Keweenaw board seeks shareholder support ahead of June 23 meeting

By Lisa Kerner

Charlotte, N.C., June 8 - Keweenaw Land Association, Ltd.'s board of directors asked its shareholders to vote for the company's nominees, James P. Totten and David E. McDonald Sr., for election to the board at the annual meeting at 10 a.m. ET on June 23.

Shareholders were urged to reject dissident shareholders Ronald S. Gutstein and Scott Frisoli.

According to Keweenaw, the dissident nominees are not qualified and "lack executive level experience in an industrial company and industry-specific experience in timberlands and minerals management."

Neither Gutstein nor Frisoli has visited Keweenaw, toured its timberland holdings or had in-depth discussions with senior managers, according to Keweenaw.

While the dissidents propose developing a wind-generation project on Keweenaw lands, the company said none of its land surface ownership "lies in areas that experience the prevailing winds necessary for consistent wind-power generation."

Keweenaw is an Ironwood, Mich.-based natural resource company that engages in the ownership and management of mineral rights and timberlands.

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