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Peerless Systems Corporation Criticizes The ModusLink Board For Recklessly Spending Stockholder's Money On Efforts To Entrench Themselves

STAMFORD, Conn., Dec. 22, 2011 /PRNewswire/ -- ModusLink Global Solutions, Inc. (Nasdaq: MLNK) intends to waste at least $2.6 million of stockholder money - YOUR money - to entrench themselves.  Unfortunately, this move is not surprising considering how richly the Board pays themselves and its management.  So it is no wonder that they will spend an incredible amount of money to retain their positions.  It is clear to Peerless Systems that this Board has no shame.  IT IS TIME FOR A CHANGE. 

Consider the following:
  • The ModusLink Board is spending $2.6 million to defend themselves in this proxy contest, which is 10x the amount Peerless Systems Corporation (Nasdaq: PRLS) plans to spend on this proxy contest to help maximize value for all ModusLink stockholders. 
  • To put this into context, the $2.6 million that ModusLink is wasting on this proxy contest is more than its aggregate net income for the past five years.
  • ModusLink's proxy solicitor has FIFTY (50) employees working on its behalf and ModusLink stockholders are paying for this.

Stockholders have already been inundated with telephone calls and THREE separate letters and proxy cards from ModusLink, filled with distortion and misleading information, to win your support.  Don't be fooled!   The ModusLink Board and management deliberately want to distract its stockholders so they forget about the horrendous operating performance, declining stock price, loss of stockholder value and wasteful spending that occurred on their watch during the last five years.  Not one of the Board's recent letters to stockholders, in connection with this proxy contest, states something tangible that has gone right at ModusLink over the past five years that has benefited stockholders and increased value. 

Instead, the Board and management continue to do the two things they are good at, which is to make misleading statements and unfulfilled promises to win your support and to spend stockholder money that is not in the best interest of stockholders.

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