Concerned Shareholders of New Millennium Iron Corp.

March 10, 2016 17:15 ET

Concerned Shareholders Thank New Millennium Shareholders for Overwhelming Support for Much Needed Board Change

- Concerned Shareholders believe they will be successful; management's only possible chance of success is if Tata Steel supports them

TORONTO, ONTARIO--(Marketwired - March 10, 2016) - Susan Milton and Greg Chorny, the Concerned Shareholders of New Millennium Iron Corp. ("NML" or the "Company"), wish to thank shareholders for the overwhelming support they have received to date. With the little time that was allotted to the Concerned Shareholders to communicate, given the fact that management intentionally set the record date and meeting date in a manner to limit time for shareholders to vote, it is clear that minority shareholders are strongly supportive of much needed changes to the board. In fact, the Concerned Shareholders have received support from shareholders whose holdings represent more than the number of shares held by Tata Steel.

However, there is a possibility that the will of the minority shareholders could be defeated if Tata Steel supports management. We have had numerous conversations with representatives of Tata over the past few months and we are unclear as to what Tata will do at the meeting. Tata has three choices: (i) support our slate, (ii) abstain from voting for the 6 unelected non-Tata directors as they did at the 2015 AGM, or (iii) support management. Only by voting for management's slate could the will of the shareholders of NML be defeated. We would hope that since Tata has already written off its entire investment in NML, it would allow those with an economic interest in NML to decide the future of NML.

We are asking all shareholders who received their proxies late and could not vote on a timely basis to continue to vote. It is important that management and Tata fully appreciate and understand the level of discontent and the strong desire for change.

We would also note that we followed a standard practice of having our counsel deliver a letter to counsel to NML regarding a protocol for the meeting to ensure a fair and orderly meeting. NML responded by refusing to allow us to inspect proxies or raise technical issues with respect to proxies prior to or at the meeting. We are obviously concerned with the adoption of such an unfair and arbitrary practice by NML and the Chair of the meeting. Hopefully this is not an indication that management will seek to act in an unfair and capricious manner at the meeting.

We have heard from many shareholders who have informed us that they will attend the meeting. We would encourage all shareholders to attend the meeting and stand up for change. The meeting will be held at 10:00 a.m. (Eastern time) on Tuesday, March 15, 2016, at St. Andrew's Club & Conference Centre, Main Dining Room at 150 King Street West - 27th Floor, Toronto, Ontario. We hope to see you there.

Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking information" as such term is defined in applicable Canadian securities legislation. The words "may", "would", "could", "should", "potential", "will", "seek", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions as they relate to the Concerned Shareholders, the intentions of the Concerned Shareholders, and the success of the Concerned Shareholders, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Concerned Shareholders' current views and intentions with respect to future events, and current information available to the Concerned Shareholders, and are subject to certain risks, uncertainties and assumptions. Material factors or assumptions that were applied in providing forward-looking information, include, but are not limited to, the voting tallies in connection with blue proxies and the historic voting pattern of NML shareholders, NML's future growth potential, its cash position, the future performance and business prospects and opportunities of NML and the current general regulatory environment and economic conditions. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Should any factor affect NML in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Concerned Shareholders do not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release are made as of the date of this press release and the Concerned Shareholders undertake no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.

Contact Information

  • D.F. King Canada
    North American Toll Free Phone:1-800-240-0617
    Banks, Brokers and collect calls: 201-806-7301
    Toll Free Facsimile: 1-888-509-5907

    The Concerned Shareholders
    Susan Milton