Quigley shareholder pushes for change, new board members on Wednesday

By Lisa Kerner

Charlotte, N.C., May 14 - Ted Karkus urged Quigley Corp. shareholders to vote, no matter how many shares they hold, in the "tightly contested" director election at the company's annual meeting on Wednesday.

"If you care about who is representing you, it is critically important that you vote now," Karkus said to shareholders in a statement released on Thursday.

According to Karkus, Quigley's revenues and earnings "dropped dramatically" in 2008 and the decline accelerated in the first quarter of 2009.

Karkus, a managing member of Forrester Financial, LLC, filed a preliminary proxy statement with the Securities and Exchange Commission nominating a new board of directors for Quigley that includes himself and:

• Mark Burnett, executive vice president and chief financial officer of MercBloc, LLC;

• John DeShazo, chief executive officer of FBN Construction Co., Inc.;

• Mark Frank, president of a division of GSW Worldwide;

• Louis Gleckel, co-founder of ProHealth Care Associates;

• Mark Leventhal, former general partner of Beacon Cos., LLP; and

• James McCubbin, executive vice president and CFO of WidePoint Corp.

Proxy firms split

As previously reported, RiskMetrics Group/ISS and Glass, Lewis & Co. recommended that Quigley shareholders reject Karkus' solicitation seeking control of the board of directors.

While Glass Lewis supports the re-election of Quigley's board, RiskMetrics is supporting the election of a partial Quigley slate.

RiskMetrics recommends that stockholders withhold from three of seven incumbent nominees to preclude the dissidents from gaining a majority board recommendation.

Both proxy advisory firms noted that Karkus failed to provide a detailed plan to manage the company, a Quigley news release said.

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

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