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InvestorCom client Focused Compounding receives majority of votes cast at Parks! America Special Meeting in favor of Board refreshment.

The following is taken from GlobeNewswire:

Focused Compounding Receives Clear Majority of Votes Cast (

Feb. 27, 2024 (GLOBE NEWSWIRE) — On Monday morning, shareholders of Parks! America, Inc. (OTC: PRKA) (the “Company”) voted for the first time in 14 years. Preliminary results show a clear majority of votes cast were in favor of replacing the current Board with Focused Compounding’s nominees. The Focused Compounding slate received approximately 57% of votes cast, while the current Board received approximately 42% of votes cast. Shareholder turnout was approximately 84% of outstanding shares. Holders of approximately 48% of outstanding shares voted to replace the current Board, versus holders of approximately 36% of outstanding shares voting for the status quo.

If these same results had occurred at an annual meeting, Focused Compounding’s nominees would now be in office. However, the Company has not held an annual meeting in 14 years, and the Company does not plan to hold an annual meeting until June. As a result, even though a clear majority of voting shareholders (57% vs. 42%) has now voted to remove them, the current Board remains in office due to legal maneuvers, and may continue such obstructions to prolong its time in power.

Parks! America has announced it will hold its first annual meeting in 14 years on June 6, 2024. Focused Compounding has submitted nominees for election to the Board at the annual meeting and will continue its fight to preserve and protect value for all owners of the stock. Preserving and protecting owner value is now more important than ever.

The Board knows there is no realistic possibility a 15-point deficit with only 16% of shareholders not voting can be overcome in time for a June election. With the upcoming annual meeting date (June 6th), we believe there is now a near-zero possibility of the current Board receiving more votes than the Focused Compounding slate at the annual meeting.

Due to its poor showing in its first election in 14 years, the Board may spend increasingly large amounts of money out of desperation. It is important shareholders carefully monitor the Company. All owners need to make it clear to the Company that they do not want to see a scorched earth campaign from a Board that shareholders do not support. Shareholders would be the collateral damage.

After today’s results, Focused Compounding, a holder of 29,110,150 shares of PRKA, is hopeful that there will be a transition at Parks! America, and it will be orderly and the damage done to shareholders kept to an absolute minimum. Both sides can work together to carry out this basic value preserving task on behalf of the Company’s many small, outside shareholders. It is what they deserve, and it is what the Company owes them.

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