Parks! America Files Preliminary Proxy Statement

Urges Stockholders to Wait to Receive the Company’s Definitive Proxy Statement and WHITE Proxy Card

Issues Open Letter to Focused Compounding

PINE MOUNTAIN, Georgia, Feb. 01, 2024 (GLOBE NEWSWIRE) -- Parks! America, Inc. (OTCPink: PRKA) (the “Company”) announced today that it has filed its preliminary proxy statement with the U.S. Securities and Exchange Commission (“SEC”) in connection with its Special Meeting of Stockholders (the “Special Meeting”) to be held February 26, 2024. The Company urges stockholders to wait to receive its definitive proxy statement and WHITE Proxy Card in the mail prior to determining how to vote at the Special Meeting. The Company also issued an open letter to Focused Compounding Fund, LP (collectively with its affiliates “Focused Compounding”). The full text of the letter follows.

Dear Focused Compounding,

As we have said before, we appreciate the opportunity to have a dialogue with you, and with all of our stockholders, as we remain focused on maximizing value for all stockholders. We believe a private dialogue would be more constructive, but we appreciate the opportunity, nonetheless.

Since my appointment as Chief Executive Officer in November 2022, we have been focused on building a new foundation for Parks! America, operationally, culturally and financially. Our primary goal has been to position the Company on a firmer operational and financial foundation, putting in place standards that will drive profitability and long-term financial performance. We are proud of the progress our team has made, and believe we have the right people in place to establish a solid base for sustained growth. We are optimistic about the opportunities ahead within our pillars of growth, which include core business growth, adjacent development and monetization of existing land and potential acquisitions of entertainment assets.

While the operating results of our 2023 fiscal year were dramatically impacted by a major EF3 category tornado that hit our leading revenue generating park in March 2023 with devastating results, we are incredibly proud of our team for its execution of a swift and focused plan that enabled us to reopen to guests in only twenty days.

We recognize your overall 38.5% position in the outstanding shares of the Company, which more than doubled as a result of the incremental 20% position you acquired on December 14, 2023 from our previous CEO.

Your stated aims are to remove our management and replace the Board of Directors with the principals of Focused Compounding. Your proposed slate of directors lacks any relevant industry experience, in stark contrast to the decades of experience in their respective industry segments that the current Board of Directors possesses in key areas, including entertainment, leisure, amusement, resort and real estate development. Furthermore, your proposed slate would not reflect appropriate independence for a board of directors and would constitute what you acknowledge to be a “takeover”¹ – while failing to pay any corresponding control premium to your fellow stockholders. And yet your own confessed plan is limited to (i) the executive compensation of your “takeover” slate and (ii) vague references to corporate costs and capital allocation. As a result of all of this, we do not believe your “takeover” will serve the interests of all stockholders.