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BKF Capital Group, Inc. Demands Special Shareholders Meeting For Qualstar Corporation

BKF Capital Group Inc. (OTCQB: BKFG) today announced that it has sent a letter to Qualstar Corporation (NASDAQ: QBAK) demanding a special meeting of the shareholders of Qualstar to vote to remove the incumbent members of the board of directors, to fix the authorized number of directors and to elect new members to the board of directors. BKF owns 16.2% of Qualstar’s shares and is making the demand in accordance with Qualstar’s bylaws.

The text of the letter is set forth below:

BKF CAPITAL GROUP, INC.

225 N.E. Mizner Boulevard, Suite 400

Boca Raton, Florida 33432

Tel. No. (561) 362-4199

April 30, 2012

VIA FACSIMILE TO (805) 583-7749 AND OVERNIGHT COURIER

 
Qualstar Corporation
3990-B Heritage Oak Court
Simi Valley, CA 93603
Attention: Nidhi H. Andalon, Secretary
 

Gentlemen:

I am writing on behalf of BKF Capital Group, Inc. (“ BKF”) which is, as of the date of this letter, the shareholder of record of 1,986,186 shares of common stock of Qualstar Corporation (“ Qualstar” or the “ Company”), constituting more than ten percent (10%) of the voting power of the Company’s outstanding shares.

Pursuant to the authority set forth in Article II, Section 3 of the Company’s Bylaws (as amended and restated as of March 24, 2011) and Section 600(d) of the California General Corporation Law, BKF hereby calls a special meeting of the shareholders of the Company, with such meeting to be held at the Company’s headquarters or at a nearby location during business hours on Wednesday, June 20, 2012.

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