MINNEAPOLIS and DENVER, N.C., July 30, 2018 — Air T, Inc. (NASDAQ:AIRT), an industrious holding company with a portfolio of powerful businesses and financial assets, today commented on the voting results of the 2018 Annual Meeting of Shareholders of Insignia Systems, Inc. (NASDAQ:ISIG) held on July 20, 2018, where an overwhelming 85% of Insignia shares voted were in favor of Air T’s proposal “Item #6, Approval of Voting Rights.” Air T Group together owns approximately 32% of Insignia’s outstanding shares.
According to the Inspector’s Final Report of Insignia’s Annual Meeting, the shareholders of Insignia Systems approved both prongs of the voting requirement regarding “Item #6, Approval of Voting Rights.” This approval signified that all Insignia shareholders received one vote for each share owned, as long as the total ownership by such shareholder was 33.3% or less of the total outstanding shares.
Welcoming the results, Nick Swenson, Chairman and CEO of Air T, Inc., commented, “As long-time shareholders and believers in Insignia, we are grateful for the common sense support by our fellow shareholders. Each Insignia share is now entitled to vote. Looking ahead, we are excited about engaging in highly constructive discussions with Insignia leadership, in line with the terms of the Cooperation Agreement between both companies. Our mutual goal is shareholder value creation.”
Insignia Systems, Inc. President and CEO Kristine Glancy, said, “The company is committed to continue working with Air T and continuing to create sustainable value, and long-term growth for shareholders. We sincerely appreciate Air T’s support of Insignia through their significant level of investment and being a long-standing investor. We remain focused on our key initiatives of accelerating growth, aligning our cost structure and instilling a high-performance team, and we look forward to continued dialogue with Air T.”
ABOUT AIR T, INC.
Established in 1980, Air T Inc. (NASDAQ:AIRT) is an industrious holding company with a portfolio of powerful businesses and financial assets. Our companies span the industries of overnight air cargo operations, aviation ground support equipment manufacturing and local maintenance services, and commercial aircraft asset management and logistics. Air T’s ownership interests are designed to expand, strengthen and diversify the company’s cash earnings power. For more information, visit www.airt.net.