Summer Infant Board of Directors Proposes to Phase-Out Classification of Board
Proposal Will Be Voted on by Stockholders at June 2013 Annual Meeting
WOONSOCKET, RI -- (Marketwired) -- 04/19/13 -- Summer Infant, Inc.
(NASDAQ: SUMR), a global leader in premium juvenile products, today
announced that its board of directors has voted to include in the
Company's proxy statement for its 2013 annual meeting of stockholders
a proposal to amend the Company's certificate of incorporation to
eliminate by 2016 the Company's classified board structure and to
instead provide for the election of the Company's directors on an
"Summer Infant is dedicated to enhancing shareholder value and
maintaining strong corporate governance practices," said Chairman of
the Board Dan Almagor. "The Board considered best practices in good
corporate governance and received investor input in determining that
the phase out of the classified board structure is appropriate and in
the best interests of our stockholders."
Under the current classified board structure, the Company's Board of
Directors is divided into three classes, with each class serving
staggered three-year terms. If the Board's proposal is approved by
the Company's stockholders at the 2013 annual meeting,
declassification of the Board would be implemented over a three-year
period, beginning at the 2014 annual meeting, such that at the 2016
annual meeting, and at all subsequent annual meetings, the Company's
entire Board of Directors would be elected to serve a one-year term.
The full text of the proposal is included in the Company's
preliminary proxy statement filed today with the Securities and
Exchange Commission in connection with the 2013 annual meeting of
stockholders to be held on June 12, 2013.
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the
Company is a designer, marketer and distributor of branded durable
juvenile health, safety and wellness products (for ages 0-3 years),
which are sold principally to large U.S. retailers. The Company
currently sells proprietary products in a number of different
categories, including nursery audio/video monitors, safety gates,
durable bath products, bed rails, nursery products, booster and potty
seats, swaddling blankets, bouncers, travel accessories, highchairs,
swings, nursery furniture, infant feeding products, and car seats.
For more information about the Company, visit the website:
Sharon Merrill Associates, Inc.
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