In This Article:
Alex Kinzler does NOT support Sherwood’s Consent Solicitation
Consent Submitted by Alex Kinzler for One Share Required to Commence Consent Solicitation
Urges Shareholders to Ignore and Discard any Blue Consent Solicitation Card
HONOLULU, March 19, 2025 (GLOBE NEWSWIRE) -- Barnwell Industries, Inc. (NYSE American: BRN) (“Barnwell” or the “Company”) today corrected the record regarding Ned Sherwood’s highly misleading statements made in connection with his attempt to take over Barnwell without paying a premium to shareholders.
Contrary to Sherwood’s claims in a press release this morning, and for the avoidance of doubt, Alex Kinzler, Executive Chairman, General Counsel and Corporate Secretary, is a member of Barnwell’s Executive Committee of the Board defending the Company AGAINST Sherwood’s costly and distracting consent solicitation.
In Sherwood’s press release announcing the commencement of his self-serving Consent Solicitation seeking to replace the Company’s entire Board of Directors, Sherwood intentionally misled shareholders using language that made it appear as if Kinzler submitted a consent solicitation card in support of Sherwood. This is patently false and highly misleading. Kinzler, in his capacity as a shareholder, submitted a consent for one share of the 939,500 shares of Barnwell that he owns, so that the 60-day solicitation period required under Sherwood’s self-serving campaign could begin. Kinzler and the current Board do not support Sherwood.
Shareholders are likely to receive a blue consent card mailed to you by Sherwood, seeking approval of this extremely disruptive takeover of the Barnwell Board that offers shareholders no premium for their investment. The value of your investment is at risk. We urge you to discard any blue consent card sent to you by Sherwood and ignore any of his calls, messages and other attempts to solicit his blue consent card.
Forward-Looking Statements
Certain information contained in this press release contains “forward-looking statements,” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on current beliefs and expectations of our board and management team that involve risks, potential changes in circumstances, assumptions, and uncertainties, include various estimates, forecasts, projections of Barnwell’s future performance, statements of Barnwell’s plans and objectives, our expectations regarding the effect of the Sherwood Group’s Consent Solicitation and our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group’s proposals. Forward-looking statements include phrases such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “predicts,” “estimates,” “assumes,” “projects,” “may,” “will,” “will be,” “should,” or similar expressions. Although Barnwell believes that its current expectations are based on reasonable assumptions, it cannot assure that the expectations contained in such forward-looking statements will be achieved. Any or all of the forward-looking statements may turn out to be incorrect or be affected by inaccurate assumptions Barnwell might make or by known or unknown risks and uncertainties. These forward-looking statements are subject to risks and uncertainties including risks related to the actions of the Sherwood Group, our ability to successfully solicit revocations of consents from our stockholders to reject the Sherwood Group’s proposals, our ability to defend against any potential claims by the Sherwood Group, our ability to execute on our strategy and business plan and the other risks forth in the “Forward-Looking Statements,” “Risk Factors” and other sections of Barnwell’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024 and Barnwell’s other filings with the Securities and Exchange Commission. Investors should not place undue reliance on the forward-looking statements contained in this press release, as they speak only as of the date of this press release, and Barnwell expressly disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein.