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Tennenbaum Capital Partners Proposes Two Director Nominees to Water Pik's Board;
Files Preliminary Proxy Materials to Solicit Votes for Director Nominees
LOS ANGELES, March 19 /PRNewswire/ -- Tennenbaum Capital Partners (TCP)
announced today the filing of a preliminary proxy statement with the Securities
and Exchange Commission nominating two directors for election to the board of
directors of Water Pik Technologies, Inc. at Water Pik's 2004 annual meeting of
stockholders scheduled for May 13, 2004. The filing will enable TCP to solicit
proxies from Water Pik stockholders to vote for the election of independent
director nominees at Water Pik's 2004 annual meeting. TCP and its affiliates
own approximately 19.2% of the outstanding shares of common stock of Water Pik.
Michael E. Tennenbaum, Senior Managing Partner of TCP, said, "This proxy contest
is about good corporate governance and maximizing stockholder value. Water Pik
has numerous stockholder-unfriendly measures, including a poison pill, a
prohibition against stockholders calling special meetings, and super-majority
vote provisions, that we believe make the Board inadequately accountable to
stockholders."
Mr. Tennenbaum added, "Importantly, TCP is not running this proxy contest with
the goal of ousting the incumbent directors. In fact, if elected, the TCP
nominees would support actions by the Water Pik Board to fill vacancies or
expand the board size to accommodate the existing board members. In light of
this position, we feel that actions by Water Pik to prevent us, its largest
stockholder, from gaining representation on the board fly in the face of
corporate democracy."
The TCP nominees are:
* Michael E. Tennenbaum: Senior Managing Partner, TCP; Managing Member
of Tennenbaum & Co., LLC; Chairman of the Board, Pemco Aviation Group,
Inc.; Vice Chairman, Party City Corporation; Chairman of the Board,
Anacomp, Inc.; former Senior Managing Director, Bear Stearns & Co.,
Inc; and
* Mark K. Holdsworth: Managing Partner, TCP; Director, Pemco Aviation
Group, Inc.; Director, Anacomp, Inc; former Vice President, Corporate
Finance, US Bancorp Libra.
TCP has filed with the Securities and Exchange Commission a preliminary proxy
statement in connection with the election of Messrs. Tennenbaum and Holdsworth
to the Water Pik board of directors at Water Pik's 2004 annual meeting. TCP
will prepare and file with the Securities and Exchange Commission a definitive
proxy statement regarding the election of the TCP nominees and other related
matters and may file other proxy solicitation materials in connection therewith.
Investors and security holders are urged to read the definitive proxy statement
and any other proxy solicitation materials, when they become available, because
they will contain important information. Each such proxy statement and other
document will be filed with the Securities and Exchange Commission. Investors
and security holders may obtain a free copy of each such proxy statement and
other document filed by TCP with the Securities and Exchange Commission at the
Commission's website at http://www.sec.gov/. Each such proxy statement and
other document may also be obtained free of charge by directing a request to TCP
at 11100 Santa Monica Boulevard, Suite 210, Los Angeles, California 90025.
Detailed information regarding the names, affiliations and interests of
individuals who may be deemed participants in the solicitation of proxies of
Water Pik stockholdersby TCP is available in the preliminary proxy statement
filed by TCP with the Securities and Exchange Commission.
INFORMATION: Frazer Burkart
11100 Santa Monica Boulevard, Suite 210
Los Angeles, California 90025
(310) 566-1000
DATASOURCE: Tennenbaum Capital Partners
CONTACT: Frazer Burkart of Tennenbaum Capital Partners, +1-310-566-1000,