WOONSOCKET, RI--(Marketwired - Apr 19, 2013) - Summer Infant, Inc. (
"Summer Infant is dedicated to enhancing shareholder value and maintaining strong corporate governance practices," said Chairman of the Board Dan Almagor. "The Board considered best practices in good corporate governance and received investor input in determining that the phase out of the classified board structure is appropriate and in the best interests of our stockholders."
Under the current classified board structure, the Company's Board of Directors is divided into three classes, with each class serving staggered three-year terms. If the Board's proposal is approved by the Company's stockholders at the 2013 annual meeting, declassification of the Board would be implemented over a three-year period, beginning at the 2014 annual meeting, such that at the 2016 annual meeting, and at all subsequent annual meetings, the Company's entire Board of Directors would be elected to serve a one-year term. The full text of the proposal is included in the Company's preliminary proxy statement filed today with the Securities and Exchange Commission in connection with the 2013 annual meeting of stockholders to be held on June 12, 2013.
About Summer Infant, Inc.
Based in Woonsocket, Rhode Island, the Company is a designer, marketer and distributor of branded durable juvenile health, safety and wellness products (for ages 0-3 years), which are sold principally to large U.S. retailers. The Company currently sells proprietary products in a number of different categories, including nursery audio/video monitors, safety gates, durable bath products, bed rails, nursery products, booster and potty seats, swaddling blankets, bouncers, travel accessories, highchairs, swings, nursery furniture, infant feeding products, and car seats. For more information about the Company, visit the website: www.summerinfant.com.