Lancer (AMEX:LAN)
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Lancer Announces Results of Annual Meeting of Shareholders
SAN ANTONIO, Aug. 26 /PRNewswire-FirstCall/ -- Lancer Corporation (AMEX:LAN)
announced results of its Annual Meeting of Shareholders held on Tuesday, August
24 in San Antonio, Texas. New nominees Brian C. Flynn, Jr., James F. Gallivan,
Jr., and Harold R. "Hank" Schmitz were elected to the Lancer Board, while
Walter J. Biegler and Jean M. Braley retired from the Board. The Lancer Board
now consists of eight members. Following the shareholder meeting, the Board
elected Mr. Schmitz to be Board Chair. Additionally, the Board created a new
committee of the Board of Directors to be known as the Shareholder Value
Improvement Committee.
Mr. Flynn, 42, has been a Managing Director of Columbia Equity Partners, a
private equity and consulting firm in Seattle, Washington, since 1997. From
1991 to 1997, Mr. Flynn was a Managing Director at Bachow & Associates, a
Philadelphia, Pennsylvania private equity fund. From 1987 to 1991, he was a
strategy and turnaround consultant at Bain & Company.
Mr. Gallivan, 46, is Managing Director of Investment Security Services LLLP, an
investment management partnership that manages Bedrock Management, L.P. and
related entities. Mr. Gallivan has been managing Bedrock Management, L.P. or
its predecessor since 1991. Prior to 1991, Mr. Gallivan was involved with
public and private market securities with the firms of Weber Hall Sale and
Associates, and Rauscher Pierce Refsnes, Inc.
Mr. Schmitz, 57, has been a private investor since 1999. From 1991 to 1999,
Mr. Schmitz was Chief Executive Officer of Victory Refrigeration, LLC, a
manufacturer of commercial refrigeration for the foodservice industry. From
1983 to 1991, he was Chief Executive Officer of Selmix-Alco, a manufacturer of
beverage dispensing systems. Prior to 1983, Mr. Schmitz held various positions
with Pepsi Cola and The Coca-Cola Company.
Lancer Corporation is a leading innovator, manufacturer and marketer of
beverage dispensing systems serving customers worldwide. Headquartered in San
Antonio, Texas, Lancer also maintains facilities in Mexico, Australia, Belgium,
New Zealand and the United Kingdom. Lancer is a vertically integrated
manufacturer with 2003 sales of $113 million, and employing approximately 1,200
people. Lancer designs and manufacturers a complete range of fountain soft
drink dispensers, frozen beverage dispensers, dispensing valves, beer
dispensing equipment, and an extensive line of beverage dispensing parts and
accessories, which are marketed through a network of Company sales
representatives and authorized distributors.
This press release contains various forward-looking statements and information
that are based on management's belief as well as assumptions made by and
information currently available to management. Although the Company believes
that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct. Such statements contain certain risks, uncertainty and
assumptions. Should one or more of these risks materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from
those expected.
DATASOURCE: Lancer Corporation
CONTACT: Scott Adams of Lancer Corporation, +1-210-310-7065
Web site: http://www.lancercorp.com/