Winland Electronics, Inc. Announces Special Meeting Of Shareholders
Winland Electronics, Inc. (AMEX: WEX), a leading designer and manufacturer of custom electronic control products and systems, today announced the Company will hold a Special Meeting of Shareholders (the “Special Meeting”) of Winland Electronics, Inc. on Wednesday, December 29, 2010 at 2:00 p.m. local time, at the offices of Fredrikson & Byron, P.A., 200 South Sixth Street, Suite 4000 in Minneapolis, Minnesota. Shareholders as of the close of business on November 10, 2010, the record date for the Special Meeting, will be asked to consider and vote upon (i) a proposal to sell the operating assets of the Company’s Electronic Manufacturing Services (EMS) business unit (the “Asset Sale”) pursuant to an asset purchase agreement, dated November 15, 2010 with Nortech Systems Incorporated, and (ii) a proposal to adjourn the Special Meeting to a later date, if necessary or appropriate, to allow for the solicitation of additional proxies.
Winland’s Board of Directors unanimously recommends that shareholders vote for “FOR” the Asset Sale of the EMS business unit to Nortech Systems Incorporated.
A proxy statement describing the various matters to be voted upon at the Special Meeting along with a proxy card enabling shareholders to indicate their vote on each matter was mailed on November 29, 2010, to all shareholders entitled to vote at the Special Meeting, and has been furnished to the U.S. Securities and Exchange Commission, which is available through the Company’s website at www.winland.com.
The vote of Winland Electronics shareholders is extremely important, regardless of the number of shares of common stock they own. Whether or not a shareholder plans to attend the Special Meeting in person, he or she should promptly sign, date and return the proxy card or voting instruction card in the envelope provided, or submit his or her proxy by telephone or over the Internet. The failure of any shareholder to submit a signed proxy card or to vote in person by ballot at the Special Meeting will have the same effect as a vote “AGAINST” the proposal to approve the Asset Sale, but will not have an effect on the adjournment proposal. If shareholders hold their shares through a bank, broker or other nominee, the failure to instruct their bank, broker or other nominee as to how to vote their shares will have the same effect as a vote “AGAINST” the proposal to approve the Asset Sale, but will not have an effect on the adjournment proposal.
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