MFC Industrial responds to Kellogg proxy circular

MFC Industrial responded to the proxy circular and press release issued by Peter Kellogg and IAT Reinsurance Company on December 9. The Kellogg Group continues to make vague accusations against MFC and its existing board and management in an attempt to divert shareholders' attention from the Kellogg Group's true intentions. MFC urges shareholders to vote the WHITE proxy and protect MFC from the Kellogg Group's plan to take control of its significant assets without paying shareholders a "control premium". The Kellogg Circular and the Kellogg Group's other recent disclosures further validate MFC's serious concerns regarding the Kellogg Group's true intentions and their questionable past activities, which are addressed in the recent court actions commenced by MFC against the Kellogg Group and its affiliates.

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