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North & Webster Sends Letter To CSP Inc. Stockholders

We are not alone in having serious concerns about the Company's prospects.  Consider these examples that come from the Company itself:

  • "While we anticipate continued growth from our Service and Systems Integration segment, the timing of programs will most likely result in a loss at our Systems segment." Press Release dated Dec. 13, 2012. "The year (FY 2013) will create a difficult year over year comparison." Gary Levine, CFO, on 4th Quarter earnings conference call.
  • "One of the problems we have - these two businesses have different profiles and don't make sense together." Statement from telephone call on October 29, 2012 between Sam Kidston, Gary Levine and Shelton James.
  • The Company stated the VAR business needs to grow at least 100% or it cannot support the costs of being a public company. Statement from telephone call on October 29, 2012 between Sam Kidston, Gary Levine and Shelton James.
  • The Company also stated in the Q&A section of the December 13, 2012 conference call, that as a result of conversations with Lockheed, they do not believe there will be other orders for planes placed.

We believe that the Company has underperformed historically and that these examples demonstrate that there are considerable risks to the Company as a stand-alone business.  The fact is that in the last 20 years stockholders have received a total return of 10.83%, and since 1994 the Company has earned cumulative net income of $5.65 million while management and the Board of this Company has pocketed over $24.5 million in that same period.  It is time for CSP to finally return value to investors rather than merely serving as a personal cookie jar and pension fund for the management and Board.  CSP needs to be sold in an open and transparent process now! 

Unfortunately, since the Board has chosen to allow very little time between now and the 2013 Annual Meeting and has refused to engage in discussions regarding our offer or a sale process for the Company, we have been left with little choice but to nominate a slate of four qualified director candidates to run for the Board with the express mandate to SELL THE COMPANY TO THE HIGHEST BIDDER!   We feel that if nothing is done to challenge this Board the history of poor stockholder returns over the past 20 years will simply continue.  If you prefer the Company to immediately commence a strategic process designed to maximize the value of your investment rather than the status quo, VOTE THE GOLD PROXY CARD!

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