Dream Chasers demands Carver board call urgent special meeting

Dream Chasers said, “The listing of a company’s stock is a critical component for any shareholder to invest in a company, and for a Board to seek to take away that fundamental component without a shareholder vote cannot be in shareholders’ best interest. The only explanation can be a self-serving attempt to entrench management, reduce transparency to shareholders and reduce exposure to regulatory oversight. No one should take away a shareholder’s right to vote on such a critical issue -especially a chronically underperforming board like Carver’s who has no mandate based on the fact that 70% of retail shareholders voted against the Board at last year’s annual meeting and a Board who’s self-serving delisting announcement has cost shareholders close to $10m in stock market losses. Members of the Board together own less than 2% of shares – yet are attempting to make a unilateral decisions for 98% of the majority on such a crucial matter for the Company and shareholders. The Board has no skin in the game. Dream Chasers is once again working to gain Board representation for the retail shareholder base. The Board’s self-serving delisting announcement from the NASDAQ is the biggest material change that has happened in the last 10 years – perhaps in the Bank’s 75 year existence. How can the Board DESTROY half of Carver’s market cap and DESTROY shareholder value without a shareholder vote especially since it is shareholders money at stake? This delisting action is a continuation of this Board’s self-serving attempt at entrenchment and their attempt to disenfranchise shareholders rights. Their Board refreshment plan will take too long, and it is just another way for the Board and management to stack the Board with directors who have no material stake in Carver and do not represent Carver’s core shareholder base which are retail investors. Don Felix is making 700K a year as the Bank loses millions and is likely to pocket as much as $3.4m if the bank was sold, yet it is under his watch that the Bank is back under OCC supervision…Through its relentless activism, Dream Chasers has been able to slowly effect positive changes that has benefited the Company, shareholders and the stock price over the last year or so. Instead of building on that momentum towards a possible capital raise at an attractive price, the Board chose shareholder value destruction with this reckless, self-serving decision. No shareholder should stand for this. Dream Chasers on behalf of all shareholders demands that the Board call a special meeting of shareholders and give all shareholders a chance to vote before any further steps are taking to delist the Company’s shares. Dream Chasers urges ALL shareholders to contact the Board and Don Felix immediately and prevent this continuation of shareholder deception. Carver’s best days could be ahead, but not on the path this Board is dangerously veering down.”