Lakeland Industries to Seymour Holtzman: Drop the proxy contest

By Lisa Kerner

Charlotte, N.C., April 16 - Lakeland Industries, Inc. asked veteran shareholder activist Seymour Holtzman to withdraw his letter of nomination and terminate his proxy contest against the company.

In January, Holtzman recommended the nomination of himself, Dennis R. Hernreich and Efrem Gerszberg as candidates for election to Lakeland's board of directors.

Holtzman is a director and chairman of the board of Casual Male Retail Group, Inc.

Hernreich is the executive vice president, chief operating officer, chief financial officer and treasurer of Casual Male Retail Group. Gerszberg has been the president of George Foreman Enterprises, Inc. since May of 2004.

"We are at a loss to understand how anyone, including Mr. Holtzman, could believe that initiating a disruptive proxy contest against Lakeland is in the best interest of ALL Lakeland stockholders," president and chief executive officer Christopher J. Ryan said in a Lakeland news release.

Ryan added that Holtzman is the one who stands to benefit from the "disruptive endeavor."

Lakeland will not be "bullied into acceding to the demands of one dissident shareholder seeking to further his own personal agenda," Ryan stated.

Holtzman has taken control of "past targets" Casual Male Retail Group and George Foreman Enterprises, according to Lakeland's release.

Ryan said Lakeland's board and management have a proven record of taking steps to enhance shareholder value. The steps include:

• A recently announced stock buyback program;

• Global expansion into emerging markets such as Brazil, China, Chile, Japan and India;

• The pursuit of strategic acquisitions that add low-cost manufacturing and provide entry into new markets;

• Broadening of Lakeland's protective apparel product portfolio;

• Sourcing lower-priced raw materials; and

• Continuing reductions in selling, general and administrative expenses.

Lakeland is a Ronkonkoma, N.Y.-based safety garment manufacturer.

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