<SEC-DOCUMENT>0000897069-22-000338.txt : 20220519
<SEC-HEADER>0000897069-22-000338.hdr.sgml : 20220519
<ACCEPTANCE-DATETIME>20220519155849
ACCESSION NUMBER:		0000897069-22-000338
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20220519
DATE AS OF CHANGE:		20220519

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN VANGUARD CORP
		CENTRAL INDEX KEY:			0000005981
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE CHEMICALS [2870]
		IRS NUMBER:				952588080
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13795
		FILM NUMBER:		22942709

	BUSINESS ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660
		BUSINESS PHONE:		949-260-1200

	MAIL ADDRESS:	
		STREET 1:		4695 MACARTHUR COURT
		CITY:			NEWPORT BEACH
		STATE:			CA
		ZIP:			92660

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AEROCON INC
		DATE OF NAME CHANGE:	19720620

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cruiser Capital Advisors, LLC
		CENTRAL INDEX KEY:			0001713506
		IRS NUMBER:				272711147
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		110 CENTRAL PARK SOUTH
		STREET 2:		17AB
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-829-5833

	MAIL ADDRESS:	
		STREET 1:		110 CENTRAL PARK SOUTH
		STREET 2:		17AB
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>cmw431.htm
<TEXT>
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    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
    <div style="text-align: center; margin-bottom: 6pt; font-weight: bold;">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">(Amendment No. ____)</div>
    <div>Filed by the Registrant [&#160; ]</div>
    <div style="margin-bottom: 6pt;">Filed by a Party other than the Registrant [X]</div>
    <div style="margin-bottom: 6pt;">Check the appropriate box:</div>
    <div>[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Preliminary Proxy Statement</div>
    <div>[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</div>
    <div>[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Proxy Statement</div>
    <div>[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Definitive Additional Materials</div>
    <div style="margin-bottom: 6pt;">[&#160;&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Soliciting Material under Rule 14a-12</div>
    <div style="text-align: center; margin-top: 6pt;"><u>AMERICAN VANGUARD CORPORATION</u></div>
    <div style="text-align: center;">(Name of Registrant as Specified in its Charter)</div>
    <div><br>
    </div>
    <div style="text-align: center;">Cruiser Capital Advisors, LLC</div>
    <div style="text-align: center;">Keith M. Rosenbloom</div>
    <div style="text-align: center;">Cruiser Capital Master Fund LP</div>
    <div style="text-align: center;">Metamorphosis VI LLC</div>
    <div style="text-align: center;">Patrick E. Gottschalk</div>
    <div style="text-align: center;"><u>Mark R. Bassett</u></div>
    <div style="text-align: center;">Name of Person(s) Filing Proxy Statement if other than the Registrant)</div>
    <div><br>
    </div>
    <div>Payment of Filing Fee (Check the appropriate box):</div>
    <div><br>
    </div>
    <div>[X]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>No fee required.</div>
    <div><br>
    </div>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
    <div><br>
    </div>
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          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Title of each class of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z459e3edaa3ee4c4d948bc764d1742f10" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Aggregate number of securities to which transaction applies:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z4554f35c170d479395605cffd4cc8f6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is calculated and
              state how it was determined):</div>
          </td>
        </tr>

    </table>
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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Proposed maximum aggregate value of transaction:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="z6f74863fc51e429db19c0f170c78ebc7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Total fee paid:</div>
          </td>
        </tr>

    </table>
    <div>[&#160; ]<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font>Fee paid previously with preliminary materials.</div>
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    </div>
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        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;">[&#160; ]</td>
          <td style="width: auto; vertical-align: top;">
            <div>Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously.&#160;
              Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Amount Previously Paid:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zcf88e0b1821d433f829e0767dfb7daf7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Form, Schedule or Registration Statement No.:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" id="zfe8bec02b2f1471a818c78a96f354aa6" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt; vertical-align: top; align: right;">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Filing Party:</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" id="z34584708929f41349101ecfb793f892c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;">

