KEWL Keweenaw Land Association Limited (PK)

Ronald S. Gutstein, a private investor, announced today that he has submitted a notice to Keweenaw Land Association, Ltd., a Michigan corporation (Other OTC: KEWL) (the ๏ฟฝCompany๏ฟฝ) of his intention to seek two board seats at the next annual meeting of shareholders, which is expected to be held in mid-June 2008. Mr. Gutstein has nominated himself and Mr. Scott Frisoli, who is also a significant shareholder of the Company, for the two board seats that will become vacant this year. Mr. Gutstein also announced that he has launched a new website, www.freekeweenaw.com, to communicate more effectively with the Company๏ฟฝs shareholders as he seeks their proxies for the upcoming election. Mr. Gutstein stated: ๏ฟฝFor the past several decades, our company has been run by a small group of individuals, with a hand picked Board of Directors that has not considered the interests of all shareholders. During this time, the Board has continued to increase their own salaries, but has neither executed nor articulated a long-term strategy to unlock the huge value that is tied up in our assets. It is time for Keweenaw to be run for the benefit of all shareholders. It is time for all potential conflicts of interest between Board members and outside shareholders, or employees and outside vendors, to be disclosed so that all shareholders can decide for themselves how well they have been served.๏ฟฝ Mr Gutstein continued: ๏ฟฝIn the coming weeks, you will be hearing more about these issues, as two non-affiliated, long-term shareholders ask for your vote in the upcoming election for two positions on the Board of Directors. Furthermore, you will be hearing about long-term strategic actions that our Company can and should consider to increase and unlock the value of its assets.๏ฟฝ Responding to questions about how he would seek to unlock the value of the Company๏ฟฝs assets, Mr. Gutstein noted: ๏ฟฝKeweenaw has massive mineral reserves. Despite record demand and rising prices, management has done nothing to take advantage of current, unprecedented market conditions. Instead, they have been content to remain a small timber company and real estate developer. If management was determined not to exploit its extensive mineral reserves, at a minimum, they should have taken advantage of the tax benefits from becoming a REIT.๏ฟฝ A real estate investment trust or ๏ฟฝREIT๏ฟฝ is a tax-favored vehicle available to companies that manage timber and real estate investments. In return for a favorable corporate tax status, REITs are required to distribute back to investors 90% of their income in the form of a cash dividend. Keweenaw๏ฟฝs November 9th, 2007 fourth quarter dividend was just twenty cents ($0.20) a share. Keweenaw๏ฟฝs shareholders deserve more. The time for change is now. Mr. Gutstein also remarked: ๏ฟฝWe call upon Keweenaw๏ฟฝs shareholders to join with us to make management work for our benefit, rather than entrenching themselves in cushy corporate jobs. We look forward to communicating with our fellow shareholders and encourage you to contact our proxy firm The Altman Group toll free at (866) 745-0270.๏ฟฝ Ron Gutstein is a 1993 graduate of Colgate University. Mr. Gutstein was formerly the Director of Trading Operations of Investec Ernst & Company, the US subsidiary of an international, specialist banking group. He currently heads the NASDAQ market-making operation of Access Securities, which provides execution services for institutional investors. This operation at Access Securities makes a market in the common stock of Keweenaw. Mr. Gutstein is making the proxy solicitation for Keweenaw Land Association, Ltd., as a private investor.