Henry Partners, L.P. Releases Letter to Stockholders
November 14 2005 - 9:00AM
PR Newswire (US)
PHILADELPHIA, Nov. 14 /PRNewswire-FirstCall/ -- Henry Partners,
L.P. today released the following letter to stockholders of Wegener
Corporation (NASDAQ: WGNR) in connection with the upcoming 2006
Annual Meeting of Stockholders: November 11, 2005 Dear Fellow
Wegener Corporation Stockholder: We are writing to you as
significant and frustrated stockholders of Wegener Corporation. We
currently own approximately 919,000 shares or 7.3% of Wegener's
outstanding common stock. Given what we perceive to be Wegener's
poor operating results and general poor business performance, we
are very concerned about its future. WHO ARE WE? We are Henry
Partners, L.P. and Matthew Partners, L.P., two private investment
partnerships that invest in securities of publicly traded, micro-
cap companies. Both Henry and Matthew have been stockholders of
Wegener since 2003. David W. Wright is the investment manager of
each of Henry and Matthew. As responsible stockholders, committed
to long-term value, we have offered suggestions to the Board of
Directors of Wegener on how to increase profitability and, in turn,
stockholder value. We believe our suggestions are meritorious and
deserve more consideration than that given to them by the Board of
Directors to date. OUR GOAL IS SIMPLE At the upcoming 2006 Annual
Meeting of Stockholders of Wegener, we will be asking for your
support to elect two qualified and experienced individuals to the
Board of Directors. Our objective will be to provide Wegener
stockholders with a new voice in the boardroom and to explore,
along with the other Board members, the best and most efficient way
of restoring stockholder value. We initially requested just one
seat on the Board of Directors to accomplish this goal, but our
request was denied. In so doing, Wegener stated that "the company
was in the critical phases of strategic planning ... ". However, we
believe rounding out the Board composition during such a critical
phase, with two new directors elected by you, would be beneficial
to the process. WHO ARE OUR NOMINEES? The nominees that we will be
asking you to support are: DAVID W. WRIGHT & PROFESSOR JEFFREY
J. HAAS: DAVID W. WRIGHT has served since 1997 as the investment
manager of both Henry Partners, L.P. and Matthew Partners, L.P.,
two private investment partnerships based in Philadelphia, PA that
invest in securities of publicly traded, micro-cap companies. Mr.
Wright, an experienced value investor and corporate director, is
the President and Managing Member of Canine Partners, LLC, the
general partner of Henry Investment Trust, L.P., which in turn is
the general partner of each of Henry Partners, L.P. and Matthew
Partners, L.P. JEFFREY J. HAAS has served since 2000 as a Professor
of Law at New York Law School. Prior to that, he served as an
Associate Professor of Law at that school from 1996 to 2000. He
teaches courses in corporate law (including corporate governance),
securities regulation, mergers and acquisitions, mutual fund
regulation, corporate finance and contract law. Prior to joining
New York Law School, Professor Haas was in private legal practice
with two national law firms. Each has experience on the boards of
publicly traded or registered investment companies, and both have
extensive knowledge of good corporate governance practices and
intend to recommend that Wegener employ these practices
immediately, if elected to the Board. We believe their addition
would be an invaluable complement to the industry expertise already
present on the Board. In sum, we believe that our candidates have
the qualification and experience to make a substantial contribution
to Wegener's board. AT THE UPCOMING ANNUAL MEETING YOU, AS OWNERS,
WILL HAVE THE OPPORTUNITY TO ELECT NEW DIRECTORS TO YOUR BOARD You
will receive shortly a proxy statement and a GREEN proxy card from
us asking for your support for the two nominees we have described
above. We urge you to support our efforts and, when received,
return a properly signed and dated GREEN proxy card voting for the
election of our nominees, David W. Wright and Professor Jeffrey J.
Haas, to the Board of Directors of Wegener at the 2006 Annual
Meeting of Stockholders. Sincerely, HENRY PARTNERS, L.P. by:
----------------- David W. Wright Investment Manager This letter
constitutes soliciting material under SEC Rule 14a-12. Henry
Partners, L.P., Matthew Partners, L.P., Henry Investment Trust,
L.P., David W. Wright and Jeffrey J. Haas are participants in this
solicitation. You may obtain information regarding the identity of
each participant and a description of each participant's direct or
indirect interests in the solicitation from their proxy materials
that will be mailed to you prior to the annual meeting. We advise
you to read the proxy statement of the participants when it is
available because it contains important information. At the time
they file the materials with the SEC, you will be able to obtain
the proxy statement and any other soliciting material for free at
the commission's web site at http://www.sec.gov/. You may also
obtain for free a copy of the proxy statement and the other
materials by contacting MacKenzie Partners, Inc. at (800) 322-2885
(toll-free) or (212) 929-5500 (call collect). CONTACT: Mark Harnett
MacKenzie Partners, Inc. (212) 929-5877 Daniel Passoff MacKenzie
Partners, Inc. (212) 378-7062 DATASOURCE: Henry Partners, L.P.
CONTACT: Mark Harnett, +1-212-929-5877, or Daniel Passoff,
+1-212-378-7062, both of MacKenzie Partners, Inc., for Henry
Partners, L.P.
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