange Commission.
PhoneTel Technologies, Inc. is a leading independent provider of pay telephones and related services with operations in 46 states and the District of Columbia. PhoneTel serves a wide array of customers operating in the shopping center, hospitality, health care, convenience store, university, service station, retail and restaurant businesses. |
