Preliminary Internal Tally of Results of J. Alexander's 2019 Annual Meeting

Business Wire 20-Jun-2019 12:57 PM

J. Alexander's Holdings, Inc. (NYSE:JAX) ("J. Alexander's" or the "Company") today announced that, based on a preliminary internal tally at the Company's 2019 Annual Meeting of Shareholders (the "Annual Meeting"), subject to the final certification of the voting results by the independent inspector of election, both of the Company's nominees, Timothy T. Janszen and Ronald B. Maggard, Sr., have been re-elected to the J. Alexander's Board of Directors (the "Board").

In addition, based on a preliminary internal tally and subject to the final certification of the voting results by the independent inspector of election, the Company announced that at the Annual Meeting, the shareholders approved each of the other proposals, approving the Company's Amended and Restated 2015 Equity Incentive Plan, approving the ratification of KPMG as the Company's auditor for fiscal year 2019 and approving on a non-binding basis a shareholder proposal regarding majority voting in uncontested director elections.

The Company issued the following statement: "The J. Alexander's Board and management team thank our shareholders for their support, input and participation. The Board and management team value the input and perspectives of all shareholders. We are of course disappointed that Ancora Advisors, LLC and its "withhold" campaign diminished support for the Board's highly qualified nominees, but we are extremely pleased that the equity incentive plan proposal gained broad support. In addition, the Board has heard shareholders' collective voice on the matters in connection with this meeting and intends to carefully consider the feedback received. As we look to the future, our foundation is solid, our operations are excellent and we have not wavered from our commitment to our long-term plan to deliver superior value."

The Company will file a Current Report on Form 8-K with the Securities and Exchange Commission within four business days of the Annual Meeting to report the results based on the independent inspector of election's tabulation.

About J. Alexander's Holdings, Inc.

J. Alexander's Holdings, Inc. is a collection of restaurants that focus on providing high quality food, outstanding professional service and an attractive ambiance. The Company presently operates 46 restaurants in 16 states. The Company has its headquarters in Nashville, Tennessee. For additional information, visit www.jalexandersholdings.com.

Forward-Looking Statements

This communication contains forward-looking statements, which include all statements that do not relate solely to historical or current facts, such as statements regarding our expectations, intentions or strategies regarding the future. These forward-looking statements are based on management's beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future events, including financial and operating results and are not statements of fact, actual results may differ materially from those projected and are subject to a number of known and unknown risks and uncertainties, including the outcome of the final certification of voting results by the independent inspector of election; the Company's ability to maintain satisfactory guest count levels and maintain or increase sales and operating margins in its restaurants under varying economic conditions; the number and timing of new restaurant openings and the Company's ability to operate them profitably; the effect of higher commodity prices, unemployment and other economic factors on consumer demand; increases in food input costs or product shortages and the Company's response to them; competition within the casual dining industry and within the markets in which our restaurants are located; adverse weather conditions in regions in which the Company's restaurants are located; factors that are under the control of third parties, including government agencies; as well as other risks and uncertainties described under the headings "Forward-Looking Statements," "Risk Factors" and other sections of the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 14, 2019, as amended on April 29, 2019, and subsequent filings. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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