Shareholder seeks seat on board of Maine & Maritimes

By Lisa Kerner

Charlotte, N.C., April 11 - Maine & Maritimes Corp. investor Richard M. Osborne asked that the company's corporate governance committee consider adding him to the board of directors.

Osborne made the request in an April 7 letter to committee chairperson Deborah L. Gallant. The letter was included in a schedule 13D filed with the Securities and Exchange Commission.

According to Osborne, he made his request at the urging of director Richard G. Daigle.

Osborne, with a 6.6% stake in the company, cited his "extensive experience in the utility industry," and he believes he could "make a significant contribution" to Maine & Maritimes' board.

The filing stated that Osborne is the president and chief executive officer of OsAir, Inc., a company he founded in 1963. OsAir operates as a property developer and manufacturer of industrial gases for pipeline delivery. Osborne is also chairman of the board, CEO and a director of John D. Oil and Gas Co., a publicly held oil and gas exploration company in Mentor, Ohio.

Maine & Maritimes is a Presque Isle, Maine-based provider of electric transmission and distribution services in northern Maine.

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