WASHINGTON, May 29 /PRNewswire-USNewswire/ -- Action Fund Management, LLC (AFM), the investment advisor to the Free Enterprise Action Fund (Ticker: FEAOX), announced today that negotiations over the FEAOX's shareholder proposal filed with Procter & Gamble (Ticker: PG) have broken down over PG's refusal to acknowledge that company employees should be exposed to both sides of the debate over sustainable development. "We wanted Procter & Gamble to show its managers and employees the new documentary "Mine Your Own Business: The Dark Side of Environmentalism" (http://www.mineyourownbusiness.org/) and to publicly acknowledge the need to hear from both sides of the sustainable development debate," said Steve Milloy of AFM. "While Procter & Gamble said it was willing to distribute 100 copies of the film to its employees, the company refused to publicly acknowledge the value of debate," added Milloy. "Without the requested public acknowledgment, we doubt that Procter & Gamble is really sincere about showing its employees 'Mine Your Own Business,' or educating its employees about what many view as the dark side of environmentalism," said AFM's Tom Borelli. "Procter & Gamble's stakeholder engagement on sustainability apparently is limited only to the voice of environmental activists. 'Mine Your Own Business' spotlights the human cost of blind adherence to sustainability -- a message company management needs to hear," added Borelli. Negotiations between AFM and PG began after AFM filed a shareholder proposal with PG requesting a report to shareholders on the actions the company is taking to promote the general business environment. "Procter & Gamble touts its sustainable development activities on its web site, but says little if anything about what it's doing to promote business, capitalism and free enterprise," said Milloy. "The company offered to meet with us about our concerns, but our position was that employee-viewing of "Mine Your Own Business" would be a more productive use of everyone's time. "We're obviously disappointed, but not surprised," said Borelli. "Companies like Procter & Gamble have been so intimidated by anti-business environmental and social activists that they're afraid to be seen as considering alternative points of view," Borelli said. "I suppose we'll have to look forward to discussing this issue with Procter & Gamble CEO Alan G. Lafley at the annual shareholder meeting this fall," Milloy concluded. The FEAOX aims to increase shareholder value by advancing free-market principles in the companies it owns. FEAOX is available exclusively through BISYS Fund Services Limited Partnership (applications may be obtained at http://www.feaox.com/how.html), and through E*Trade Financial, Scottrade and HSBC. CONTACT: Audrey Mullen, +1-703-548-1160, for Free Enterprise Action Fund DATASOURCE: Free Enterprise Action Fund CONTACT: Audrey Mullen, +1-703-548-1160, for Free Enterprise Action Fund Web site: http://www.feaox.com/how.html http://www.mineyourownbusiness.org/

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