Quigley urges shareholders to reject Ted Karkus' dissident slate

By Lisa Kerner

Charlotte, N.C., May 7 - Quigley Corp. asked its shareholders to re-elect the company's board of directors using the white proxy card in connection with the annual meeting on May 20.

In a Thursday letter, Quigley urged shareholders to reject "dissident stockholder Ted Karkus' control-seeking solicitation."

Karkus has no strategic plan for the company and his proposed slate of nominees "have little to no relevant industry experience and most have never served on a public company board of directors," according to Quigley.

Quigley said it has a long-term strategic plan to increase stockholder value. The plan includes investing a share of the profits from the company's over-the-counter homeopathic cold remedy to self-fund research and development of naturally derived medicinal compounds.

In addition, the base salaries for president and chief executive officer Guy J. Quigley and executive vice president and chief operating officer Charles A. Phillips have been reduced 18.12% and 18.07%, respectively, for 2009.

The reduction, said Quigley, is part of the company's efforts "to reduce costs and align executive performance with stockholder value."

As previously reported, Karkus is seeking to replace Quigley's incumbent board with himself and six others.

Quigley filed a lawsuit against Karkus and several others to prevent them from sending proxy materials to its shareholders, according to Karkus.

Quigley, based in Doylestown, Pa., manufactures and distributes homeopathic and health products in the United States.

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