Park Aerospace Corp. Announces Cooperation Agreement With Huffman Prairie Holdings

Rhea-AI Summary

Park Aerospace Corp. (NYSE-PKE) has announced a Cooperation Agreement with Huffman Prairie Holdings, planning to nominate Shane P. Connor for election as a Director at the upcoming 2023 Annual Shareholders Meeting. Brian Shore, Chairman and CEO, expressed enthusiasm about Connor's nomination, praising his character and principles. Connor is an experienced investor with roles in private and public equity and is a Chartered Financial Analyst. He holds a finance degree from Ohio State University.

Park Aerospace develops and manufactures advanced composite materials for the aerospace sector, serving markets including commercial and military aircraft, drones, and spacecraft. Their products include film adhesives and specialized materials for various aerospace applications. The company's goal is to tackle complex projects that others avoid.

Positive

• Nomination of Shane P. Connor enhances Board diversity and expertise.
• Connor's extensive background in equity investing may benefit strategic planning.
• Park's focus on complex projects positions it favorably in niche markets.

Negative

• None.

NEWTON, Kan., April 20, 2023 (GLOBE NEWSWIRE) -- Park Aerospace Corp. (NYSE-PKE) announced that it has entered into a Cooperation Agreement with Huffman Prairie Holdings, LLC and related entities (Huffman Prairie) under which the Company plans to nominate Shane P. Connor, Huffman Prairie’s Managing Partner, for election as a Director of the Company at its upcoming 2023 Annual Shareholders Meeting.

Brian Shore, Park’s Chairman and CEO, said, “The Park Aerospace Board members and I look forward to welcoming Shane to our Board of Directors and we look forward to working with Shane on our Board. I have known Shane for several years, and, based upon my interactions with Shane, particularly my recent interactions with him, I have come to understand that Shane is a person of honor, character and principle. These are traits which are highly valued at Park, but, in my experience, are not very common in today’s world. Thank you, Shane, for your willingness to join Park’s Board.”

Shane Connor serves as Managing Partner of Huffman Prairie Holdings, LLC and Windancer Holdings, LLC, both of which are important Park Aerospace shareholders. Prior to Shane’s current roles, he spent more than a decade working in private and public equity investing. Shane’s experience ranges from middle-market private equity to working at multi-billion dollar small-cap and mid-cap public equity funds. Shane is a Chartered Financial Analyst, and he graduated Cum Laude from Ohio State University with a B.S.B.A in Finance. Shane grew up on a farm in the Dayton, Ohio area.

Park Aerospace Corp. develops and manufactures solution and hot-melt advanced composite materials used to produce composite structures for the global aerospace markets. Park’s advanced composite materials include film adhesives (undergoing qualification) and lightning strike protection materials. Park offers an array of composite materials specifically designed for hand lay-up or automated fiber placement (AFP) manufacturing applications. Park’s advanced composite materials are used to produce primary and secondary structures for jet engines, large and regional transport aircraft, military aircraft, Unmanned Aerial Vehicles (UAVs commonly referred to as “drones”), business jets, general aviation aircraft and rotary wing aircraft. Park also offers specialty ablative materials for rocket motors and nozzles and specially designed materials for radome applications. As a complement to Park’s advanced composite materials offering, Park designs and fabricates composite parts, structures and assemblies and low volume tooling for the aerospace industry. Target markets for Park’s composite parts and structures (which include Park’s proprietary composite SigmaStrut™ and AlphaStrut™ product lines) are, among others, prototype and development aircraft, special mission aircraft, spares for legacy military and civilian aircraft and exotic spacecraft. Park’s objective is to do what others are either unwilling or unable to do. When nobody else wants to do it because it is too difficult, too small or too annoying, sign us up.

Additional corporate information is available on the Company’s web site at www.parkaerospace.com.

Contact: Donna D’Amico-Annitto
486 North Oliver Road, Bldg. Z
Newton, Kansas 67114
(316) 283-6500

FAQ

What is the significance of the Cooperation Agreement for Park Aerospace (PKE)?

The Cooperation Agreement allows for the nomination of Shane P. Connor to the Board, which could enhance governance and strategic direction for Park Aerospace.

Who is Shane P. Connor, nominated for the Park Aerospace Board?

Shane P. Connor is the Managing Partner of Huffman Prairie Holdings and has extensive experience in private and public equity investing.

When will the election for the new Park Aerospace Board member take place?

The election for the new Board member, Shane P. Connor, will occur at the upcoming 2023 Annual Shareholders Meeting.

What does Park Aerospace (PKE) specialize in?

Park Aerospace specializes in developing advanced composite materials used in aerospace applications, including jet engines and aircraft structures.