SOURCE: Lakeland Industries, Inc.
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March 19, 2008 16:01 ET
Lakeland Industries Comments on Notice Received From Seymour Holtzman
RONKONKOMA, NY--(Marketwire - March 19, 2008) - Lakeland Industries, Inc. (NASDAQ: LAKE),
a leading manufacturer of industrial protective clothing for industry,
municipalities, healthcare and to first responders on the federal, state
and local levels, today confirmed that it has received notice that an
entity controlled by Seymour Holtzman intends to nominate two individuals,
including Mr. Holtzman, for election to Lakeland's Board of Directors at
the Company's 2008 Annual Meeting of Stockholders. The notice contained
no additional information regarding Mr. Holtzman's plans or intentions.
The Company is continuing to review the notice. In response to Mr.
Holtzman's notice, Lakeland issued the following statement:
"Lakeland's Board of Directors and management team are committed to acting
in the best interests of the Company and ALL stockholders. We have had
extensive conversations with Seymour Holtzman and his associates and are
prepared to have continuing conversations with them as long as they are
constructive. However, the Board of Directors will not be bullied or
distracted from its focus on acting in the best interests of ALL Lakeland
stockholders by the threat of a proxy contest from one dissident
stockholder. The Lakeland Board of Directors is independent and
open-minded and, given that the Board and management beneficially own, in
the aggregate, close to 20% of the Company's issued and outstanding shares,
our interests are closely aligned with those of ALL Lakeland
stockholders. Our Board, which is comprised of seven directors, five of
whom are independent, is actively engaged in the strategy and governance of
the Company and is committed to building value for ALL stockholders."
ADDITIONAL INFORMATION
Lakeland Industries, Inc. and its directors and executive officers may be
deemed to be participants in the solicitation of proxies from stockholders
in connection with the Company's 2008 Annual Meeting of Stockholders. The
Company plans to file a proxy statement with the Securities and Exchange
Commission ("SEC") in connection with the solicitation of proxies for the
Annual Meeting. Information concerning persons who may be considered
participants in the solicitation of the Company's stockholders under the
rules of the SEC is set forth in public filings filed by the Company with
the SEC, including its proxy statement relating to its 2007 Annual Meeting
of Stockholders, and will be set forth in its proxy statement relating to
its 2008 Annual Meeting of Stockholders. These documents may be (currently
or when filed with the SEC) obtained free of charge at the SEC's website at
http://www.sec.gov and the Company's website at
http://www.lakeland.com.
About Lakeland Industries, Inc.:
Lakeland Industries, Inc. (NASDAQ: LAKE) manufactures and sells a
comprehensive line of safety garments and accessories for the industrial
protective clothing market. The Company's products are sold by a direct
sales force and through independent sales representatives to a network of
over 1000 safety and mill supply distributors. These distributors in turn
supply end user industrial customers such as chemical/petrochemical,
automobile, steel, glass, construction, smelting, janitorial,
pharmaceutical and high technology electronics manufacturers, as well as
hospitals and laboratories. In addition, Lakeland supplies federal, state,
and local government agencies, fire and police departments, airport crash
rescue units, the Department of Defense, the Centers for Disease Control
and Prevention, and many other federal and state agencies. For more
information concerning Lakeland, please visit the Company online at
www.lakeland.com.