Mac-Gray Corporation Announces Preliminary Annual Meeting Results; Company’s Slate of Directors Re-Elected by Wide Margin
WALTHAM, Mass., May 20, 2011 /PRNewswire/ — Mac-Gray Corporation (NYSE: TUC), the nation’s premier provider of laundry facilities management services to multi-unit housing locations, today announced the preliminary results of its 2011 Annual Meeting of Stockholders, which was held on Wednesday, May 18, 2011. Based on a preliminary count of vote results by the independent inspector of elections, IVS Associates, stockholders re-elected all three of the Company’s incumbent directors — Chairman Thomas Bullock and Directors William Meagher, Jr. and Alastair Robertson.
Also based on the preliminary results, stockholders approved an amendment to the 2009 Mac-Gray Corporation Stock Option and Incentive Plan and ratified the selection of PricewaterhouseCoopers LLP as the Company’s independent registered accounting firm. Through two non-binding resolutions, shareholders approved the Company’s overall compensation plan and recommended that the frequency of future compensation advisory votes be held on an annual basis. Shareholders also passed a non-binding recommendation to declassify the Company’s Board of Directors.
“We believe that the current Board, consisting of eight independent members, has the right mix of talent and experience, and we are pleased that shareholders agreed in re-electing this year’s nominees,” said Thomas E. Bullock, Mac-Gray’s Chairman of the Board. “We are grateful to our shareholders for the time and energy they afforded us during the proxy process. We have always enjoyed maintaining an ongoing dialogue with our shareholders. Our Board firmly believes in good corporate governance and will continue to review its policies with the goal of implementing practices that are the most appropriate for Mac-Gray.”
The preliminary vote count is subject to the official certification of vote results, which is expected to be provided by IVS Associates early next week.
About Mac-Gray Corporation
Founded in 1927, Mac-Gray derives its revenue principally through the contracting of debit-card- and coin-operated laundry facilities in multi-unit housing facilities such as apartment buildings, college and university residence halls, condominiums and public housing complexes. Mac-Gray manages approximately 86,000 laundry rooms located in 43 states and the District of Columbia. Mac-Gray also sells and services commercial laundry equipment to retail laundromats and other customers through its product sales division. To learn more about Mac-Gray, visit the Company’s website at www.macgray.com.
Michael J. Shea
Chief Financial Officer
Executive Vice President
Sharon Merrill Associates, Inc.
SOURCE Mac-Gray Corporation