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Keweenaw Land Association, Limited Directors Re-Elected, Shareholder Proposals Defeated

June 24, 2009

IRONWOOD, Mich., June 24 /PRNewswire-FirstCall/ — Keweenaw Land Association, Limited (Pink sheets: KEWL) today announced that Corporate Election Services, Inc. issued its certified report declaring the re-election of Keweenaw Directors David E. McDonald, Sr. and James P. Totten at the June 23, 2009 annual meeting of Keweenaw shareholders. The report also announced the defeat of three shareholder proposals submitted by dissident shareholder Ronald S. Gutstein. Shareholders representing 59% of the 645,506 outstanding shares of Keweenaw common stock cast their votes in favor of Mr. McDonald and Mr. Totten. Shareholders representing a majority of the Company’s shares voted against the shareholder proposals. The certified report recorded no votes for Mr. Gutstein and Mr. Scott Frisoli, who were opposing candidates for the Board seats, as they elected not to submit their proxies at the annual meeting.

Mr. David Ayer, Keweenaw’s Chairman of the Board and President, stated, “It is gratifying that after two consecutive contested Board elections, a significant majority of the Company’s shareholders continue to support the Board’s strategic plan to create value for all Keweenaw shareholders through long-term appreciation of the company’s timberland and mineral assets. I wish to thank our shareholders for their continuing confidence and support.”

Keweenaw Land Association, Limited, a Michigan corporation, owns and manages in excess of 161,000 acres of timberland and over 400,000 acres of mineral rights. For further information about Keweenaw or this article, contact Robert M. Davenport at (906) 932-3410.

SOURCE Keweenaw Land Association, Limited


Source: newswire



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