SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 14A--INFORMATION REQUIRED
IN A PROXY STATEMENT
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SCHEDULE 14A INFORMATION
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of the Securities Exchange Act of 1934
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Dairy Mart Convenience Stores, Inc.
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(Name of Registrant as Specified in Its Charter)
Committee of Concerned Dairy Mart Shareholders
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(Name of Person(s) Filing Proxy Statement, if other than the Registrant
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THE COMMITTEE OF CONCERNED
DAIRY MART SHAREHOLDERS
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FOR IMMEDIATE RELEASE
APRIL 19, 2000
DISSATISFIED DAIRY MART SHAREHOLDERS ORGANIZE TO REPLACE BOARD
FORMER CEO LEADS EFFORT TO REPLACE FAILED LEADERSHIP, INCREASE SHAREHOLDER VALUE
(WINDSOR, CT) - Citing several consecutive years of losses totaling over $30
million, the Committee of Concerned Dairy Mart Shareholders today announced it
will seek to replace the incumbent board of directors of Dairy Mart Convenience
Stores (AMEX: DMC) at the company's upcoming annual meeting on May 25, 2000. Led
by former Dairy Mart President and Chief Executive Officer Frank Colaccino, the
Committee has filed preliminary proxy materials with the Securities and Exchange
Commission.
Colaccino pointed to dismal performance over the five-year history of current
management as clear evidence that the Dairy Mart board has not adequately served
the interests of the Company's shareholders. Most recently, the Company
announced its expectation of a net loss for the year and substantially reduced
operating results for first quarter fiscal year 2001. "The Company has posted
five losing years over the past six and seems to be well on its way to another
disappointing performance," said Colaccino.
The Committee further stated in its preliminary proxy materials that, if
elected, its director nominees would take immediate steps to increase
stockholder value, including the exploration of a possible sale of Dairy Mart.
-- More --
Colaccino was in charge of Dairy Mart as President and/or CEO from 1988 to 1994.
During that time he transitioned the company from an acquisition mode to a focus
on operational performance and achieved record sales and profits for the
company. Colaccino severed his relationship with Dairy Mart in 1994 as a result
of a dispute over future direction and control of the company. He is currently
the President and CEO of The Colvest Group, LTD., an investment firm based in
Connecticut.
The persons issuing this press release (the "Participants") have filed a
preliminary proxy statement with the Securities and Exchange Commission in
connection with a proposed solicitation of proxies with respect to Dairy Mart.
The Participants advise all Dairy Mart shareholders to read the Committee's
preliminary proxy statement because it contains important information, including
the identities of the Participants and a description of their interests. The
preliminary proxy statement is available at no charge on the SEC's website at
http://www.sec.gov.
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The Participants are not currently soliciting proxies from Dairy Mart
shareholders. Upon completion of the SEC-required waiting period, the
Participants will send their definitive proxy materials to all Dairy Mart
shareholders for their information in determining how they will vote their
shares. The definitive proxy materials will also be available on the SEC
website, or from the Committee.
Contacts: Frank Colaccino
Committee of Concerned Dairy Mart Shareholders
(860) 688-3667 x-11
Gene Sheehan
Sullivan & LeShane Public Relations, Inc.
(860) 560-0001
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