CPI Corp. Advises Stockholders to Vote the White Proxy Card Today
03 July 2009 - 4:07AM
PR Newswire (US)
Urges Stockholders Not to Vote Ramius's Gold Proxy Card ST. LOUIS,
July 2 /PRNewswire-FirstCall/ -- CPI Corp. (NYSE:CPY) today
announced that it has mailed a letter to stockholders in connection
with the Company's 2009 Annual Meeting of Stockholders to be held
on July 8, 2009. With CPI's 2009 Annual Meeting only days away, CPI
urges stockholders to vote by telephone or Internet today according
to the instructions on the WHITE proxy card. CPI stockholders
should vote by telephone or Internet to ensure that their votes
will be counted at the July 8th Annual Meeting. CPI urges
stockholders not to vote Ramius's gold proxy card. Even if
stockholders have already voted Ramius's gold proxy card, they
still have time to change their vote by voting on a WHITE proxy
card following the telephone and internet instructions provided, as
only the latest dated proxy card counts. Below is the text of the
letter that was sent from David Meyer, CPI's Chairman: Dear Fellow
Stockholder: The CPI Annual Meeting to elect directors will be held
next week. It is important that stockholders vote the WHITE proxy
card today for your Board's nominees - James Abel, Paul
Finkelstein, Michael Glazer, Michael Koeneke, David Meyer, and
Turner White. Please cast your vote today by phone or the internet
following the instructions on the enclosed voting instruction form.
The following are important factors to keep in mind in deciding to
vote the WHITE proxy card for your Board's nominees: -- The two
largest unaffiliated stockholders and other significant
stockholders have pledged to vote their shares for CPI's director
nominees. -- Three proxy advisory firms, Glass Lewis, Egan-Jones
and PROXY Governance, have recommended stockholders not support the
dissident slate of nominees. -- The CPI Board has a proven record
of success turning around the Company and has established a clear
path for growth in stockholder value. Support the CPI Board's
director nominees by voting the WHITE proxy card today. If you have
any questions, please contact MacKenzie Partners, Inc., which is
assisting us in connection with this year's Annual Meeting, at
(800) 322-2885. On behalf of CPI's Board of Directors, thank you
for your continued support and interest in CPI. CPI'S BOARD
NOMINEES ARE THE RIGHT CHOICE VOTE FOR YOUR BOARD'S NOMINEES ON THE
WHITE PROXY CARD TODAY Sincerely, /s/ David Meyer Chairman of the
Board Important Information CPI Corp. has filed a definitive Proxy
Statement with the Securities and Exchange Commission ("SEC") and
has furnished to its stockholders a Proxy Statement in connection
with the solicitation of proxies for the 2009 Annual Meeting of
stockholders. The Company advises its stockholders to read the
Proxy Statement relating to the 2009 Annual Meeting because it
contains important information. Stockholders may obtain a free copy
of the Proxy Statement and other documents that CPI files with the
SEC at the SEC's website at http://www.sec.gov/. The Proxy
Statement and these other documents may also be obtained for free
from CPI by directing a request to CPI Corp., 1706 Washington
Avenue, St. Louis, Missouri 63103-1717, Attn: Corporate Secretary,
calling (314) 231-1575, or by contacting MacKenzie Partners, Inc.,
by toll-free telephone at 800-322-2885 or by e-mail at . Certain
Information Concerning Participants CPI Corp. and its directors and
executive officers (other than Peter Feld) may be deemed to be
participants in the solicitation of proxies from stockholders in
connection with the Company's 2009 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 by the Company with the SEC,
including the proxy statement relating to the 2009 Annual Meeting
of stockholders. Forward-Looking Statements The statements
contained herein that are not historical facts are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995, and involve risks and uncertainties. The
Company identifies forward-looking statements by using words such
as "preliminary," "plan," "expect," "looking ahead," "anticipate,"
"estimate," "believe," "should," "intend" and other similar
expressions. Management wishes to caution the reader that these
forward-looking statements, such as the Company's outlook for
portrait studios, net income, future cash requirements, cost
savings, compliance with debt covenants, valuation allowances,
reserves for charges and impairments and capital expenditures, are
only predictions or expectations; actual events or results may
differ materially as a result of risks facing the Company. Such
risks include, but are not limited to: the Company's dependence on
Sears and Walmart, the approval of the Company's business practices
and operations by Sears and Walmart, the termination, breach,
limitation or increase of the Company's expenses by Sears under the
license agreements, or Wal-Mart under the lease and license
agreements, customer demand for the Company's products and
services, the economic recession and resulting decrease in consumer
spending, compliance with the NYSE listing requirements,
manufacturing interruptions, dependence on certain suppliers,
competition, dependence on key personnel, fluctuations in operating
results, a significant increase in piracy of the Company's
photographs, widespread equipment failure, compliance with debt
covenants, high level of indebtedness, implementation of marketing
and operating strategies, outcome of litigation and other claims,
impact of declines in global equity markets to pension plans and
impact of foreign currency translation. The risks described above
do not include events that the Company does not currently
anticipate or that it currently deems immaterial, which may also
affect its results of operations and financial condition. The
Company undertakes no obligation to update or revise publicly any
forward-looking statements, whether as a result of new information,
future events or otherwise. About CPI Corp. CPI Corp. has been
dedicated to helping families conveniently create cherished
photography portrait keepsakes that capture a lifetime of memories
for more than 60 years. CPI Corp. provides portrait photography
services in approximately 3,000 locations, principally in Sears and
Walmart stores. As the first in the category to convert to a fully
digital format, CPI Corp. studios offer unique posing options,
creative photography selections, a wide variety of sizes and an
unparalleled assortment of enhancements to customize each portrait
- all for an affordable price. CPI Corp. is based in St. Louis and
traded on the New York Stock Exchange (ticker: CPY). DATASOURCE:
CPI Corp. CONTACT: Matthew Sherman or Eric Brielmann, both of Joele
Frank Wilkinson Brimmer Katcher, +1-212-355-4449
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