NEWS....
Court Rejects Demands of Dissident Shareholders; Removes a Cloud Over Company's
Future
BusinessWire, Friday, May 29, 1998 at 08:19
DENVER--(BUSINESS WIRE)--May 29, 1998--On May 15, 1998, a
Colorado District Court Judge rejected the demands of a small group of
dissident shareholders of Travis Industries, Inc. who had demanded
that the Court force the company to hold a shareholders meeting within
30 days, to limit the rights of present shareholders to participate in
such meeting by ordering a record date of March 30, 1998 and otherwise
to limit the ability of management to operate the company.
At a hearing on the matter held on May 15, 1998, Travis'
management made clear their plans to call an annual meeting of
shareholders in September after the company had set an agenda, given
its shareholders proper notice of the meeting and had sufficient time
to prepare and deliver audited financial statements, proxy statements
and an annual report to its shareholders, so shareholders could have
meaningful participation in the meeting. The District Court agreed
with Travis' management that the Court did not have the authority to
grant the dissident shareholders' demand for an immediate meeting and
to back-date the record date, and the Court rejected the dissident
shareholders' other demands. The District Court ordered that the
annual meeting of shareholders be held on September 1, 1998 with a
record date of July 1, 1998. Pursuant to the Court's order, notice of
the meeting will be accompanied by an annual report and proxy
statements which comply with Federal Securities Laws.
Thomas P. Raabe, Travis' newly appointed Chairman and Chief
Executive Officer said he felt that the Court's decision vindicating
management "removed a significant impediment to implementing the
Company's plans to make its current operations profitable and pursue
various opportunities to grow the Company and enhance shareholder
value. New management is excited to confront the challenges facing the
Company as well as to capitalize on the opportunities we have been
presented."
CONTACT: Travis Industries, Inc.
Thomas P. Raabe, CEO, c/o Rhonda Medina
Shareholder Relations No., 303/777-5936
KEYWORD: COLORADO
INDUSTRY KEYWORD: BANKING
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