Surge Components, Inc. ("Surge" or the "Company") (OTC Pink:SPRS), a leading supplier of capacitors, discrete semi-conductors and audible/sounding devices, announced today that its Board of Directors has postponed the Company's Annual Meeting of Shareholders to January 5, 2017. The Board issued the following statement in conjunction with this announcement: "We have decided to postpone the Annual Meeting in order to ensure all Surge shareholders are given sufficient time to make an informed decision about their votes. Recently, dissident shareholders Michael Tofias and Bradley Rexroad brought a lawsuit against Surge in Nevada, urging the Company to delay the date of the Annual Meeting and turn over shareholder information. We were surprised by the demand to delay the Annual Meeting, given that the meeting date was validly set by the Company and the dissidents never made this demand previously. Also, under the clear and unambiguous language of the relevant statute, the dissidents are not entitled to the requested shareholder information. However, our commitment to shareholder democracy and transparency remains steadfast, and this lawsuit is a time consuming distraction from the important issues at hand and is wasting the Company's and shareholders' resources. Therefore, we have shared the shareholder information with Messrs. Tofias and Rexroad even though we have no obligation under the statute to do so and decided to consent to their demand to delay the Annual Meeting date. We continue to firmly believe that electing Messrs. Tofias and Rexroad to the Board of Surge and immediately pursuing a sale process is not in the best interests of the Company and all shareholders. We remind shareholders that Tofias and Rexroad have not put forth a plan for growing Surge and delivering increased shareholder value, beyond simply displacing your experienced co-founders - Ira Levy and Steve Lubman - from the board and urging a prompt sale of the Company. These "plans" would leave the Company and its shareholders without a clear direction, would only serve to satisfy the short-term interests of these dissident shareholders, and would rob you of long-term value creation.