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          <td style="width: 36pt; vertical-align: top; align: right;">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Date Filed:</div>
          </td>
        </tr>

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    <div style="text-align: center; font-weight: bold;"><u>Cruiser Capital Master Fund LP</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cruiser Capital Master Fund LP and its affiliates issued a press release today relating to American Vanguard
      Corporation.&#160; The press release is attached hereto, and is being filed under Rule 14a-6 of the Securities Exchange Act of 1934, as amended.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Important Information</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">Cruiser Capital Master Fund LP has
        nominated three individuals as nominees to the board of directors of American Vanguard Corporation (the &#8220;<u>Company</u>&#8221;) and is soliciting votes for the election of those individuals as members of the Company&#8217;s board of directors.&#160; The individuals that have been nominated are Keith M. Rosenbloom, Patrick E.
      Gottschalk and Mark R. Bassett (the &#8220;<u>Nominees</u>&#8221;).&#160; Cruiser Capital Master Fund LP is sending a definitive proxy statement, BLUE proxy card and related proxy materials to shareholders of the Company seeking their support of the Nominees at the
        Company&#8217;s 2022 Annual Meeting of Stockholders.&#160; <font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and BLUE proxy card because they
        contain important information about the Nominees, the Company and related matters.&#160; </font>Stockholders may obtain a free copy of the definitive proxy statement and BLUE
        proxy card and other documents filed with the Securities and Exchange Commission (&#8220;<u>SEC</u>&#8221;) by Cruiser Capital Master Fund LP and its affiliates (the &#8220;<u>Cruiser Capital Parties</u>&#8221;) at the SEC&#8217;s web site at www.sec.gov.&#160; The definitive proxy statement and other related SEC documents filed with the SEC by the Cruiser Capital Parties may also be obtained free of charge from the Cruiser Capital
        Parties, upon request.</div>
    <div style="margin-bottom: 12pt; font-weight: bold;"><u>Participants in Solicitation</u></div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 12pt;">The following persons may be deemed to be participants in the solicitation from the Company&#8217;s shareholders of
      proxies in favor of the Nominees (the &#8220;<u>Participants</u>&#8221;): Cruiser Capital Advisors, LLC, Keith M. Rosenbloom, Cruiser Capital Master Fund LP, Metamorphosis VI
      LLC, Patrick E. Gottschalk and Mark R. Bassett.&#160; The Participants may have interests in the solicitation, including as a result of holding shares of the Company&#8217;s common stock.&#160; <font style="font-weight: bold;">Information regarding the Participants and their interests may be found in the definitive proxy statement the Participants filed with the SEC on May 9, 2022, which is incorporated herein by reference.</font></div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
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    <!--PROfilePageNumberReset%Num%1%%%-->
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Cruiser Capital Comments on American Vanguard&#8217;s Latest Entrenchment Tactic</div>
    <div style="text-align: center; margin-bottom: 12pt; font-style: italic;">Believes Stockholders Will Easily See Through the Company&#8217;s Continued Poor Corporate Governance and Blatant
      Attempts to Rewrite History</div>
    <div style="text-align: center; margin-bottom: 12pt; font-style: italic;">By Omission AVD Makes Clear that Separating Chairman &amp; CEO Role is Not a Priority</div>
    <div style="text-align: center; margin-bottom: 12pt; font-style: italic;">Encourages Stockholders to Put a Stop to AVD&#8217;s Gamesmanship by Voting on the <font style="font-weight: bold;"><u>BLUE</u></font> Proxy Card to Elect Cruiser&#8217;s Three Nominees</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">NEW YORK &#8211; </font>May 19, 2022 &#8211;
      Cruiser Capital Master Fund LP and its affiliates (&#8220;Cruiser Capital,&#8221; or &#8220;Cruiser&#8221;), a top ten shareholder of American Vanguard Corporation (NYSE: AVD) (&#8220;American Vanguard,&#8221; &#8220;AVD&#8221; or the &#8220;Company&#8221;), owning approximately 2.5% of AVD&#8217;s outstanding
      shares, today issued the following statement:</div>
    <div style="text-align: justify; margin-bottom: 12pt;">&#8220;This morning American Vanguard issued a sparse announcement couched as &#8220;formalizing&#8221; its &#8220;ongoing process&#8221; to refresh its Board of
