PR Newswire
SIMI VALLEY, Calif., June 14, 2012
SIMI VALLEY, Calif., June 14, 2012 /PRNewswire/ -- Qualstar Corporation (Nasdaq: QBAK) today responded to the communications coming from BKF Capital Group, which is attempting to take complete control of Qualstar's board with industry outsiders, including Steven Bronson, BKF's controlling shareholder and CEO.
In support of their take-over attempt, BKF and Bronson are omitting material facts and making inaccurate and misleading statements that are critical for shareholders to consider in making an informed decision in this proxy contest. We believe that once you read the information below, you will conclude that BKF and Bronson should not be trusted with your vote or with Qualstar's future.
BKF'S CLAIM REGARDING MR. BRONSON'S EXPERIENCE AT MIKRON
Even though Bronson spent only 9 months as CEO of Mikron Infrared Inc., back in 1999, he claims credit for its successful sale that occurred 8 years later, because he allegedly "installed" the management team that sold Mikron in 2007.
THE FACTS: BKF failed to inform you that:
Thus, Bronson's taking credit for Mikron's sale, years after his involvement, based on the actions of a management team he had previously sued, is hard to swallow.
BKF'S CLAIM REGARDING MR. BRONSON'S EXPERIENCE AT 4NET SOFTWARE AND RIDGEFIELD ACQUISITION CORP.
Bronson claims that when he acquired control of each of 4Net and Ridgefield, they were already shell companies.
THE FACTS: Bronson failed to inform you that:
BKF'S CLAIM REGARDING THE RISK THAT BKF WILL HAVE TO SELL ITS QUALSTAR SHARES
Bronson wants you to believe that there is only a "risk" that BKF may have to sell off its Qualstar shares because it is an unregistered investment company and that it has alternatives, to a sale of its Qualstar shares, for achieving compliance with the Investment Company Act of 1940 (the "1940 Act").
THE FACTS: Bronson failed to inform you about the following critical facts as well as the risks he is asking Qualstar's other shareholders to take:
Based on the inaccurate statements and the apparent motives of BKF described above, we believe that Bronson's reason for attempting to take control of Qualstar's Board is to be able to dividend out a substantial amount of Qualstar's cash, 18% of which will go to BKF, before BKF is required to sell off its Qualstar shares.
For these reasons, we also believe that shareholders should seriously question whether, if permitted by shareholders to take control of Qualstar, Bronson and his slate can be trusted to operate Qualstar in the interests of all Qualstar shareholders.
THE DECISION IS UP TO YOU: WHO DO YOU TRUST?
Qualstar shareholders have an opportunity to support the Company's new initiatives – and protect the value of their investment – by rejecting BKF's threat to take control of the company. The Qualstar board unanimously urges all shareholders to discard any GOLD proxy card they may have received from BKF. Your vote is extremely important, regardless of the number of shares you own. Whether or not you have already voted BKF's gold proxy card, please take a moment NOW to vote AGAINST BKF's proposals by telephone or over the Internet by following the instructions on the WHITE proxy card or by signing, dating and returning the WHITE proxy card.
If shareholders have any questions or need assistance voting their shares, please contact Mackenzie Partners, Inc., our proxy solicitor, toll free at (800) 322-2885 or (212) 929-5500 (call collect) or at proxy@mackenziepartners.com.
About Qualstar Corporation
Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. The company's products are known throughout the world for high quality and Simply Reliable designs that provide years of trouble-free service. More information is available at www.qualstar.com or www.n2power.com.
SOURCE Qualstar Corporation
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