SCHEDULE 14A INFORMATION PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 Filed by Registrant [ ] Filed by a Party other than the Registrant [X] Check the appropriate box: [ ] Preliminary Proxy Statement [ ] Confidential, For Use of the Commission Only (as permitted by Rule 14a- 6(e)(2)) [ ] Definitive Proxy Statement [ X ] Definitive Additional Materials [ ] Soliciting Material Pursuant to Sec. 240.14a-11(c) or Sec. 240.14a-12 WARWICK VALLEY TELEPHONE COMPANY, INC. - ------------------------------------------- - ---------------- (Name of Registrant as Specified in its Charter) Lawrence J. Goldstein, Santa Monica Partners L.P., and SMP Asset Management, LLC, - ------------------------------------------- - ---------------- (Name of Person(s) Filing Proxy Statement, if Other Than the Registrant Payment of Filing Fee (Check the appropriate box): [X] No fee required. [ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11. 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(1) Amount Previously Paid: (2) Form, Schedule or Registration Statement No.: (3) Filing Party: (4) Date Filed: "2006 Our 25th Year" SANTA MONICA PARTNERS, L.P. 1865 Palmer Avenue Larchmont New York 10538 Tel. 914.833.0875 Fax 914.833.1068 www.smplp.com FOR IMMEDIATE RELEASE CONTACT: Rooney & Associates Communications Terry Rooney (212) 223-0689 trooney@rooneyco.com Chenoa Taitt (212) 223-0682 ctaitt@rooneyco.com SANTA MONICA PARTNERS WINS SHAREHOLDER INJUNCTION AGAINST MANAGEMENT OF WARWICK VALLEY TELEPHONE COMPANY Investment Firm Will Move Forward with Proxy Contest For Board Representation Larchmont, N.Y., April 27, 2006 -- Santa Monica Partners L.P., an investment firm established in 1982 and its principal, Lawrence J. Goldstein, today announced that a State Supreme Court of New York ruled in favor of their shareholder injunction to enjoin Warwick Valley Telephone Company (NASDAQ:WWVY) from misusing an Advance Notice By-law to attempt to prevent Santa Monica from nominating - - and Warwick shareholders from voting for - - candidates for two seats on the board of directors. Warwick?s board has a total of nine director seats. As a result of the ruling, Santa Monica?s nomination of the former President and CEO of Warwick Valley Telephone, Mr. M. Lynn Pike, and Mr. Peter Saulnier, the former Senior Vice President and CFO of Country Road Communications, for the vacant board seats will proceed, and Warwick shareholders will be able to vote in a true election. ?We?re extremely pleased that the Court ruled in favor of corporate democracy recognizing Warwick management?s actions as unreasonable, unfair and inequitable. This is a victory for all Warwick shareholders as now we?re empowered to play an active role in nominating and voting for independent Board members,? commented Lawrence J. Goldstein, Principal and Founder of Santa Monica Partners. ?With this in mind, I encourage Warwick?s shareholders to immediately vote ?FOR? our nominees as directed below: SHAREHOLDERS MUST OBTAIN THEIR ?OPPOSITION PROXY CONTROL NUMBER? BY CALLING THEIR BROKER WHO HOLDS THEIR WARWICK SHARES. THIS IS A 12 DIGIT NUMBER. SUBSEQUENTLY, CALL ADP AT 1-800-454-8683 AND FOLLOW THE PROMPTS TO VOTE ?FOR? M. LYNN PIKE AND MR. PETER SAULNIER AND ?FOR? PROPOSITION NUMBER 4. SANTA MONICA ALSO SUGGESTS VOTING: ?AGAINST? WARWICK?S NOMINEES IN ORDER TO SEND A MESSAGE TO THE BOARD THAT SHAREHOLDERS ARE NOT HAPPY WITH THEIR ACTIONS. WHEN CONTACTING ADP, SHAREHOLDERS MUST USE THEIR CONTROL NUMBER OBTAINED FROM THEIR BROKER OR THE CONTROL NUMBER WHICH APPEARS ON THE GREEN ADP BALLOT CARD. SHAREHOLDERS MAY ALSO VOTE AT ADP?S WEBSITE WWW.PROXYVOTE.COM It is to shareholder?s benefit to drive change at Warwick, whose management is reluctant to take on initiatives that support its shareholders.? Separately, a shareholder proposal, submitted by Santa Monica, calls for shareholders to vote for a substantial increase of Warwick?s annual dividend. Given Warwick?s considerable cash position, an increased annual dividend payment would not jeopardize the Company?s financial stability and would be beneficial to shareholders. Shareholders have only ONE more day in which to cast their vote by telephone to ADP. Votes for Board of Directors and the increased dividend will be counted at the Annual Meeting of Shareholders, April 28, 2006 at 2 PM in Goshen, NY. Mr. Goldstein, a champion of shareholder rights and shareholder value enhancement, has been campaigning for Warwick?s Board of Directors to take steps to enhance shareholder value. According to Mr. Goldstein, the cash generated from Warwick?s 7.5% passive investment in the Orange County Cellular Partnership (OCP) is being squandered at the expense of shareholders. Based on the extraordinary profitability and growth of the Orange County Cellular Partnership (a passive investment not managed by Warwick), there is ample excess cash being generated by the OCP to substantially increase the dividend. Santa Monica Partners L.P. Santa Monica Partners is an Investment Partnership based in Larchmont, New York with $93 million in assets under management and more than $166 million firm wide. Santa Monica Partners has a history of adopting a shareholder activist posture when company managements are perceived as failing to realize full value for shareholders. Santa Monica Partners is the beneficial owner of 114,689 shares of Warwick. Mr. Goldstein, as Santa Monica?s principal executive, is the beneficial owner of these shares, and is also the beneficial owner of an additional 16,200 Warwick shares. Santa Monica Partners and Mr. Goldstein own more shares of Warwick than Warwick?s 12 officers and directors collectively. Shareholders are advised to read the definitive proxy statement that Santa Monica has filed with the SEC (WWW.SEC.GOV) because it contains important information. Shareholders and other interested parties may obtain, free of charge, copies of Santa Monica?s definitive proxy statement and other related documents filed by the fund at the SEC?s website (http://www.sec.gov/).