Eau Claire, Wisconsin (May 17, 2006) -- The shareholders of
National Presto Industries, Inc.
(NYSE: NPK) at the Company’s annual meeting yesterday, approved
a proposal authorizing the Company
to continue to act as an operating company.
The shareholder action
was taken as
a precautionary measure pending the
appeal of a federal district court
order which, as previously reported,
forced the Company to register as an investment company late
last year. In thanking shareholders
for their affirmative vote, Maryjo
Cohen, President, stated, “This
approval will enable the Company to
continue to pursue means to build and
increase the ongoing value of the Company’s operating businesses,
a course of action which the Board
of Directors and management believe
is in the best interests of our shareholders.” At the meeting,
shareholders also elected Ms. Cohen
for a new three-year term as director.
During
the meeting, shareholders were shown
the 2006 new product introductions
for the Company’s
Housewares/Small Appliance segment.
Those products included the new FoldAway™ griddle, which is
part of its fifty-year celebration
of the invention of the ControlMaster® heat
control. First shown in 1956, the ControlMaster® control revolutionized
small electric cooking appliances by
making them fully immersible in a sink
or dishwasher. The FoldAway™ griddle not only uses that same
control, but also features unique handles
which fold for compact storage. Attractively
styled with a cool touch surround and
gold decals, the griddle surface holds
a generous nine servings. The
Company also displayed to shareholders
a digital version of its popular
ProFry™ immersion deep fryer
featuring precision electronic controls
and the Presto® ShineOn™ electric
shoe polisher, a convenient way to
give shoes a professional shine. Shareholders
were also provided with a demonstration
of the Company’s
new LeverEdge™ cutting center, a combination
cutting board with special knives.
The board features a patent pending
pivot post which enables ultra hard
vegetables like squash to be cut quickly
and easily and fosters fast and precise
chopping. The LeverEdge™ also provides
the means to slice bread evenly and ripple cut fruits and vegetables
with ease.
National Presto manufactures
and sells
small household electric appliances
and pressure cookers under the PRESTO®
brand name. It also produces and sells
medium caliber ammunition items and
absorbent products. The Company is widely recognized
as an innovator of new products.
This release contains “forward looking statements” made
pursuant to the safe harbor provision of the Private Securities Litigation
Reform Act of 1995 that are subject to certain risks and uncertainties,
as well as assumptions, that could cause actual results to differ
materially from historical results and those presently anticipated
or projected. In addition to the factors discussed above, other important
risk factors are delineated in the Company’s SEC reports, including
its Form 10-K for the period ended December 31, 2005.
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