– USA, NC – Stanley Furniture Company, Inc. (Nasdaq: STLY) announced today that it has reached an agreement with Hale Partnership Fund, LP and Talanta Fund, L.P., a shareholder group that collectively owns approximately 8.9% of the company’s outstanding common stock and who had nominated two candidates for election to the company’s Board of Directors at the 2016 Annual Stockholders meeting. Under the agreement, the company appointed Justyn R. Putnam to the Board effective immediately and the Hale-Talanta Group withdrew its nominations. Mr. Putnam, as well as Glenn Prillaman, the company’s President and Chief Executive Officer, have been nominated by the Board for election by the shareholders at the 2016 Annual Meeting for a term that will expire at the 2019 Annual Meeting of Stockholders.
“We are pleased to have reached an agreement with the Hale-Talanta Group and believe this is in the best interests of the company and its shareholders,” said Glenn Prillaman, President and Chief Executive Officer. “We welcome Mr. Putnam to the Board and expect to benefit from his financial expertise and knowledge of the company as we work together to continue the company’s progress,” concluded Prillaman.
Mr. Putnam is the Managing Member of the Talanta Investment Group, LLC, an asset management firm focusing investment on smaller publicly traded companies and utilizing intense fundamental research and a long-term investment horizon, a position he has held since 2009.
About Stanley Furniture Company, Inc.
Established in 1924, Stanley Furniture Company, Inc. is a leading design, marketing and sourcing resource in the upscale segment of the wood residential market. The Company offers a diversified product line supported by an overseas sourcing model. The Company distributes and markets its Stanley Furniture brand through a network of carefully chosen retailers and interior designers worldwide. The Company’s common stock is traded on the NASDAQ stock market under the symbol STLY.
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