Glass Lewis Recommends Against Peter Kellogg;s Attempt to Improperly Take Control of MFC's Board

MFC Industrial

today announced that the other leading independent proxy advisory and corporate governance firm, Glass, Lewis & Co. ("Glass Lewis"), has recommended that MFC shareholders vote "AGAINST" Peter Kellogg / IAT Reinsurance Company, Ltd.'s (the "Kellogg Group") attempt to improperly take control of the MFC board at the upcoming annual general and special meeting of MFC to be held on December 27, 2013 (the "Meeting") and to withhold their votes from the election of Peter Kellogg as a director, citing concerns, among others, regarding the Kellogg Group's "questionable behavior". Together with the previously announced recommendation of Institutional Shareholder Services Inc. ("ISS"), the two leading independent proxy advisory and corporate governance firms have now recommended that shareholders vote "AGAINST" the Kellogg Group's proposal to obtain a majority of the MFC board at the Meeting and against the election of Mr. Kellogg to the MFC board. Glass Lewis has recommended that, among other things, MFC shareholders vote "AGAINST" the