STAMFORD, Conn., Jan. 10, 2012 /PRNewswire/ -- Peerless Systems Corporation (Nasdaq: PRLS) announces that ISS Proxy Advisory Services (ISS), one of the nation's leading independent proxy advisory firms, has concluded that Peerless has made a compelling case that change at the ModusLink Global Solutions, Inc. (Nasdaq: MLNK) Board is needed and recommends a vote on the GOLD proxy card to elect Peerless nominee, Jeffrey Wald, to the ModusLink Board at the upcoming January 20, 2012 Annual Meeting of Stockholders.
ISS reached their recommendation after fully examining ModusLink's lackluster operating results, poor stock price performance, misaligned executive compensation practices and weak corporate governance oversight, among other areas of stockholder concern.
The ISS research report states, "On balance, the persistent, long-term underperformance that has eroded most of ModusLink's shareholder value since the transition to a supply chain solutions provider, the apparent lack of urgency to deliver change proactively, and the company's governance regime (particularly, as it relates to shareholder rights) support the dissident's case that change is warranted at the board level."ISS also states that ModusLink's arguments against the Peerless nominees are weak "given the company's lackluster long-term operating performance, the long-term negative trend in Total Shareholder Return, and even the economic incentives of the two dissident nominees, who represent a significant shareholder." Peerless' CEO and ModusLink board nominee Timothy Brog commented, "We are extremely pleased to get such a strong recommendation from ISS. With support like this, 2012 will mark the beginning of a new direction at ModusLink, which will be led by an improved board of directors focused on building long-term stockholder value. We strongly encourage stockholders to vote the GOLD proxy card for the election of Peerless' highly qualified nominees, Timothy Brog and Jeffrey Wald, at the Company's upcoming Annual Meeting." To support change PLEASE VOTE THE GOLD CARD today. Finally, it is important to note that a vote on management's white proxy card against the ModusLink's nominees is not the same thing as a vote on the GOLD proxy card in favor of Peerless' nominees. Stockholders who have returned a white proxy card to the Company can change their vote by voting the Peerless GOLD proxy card today.