Cycle Country Accessories Corp. Appoints New Independent Director, Receives Amex Notice
Cycle Country Accessories Corp. (Amex: ATC) announced today that its Board of Directors elected Lance Morgan as a new independent director. Mr. Morgan, 43, is the founder, president and Chief Executive Officer of Ho-Chunk, Inc., an economic development corporation of the Winnebago Tribe of Nebraska. He is also a partner of Fredericks Peebles & Morgan LLP, a national law firm specializing in Indian law, economic development and Indian gaming. As founder of Ho-Chunk, he helped lead the company from a start-up in 1995 with no revenues and one employee to what is now a tribal conglomerate with more than $200 million in revenues, 1,100 employees, and operations in diverse industries, including Native American tobacco products, Native-blended gasoline products, hotel development, retail products, government contracting, modular homes and Indianz.Com, the largest Native news and information Web site. Mr. Morgan is a graduate of the University of Nebraska and Harvard Law School.
Mr. Morgan has been appointed to the Company’s audit committee to replace Paul DeShaw and will serve as chairman of the audit committee.
The Company also announced that, as expected, it received a letter from NYSE Amex LLC notifying the Company that the Chairman of its audit committee, Paul DeShaw, no longer satisfied the independence standards of Rule 10A-3 under the Securities Exchange Act of 1934 due to his recent purchase of a large block of the Company’s common stock. Mr. DeShaw has resigned from the audit committee, but continues to serve as a director and is independent for all other purposes. By letter dated September 20, 2011, NYSE Amex LLC confirmed that the Company had resolved its Rule 10A-3 compliance issue.
About Cycle Country Accessories Corporation:Cycle Country is the recognized industry leader in the innovation, design, sales, and manufacturing of custom fitting accessories for utility and all-terrain vehicles (UTVs and ATVs), under the brand name of Cycle Country Accessories. Products include snowplows, mowers, 3-point hitches and implements, storage boxes and baskets, bed lifts, brush guards and more.
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