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MRMP-Managers Announces the Election of Three of its Nominees to the Board of Directors of Barnwell Industries, Inc.

New Board Will Have Five New Independent Directors

MRMP-Managers LLC, Ned Sherwood and Bradley Tirpak announced today that based on the final report provided by the voting inspector, Barnwell Industries will have five new independent directors.

The new independent directors include three of MRMP nominees: Phillip J. McPherson, Bradley M. Tirpak, and Douglas N. Woodrum. The other two new independent directors will be Kenneth R. Grossman and Peter J. O’Malley. Alexander C. Kinzler and Robert J. Inglima, Jr. will also continue to serve as directors.

Ned Sherwood commented, "I am gratified that all of our nominees received strong support, and especially pleased our candidates received nearly every vote from non-insiders. I am delighted that the new Board of Directors will consist of five new independent members and I am certain that the reconstituted Board will immediately address what we believe are the key issues of excessive overhead and disastrous acquisitions. I look forward to these five new independent members being welcomed to the board room and I am optimistic that Barnwell has a much brighter future with these issues addressed."

Brad Tirpak stated "Taken together, this election result conveys a strong and powerful message that change at Barnwell is needed. Insiders held nearly 40% of the total shares outstanding, yet stockholders clearly expressed their desire for a new and independent board. We are excited to effect this change and significantly improve Barnwell’s financial results. "

Ned Sherwood and Brad Tirpak would like to thank the many shareholders who provided feedback regarding Barnwell and took the time to vote in support of our nominees to the Board.

Alliance Advisors acted as proxy solicitor for MRMP-Managers. Thompson Hine LLP acted as counsel for MRMP-Managers.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200410005043/en/

Contacts

Peter Casey
Alliance Advisors
(973) 873-7710
pcasey@allianceadvisors.com

Maria Andriasova
NLS Advisory Group, Inc.
(646) 921-2080
mandriasova@SherwoodFamilyOffice.com