RCG Starboard Advisors, LLC, a subsidiary of Ramius LLC (collectively,
“Ramius”), today issued the statement below concerning the continuing
campaign of false and misleading statements by CPI Corp. (NYSE:CPY) and
its Chairman, David Meyer, in support of the election of management’s
slate of director nominees at the July 8, 2009 Annual Meeting. Ramius,
which owns approximately 23% of CPY’s outstanding common stock, is
seeking the election of two nominees to the six member Board of
Directors at the Annual Meeting: Peter A. Feld, a Ramius executive who
is a current CPY Director, and Joseph C. Izganics, a former senior
executive at Home Depot.
“It has become increasingly clear to us that CPY and its management,
including Chairman of the Board David Meyer, will say anything in order
to win the director contest at next Wednesday’s Annual Meeting.
Shareholders have told us that Mr. Meyer, among other things, has told
them that the Ramius nominees are seeking to oust current management and
that Ramius is seeking to force the sale of CPY. These statements, which
come on the heels of CPY’s demonstrably false statement that a Ramius
representative on the Board had voted to approve Mr. Meyer’s 2007
compensation, are simply, categorically false.
“We urge any shareholder who has any question about any statements made
by CPY or Ramius or would like to discuss the situation at CPY to call
Peter Feld at (212) 201-4878.”
Ramius LLC
Peter Feld, 212-201-4878 (Media)