      Directors (the &#8220;Board&#8221;). In reality, we believe this &#8220;TBD nominee&#8221; ploy is clearly just another attempt to rewrite the record and perpetuate the fiction that this Company would care at all about good corporate governance absent the spotlight of a
      contested election. Here are the facts:</div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0e63452e3bbe43c6a3a176fbe58c5c4e" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 45.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 27.75pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">In its 2022 definitive proxy statement the Company claimed that its board refreshment process began in 2011. To disguise
                their clear indifference to proper corporate governance, today they claim the same process &#8220;began in 2018.&#8221;</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zbd60b4e8016645c1905c22a2710101bf" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 27.75pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">American Vanguard&#8217;s Board owns very little stock and has an average tenure of 11.5 years. As recently as May 13, the Company
                criticized Cruiser for being &#8220;fixated on the <font style="font-style: italic;">low turnover</font>&#8221; of the Board &#8211; an attack seemingly at odds with today&#8217;s announcement.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z57397f71b0a04d2b949c0167972eee17" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 45.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 27.75pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">The fact that the Company did not address any plans to separate the Chairman and CEO roles demonstrates that its focus on
                the &#8220;best interests of stockholders&#8221; only goes so far and does not consider separating the positions &#8211; something Cruiser believes is necessary &#8211; a priority.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za5c76a7d562f4b55af0f301948811192" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 27.75pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">Today&#8217;s announcement is essentially asking AVD&#8217;s stockholders to &#8220;trust us&#8221; when it comes to the future composition of the
                Board. We believe there is <font style="font-weight: bold;">no justification to warrant this trust</font> and that stockholders would be better off voting for the certainty of
                Cruiser Capital&#8217;s three highly qualified nominees who are fully aligned with investors and would immediately get to work fixing the Board-level governance issues that have been on full display at the Company. We ask again, what has the
                Board been doing for the last 11 years?</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z324d77488d3e4f1e9a5038da221857a3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 45.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 27.75pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">AVD&#8217;s total shareholder return has underperformed its peers during any relevant time period and its stock price is lower
                than it was a decade ago.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3027c72cf65446f187e0e4455eac0304" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 45.75pt; vertical-align: top; align: right;">
              <div style="margin-left: 27.75pt; margin-bottom: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; margin-bottom: 12pt;">AVD has yet to address why its EBITDA margins have declined so dramatically over the years even while its sales have
                doubled, and its administrative expenses have climbed with R&amp;D spending declining as a percent of sales.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;">For more information, please visit: https://www.okapivote.com/americanvanguard/.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">We encourage stockholders to vote today on the <font style="font-weight: bold;"><u>BLUE</u></font> proxy card to help elevate AVD.</div>
    <div style="text-align: justify; font-weight: bold;">Investor Contact:</div>
    <div><br>
    </div>
    <div>
      <div>Okapi Partners</div>
      <div>Jason Alexander / Bruce Goldfarb</div>
      <div>Info@Okapipartners.com</div>
      <div><br>
      </div>
      <div>Cruiser Capital Advisors</div>
      <div>Keith M. Rosenbloom</div>
      <div><u>ElevateAVD@CruiserCap.com</u><u>&#160;</u></div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="text-align: center;" id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">1</font></div>
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    <div style="text-align: justify; font-weight: bold;">Media Contact:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">Longacre Square Partners</div>
    <div style="text-align: justify;">Dan Zacchei / Miller Winston</div>
