BIRMINGHAM, Ala., Oct. 30, 2015 /PRNewswire/ -- Golden
Enterprises Inc. (the "Company") (Nasdaq: GLDC) announced today
that it entered into a Director Nomination Agreement (the
"Agreement") with White Winston Select Asset Fund GF-14, LLC
("White Winston"). White Winston, with offices in Salt Lake City, UT and Boston, MA, is principally engaged in the
business of investing in securities.
White Winston beneficially owns more than 5% of the common stock
of the Company. Pursuant to the Agreement, upon White Winston's
acquiring 8% of the common stock of the Company, the Board of
Directors of the Company ("Board") will be increased by one
director and White Winston will have the right to nominate a person
to serve as this additional director. The White Winston
nominee is subject to the approval of the Board. The Company
believes White Winston, as a substantial stockholder, can supply
the Company with valuable financial insight and assistance in the
Company's continued efforts to enhance shareholder value. The
Company believes that an additional Director nominated by White
Winston will be in the best interest of the Company.
The Company is the parent of Golden Flake Snack Foods, Inc.
which manufactures and sells a full line of high quality salted
snack items, such as potato chips, tortilla chips, corn chips,
fried pork skins, cheese curls and puff corn, and is a distributor
of canned dips, pretzels, peanut butter crackers, cheese crackers,
dried meat products and nuts.
A more detailed description of the Agreement will be included in
a Form 8-K to be filed with the Securities and Exchange
Commission.
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SOURCE Golden Enterprises Inc.