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Gabelli Asset Management Company is pleased to announce that its resolution supporting the elimination
of the poison pill adopted by Standard Motor Products, Inc. (NYSE:SMP) was approved by a majority of
the shareholders voting at its annual meeting held yesterday. Gabelli Asset Management is also pleased
to announce that the preliminary voting results show that its resolution supporting the elimination of
the Hector Communications, Inc.'s (Amex:HCT) poison pill was approved by a majority of the shareholders
voting at its annual meeting also held yesterday. This marks the first year that these proposals were
approved by the shareholders of Standard Motor Products and Hector Communications.
"Gabelli has long advocated corporate governance initiatives against poison pills. In addition to the
victories yesterday, so far this year we have presented successful shareholder resolutions supporting
the elimination of the poison pills at the annual meetings of BKF Capital Group, Inc., The Liberty
Corporation, and Thomas Industries, Inc. We are encouraged by the strong support received from our
fellow shareholders following our initiative. Our efforts have gathered steam over the past few years
and we expect that more companies will eliminate their poison pills and focus on increasing shareholder
value.
"As recent events demonstrate, it is time to bring checks and balances back into the boardrooms and
the management suites of public companies. Poison pills upset the proper balance of power between
shareholders and managements.
"We are delighted that we are victorious this year in our efforts to eliminate the poison pills of
Standard Motor Products and Hector Communications. We are hopeful that the Boards of Directors will
listen to the voice of their shareholders," said a representative of Gabelli.
Gabelli Asset Management Company, a subsidiary of Gabelli Asset Management Inc. (NYSE:GBL), provides
investment management services to institutional and high net worth investors. Gabelli Asset Management
Inc. has approximately $28 billion in assets under management.
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