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Mac-Gray Corporation Announces Mailing Of Proxy Materials For 2011 Annual Meeting

Stocks in this article: TUC

WALTHAM, Mass., April 21, 2011 /PRNewswire/ -- Mac-Gray Corporation (NYSE: TUC), the nation's premier provider of laundry facilities management services to multi-unit housing locations, today announced that it is filing definitive proxy materials with the Securities and Exchange Commission (SEC) for its 2011 Annual Meeting of Shareholders scheduled for Wednesday, May 18.  Mac-Gray also is mailing these materials to its shareholders.  Mac-Gray shareholders of record as of the close of business on April 4, 2011 are entitled to vote at the 2011 Annual Meeting.

On behalf of the Board of Directors, the Company is including in its mailing a letter to shareholders outlining the reasons to support its three-member slate of highly qualified directors and to reject the dissident candidates offered by the TUC IVC Group, led by Benjamin Kovler.  Mac-Gray's Board urges shareholders to support its director nominees at the Annual Meeting by promptly voting the WHITE proxy card by telephone, Internet or mail. Shareholders should disregard any gold proxy card sent by Mr. Kovler's group.

The text of the letter to shareholders is as follows:

April 21, 2011

Dear Fellow Shareholder:

In conjunction with Mac-Gray Corporation's 2011 Annual Meeting of Shareholders on May 18, you are being asked to vote on candidates for election to your Board of Directors.  You have the opportunity to protect your investment in Mac-Gray by voting to re-elect the three highly qualified and dedicated nominees the Company has submitted for re-election.  

PROTECT YOUR INVESTMENT BY RE-ELECTING MAC-GRAY'S DIRECTORS; PLEASE VOTE THE ENCLOSED WHITE PROXY CARD TODAY!

A dissident group led by Benjamin Kovler has nominated its own hand-picked candidates to replace three existing independent directors of your Board.  There is much at stake here because if successful, Mr. Kovler's dissident group would effectively gain control of nearly 40% of your Board.  We strongly urge you to carefully review the enclosed proxy materials and support your Board by re-electing Chairman Thomas Bullock and Directors William Meagher, Jr. and Alastair Robertson by voting the enclosed WHITE proxy card today.

CURRENT BOARD HAS DELIVERED SUBSTANTIAL SHAREHOLDER VALUE OVER PAST TWO YEARS

We are asking that you reject the dissident slate, because change is not warranted. Your Board of completely independent directors has consistently been infused with fresh ideas – having added new members in 2007, 2008 and 2009, including one nominated by a large shareholder.  In fact, two of those new members are up for re-election this year.  

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