Kwm Calls on Lazy Board to be Transparent With All Shareholders Immediately

Tampa, March 25, 2022 (GLOBE NEWSWIRE) -- To the LAZY Board,

We are disappointed, but not entirely surprised by your collective arrogance, in not responding to our public letter of March 21st. There remain serious governance issues at the Company that must be addressed urgently, lest shareholders lose further trust in this “Do Nothing LAZY Board.”

We call on the Board, and specifically Lead Independent Director and Interim CEO Bob Devincenzi, immediately to adopt a culture of transparency with its true owners, the shareholders of the Company, and take concrete steps to create shareholder value.

Specifically, the Board must:

(1) publicly reveal who its Financial and Legal Advisors are, and explain why it rejected the B. Riley offer in a detailed and appropriate manner

(2) publicly reveal its stand-alone business plan, including ROIC targets for both inorganic and organic growth opportunities, and its long-term goals with respect to number of dealerships owned; and Revenue, EBITDA and Free Cash Flow targets

(3) discuss in detail its Capital Allocation policy and framework for returning capital via buybacks vs. growth investment

(4) discuss its Investor Relations plan, including a potential Investor Day, the attending of Investor conferences, and increasing Wall Street research coverage

(5) provide an update on its CEO search, and the qualities it is looking for in its next leader

Finally, in light of the continued depressed share price and significant over-capitalization, we demand the Company initiate a $100 million tender for shares and warrants, which we believe would be immediately and massively accretive.

We look forward to your response.

Respectfully,

Dave Kanen
Kanen Wealth Management, LLC.

CONTACT: David Kanen dkanen@kanenadvisory.com