NAPLES, Fla., Oct. 17, 2011 /PRNewswire/ -- As a beneficial owner of approximately 1,172,804 shares of common stock of ModusLink Global Solutions, Inc., representing 2.7% of the current outstanding shares, Lloyd I. Miller III intends to withhold votes against the company's nominees at the upcoming 2011 Annual Meeting of shareholders. The proposal for the election of directors will be more fully described in ModusLink's proxy statement for the 2011 Annual Meeting.
Mr. Miller is voting against the company's nominees because he believes that the company has made bad acquisitions and poor management decisions that were detrimental to shareholder value. The current cost-cutting measures are welcome but late.
As a long-term shareholder, expressing his independent views, Mr. Miller agrees with the reasons behind the proxy contest announced by Peerless Systems Corporation. In its announcement, Peerless stated that "over the past five years the current Board of Directors have overseen the Company's declining stock price, misuse of its balance sheet through disastrous acquisitions and investments, and poor operating performance."
For the reasons expressed by Peerless and his independent views regarding the company's underperformance, Mr. Miller intends to vote in favor of the two nominees proposed by Peerless, Timothy E. Brog and Jeffrey S. Wald.
Mr. Miller has been an investor in the company since 2006.
Lloyd Miller is seeking solely to inform ModusLink stockholders of his voting intentions and reasons for voting against management's nominees as directors. He is not soliciting votes of other stockholders.
CONTACT: Eric Fangmann, 888-758-7557 or info@limadvisory.com
SOURCELloyd I. Miller III