    <div style="text-align: justify;">DZacchei@longacresquare.com / MWinston@longacresquare.com</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">About Cruiser Capital Advisors</div>
    <div style="text-align: justify;">Cruiser Capital Advisors, LLC is an investment management firm that concentrates its investments in companies it believes trade at public market values
      substantially different from intrinsic value. Cruiser often utilizes a constructivist approach to collaborate with management teams to help drive stockholder value. Cruiser may be contacted at Info@Cruisercap.com</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Important Information</div>
    <div style="text-align: justify;">Cruiser has nominated three individuals as nominees to the board of directors of American Vanguard Corporation, a Delaware corporation (the &#8220;Company&#8221;), and
      intends to solicit votes for the election of those individuals as members of the Company&#8217;s board of directors. The individuals that have been nominated are Keith M. Rosenbloom, Patrick E. Gottschalk and Mark R. Bassett (the &#8220;Nominees&#8221;). Cruiser
      Capital Master Fund LP is sending a definitive proxy statement, BLUE proxy card and related proxy materials to shareholders of the Company seeking their support of the Nominees at the Company&#8217;s 2022 313 Annual Meeting of Stockholders. <font style="font-weight: bold;">Stockholders are urged to read the definitive proxy statement and BLUE proxy card, because they contain important information about the Nominees, the Company
        and related matters. </font>Stockholders may obtain a free copy of the definitive proxy statement and BLUE proxy card and other documents filed with the Securities and Exchange Commission (&#8220;SEC&#8221;) by Cruiser Capital and its affiliates (the &#8220;Cruiser
      Capital Parties&#8221;) at the SEC&#8217;s web site at www.sec.gov. The definitive proxy statement and other related SEC documents filed with the SEC by the Cruiser Capital Parties may also be obtained free of charge from the Cruiser Capital Parties, upon
      request.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Participants in Solicitation</div>
    <div style="text-align: justify;">The following persons may be deemed to be participants in the planned solicitation from the Company&#8217;s shareholders of proxies in favor of the Nominees (the
      &#8220;Participants&#8221;): Cruiser Capital Advisors, LLC, Keith M. Rosenbloom, Cruiser Capital Master Fund LP, Metamorphosis VI LLC, Patrick E. Gottschalk and Mark R. Bassett who own some or all of their shares through accounts managed by Cruiser Capital
      Advisors, LLC. The Participants may have interests in the solicitation, including as a result of holding shares of the Company&#8217;s common stock. <font style="font-weight: bold;">Information
        regarding the Participants and</font>&#160;<font style="font-weight: bold;">their interests may be found in the definitive proxy statement the Participants filed with the SEC on</font>&#160;<font style="font-weight: bold;">May 9, 2022, which is incorporated herein by reference.</font></div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Cautionary Statement Regarding Forward-Looking Statements</div>
    <div style="text-align: justify;">These materials may contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily
      depend on future events are forward-looking, and the words &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;potential,&#8221; &#8220;opportunity,&#8221; &#8220;estimate,&#8221; &#8220;plan&#8221; and similar expressions are generally intended to identify forward-looking statements. The projected results
      and statements contained in these materials that are not historical facts are based on current expectations and speak only as of the date of such materials, and involve risks, uncertainties and other factors that may cause actual results, performance
      or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other
      things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Cruiser Capital Parties.&#160; Although the Cruiser
      Capital Parties believe that the assumptions underlying the projected results or forward-looking statements included in these materials are reasonable as of the date of such materials, any of the assumptions could be inaccurate and therefore, there
      can be no assurance that the projected results or forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included herein, the
      inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such projected results and forward-looking statements will be achieved. The Cruiser
      Capital Parties will not undertake and specifically decline any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of
      such projected results or statements or to reflect the occurrence of anticipated or unanticipated events.</div>
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