COTTAGE GROVE, TN--(Marketwire -07/12/12)- The Cooper Holding Corporation (COHO) today announced that its Board of Directors, at a meeting held on June 18th, 2012, has approved a motion to replace current counsel.
CEO, Daniel Cooper, "Our most recent board meeting resulted in the adoption of the corporation's modified business plan I spoke of in the CEOCFO interview. We took a hard look at the way we do business and the people we have supporting our goals. There were a few key issues that required immediate attention and we made some difficult decisions. After careful consideration the board decided it would be in the best interest of Cooper Holding and its investors to retain new counsel.
"Since then we've been actively seeking a corporate attorney that better represents who we are as an organization. We need someone who understands the hunting industry and can bring that experience to the position. I think it's important to take our time and make sure our selection is a good fit on both the corporate and securities side. We have narrowed the field significantly and intend to continue our due diligence before announcing a replacement. We have interim representation in place and we're not going to rush this. We'll make the announcement when Tim and I feel comfortable with our selection.
"We're definitely on the right track and we've made some real progress in the last month. We thank our shareholders for their support and confidence as we continue to execute our turnaround strategy. The retirement of 2 billion shares, reducing the company's debt by $400,000 in exchange for stock options, adding Hick's Inc to our list of distributors, and hiring new counsel are good examples of our commitment to providing real and tangible results without additional distracters. As we head into the start of the 2012-2013 hunting season Cooper Holding is operating under a new set of standards and we're letting our actions speak to that. We'll continue to provide updates as the situation permits."
Corporate Website: http://www.cooperholdingcorp.com
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward- looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently.