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Steel Excel Inc. Completes Tender Offer For Shares Of IGO, Inc.

SCOTTSDALE, Ariz., and WHITE PLAINS, N.Y., Aug. 23, 2013 (GLOBE NEWSWIRE) -- Steel Excel Inc. (Other OTC:SXCL) ("Steel") and iGO, Inc. (Nasdaq:IGOI) (the "Company") today announced that Steel has successfully completed its previously announced tender offer for up to 1,316,866 of the outstanding shares of common stock of the Company for $3.95 per share, net to the seller in cash without interest and less any applicable withholding taxes.

The tender offer expired at 5:00 p.m. (New York City time) on Thursday, August 22, 2013. Computershare Trust Company, N.A., the depositary for the tender offer, has advised that, as of the expiration of the tender offer, 2,075,007 shares of the Company's common stock (including 16,716 shares subject to notices of guaranteed delivery) were validly tendered and not properly withdrawn pursuant to the tender offer, representing approximately 69.3% of the outstanding shares of the Company's common stock on a fully diluted basis, as of July 11, 2013. The aggregate number of shares of the Company's common stock validly tendered and not properly withdrawn pursuant to the tender offer satisfies the condition to the tender offer that at least 897,864 outstanding shares of the Company's common stock be validly tendered and not properly withdrawn prior to the expiration of the tender offer. Accordingly, Steel has accepted for payment 1,316,866 shares of the Company's common stock validly tendered and not properly withdrawn pursuant to the tender offer.

The number of shares of the Company's common stock validly tendered and not properly withdrawn pursuant to the tender offer exceeded the maximum tender amount of 1,316,866 shares.  Because the tender offer was oversubscribed, the number of shares of the Company's common stock that Steel accepted for purchase from each of the tendering stockholders will be prorated.  The estimated proration factor is approximately 63.5% of the shares of the Company's common stock tendered (including shares tendered in accordance with the guaranteed delivery procedures). The proration factor limits Steel's purchase to 44.0% of the shares of the Company's common stock outstanding as of July 11, 2013 on a fully diluted basis, in accordance with the terms of the tender offer.

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