NEW YORK, Jan. 13, 2012 (GLOBE NEWSWIRE) -- The Abernathy Group II, a Registered Investment Advisor, announced today that it is joining other major shareholders and voting our shares for the Gold Card in support of Peerless System Corporation's (Nasdaq:PRLS) two director nominees - Timothy Brog and Jeffrey Wald - to the board of ModusLink Global Solutions, Inc. (Nasdaq:MLNK) at the Company's January 20, 2012 Annual Meeting.
Steven Abernathy commented, "We have performed what we believe to be a thorough process of due diligence in an attempt to understand the financial history of ModusLink. It is clear to us that Tim Brog and Jeff Wald will strengthen the ModusLink board and represent shareholders as powerful advocates for long overdue change." Abernathy continued, "ModusLink needs to have a thorough operational review focused on rationalization. This is likely to lead to difficult decisions affecting the management and operations of the company. It is clear to us that current management, under the Board's direction, has destroyed shareholder value over the past 5 years. It is equally clear that the proposed Peerless System Corporation's board members have every incentive to increase shareholder value. In short, we firmly believe the Peerless Corporation's nominees' interests are perfectly aligned with ModusLink shareholders'.
"The Gold Card nominees have put their money where their mouth is by purchasing stock on the open market, and by waging this contest using their own money. On the other hand, current management at ModusLink has decided to spend shareholders' hard-earned money to wage a war against new and highly competent individuals whose incentives are clearly aligned with all shareholders. It is our opinion that the ModusLink Board and executive management should welcome new Board members whose only goal is to increase shareholder equity after they have presided over destroying shareholder equity since 2009.
"We have voted our shares in favor of the two Peerless System Corporation nominees on the Gold proxy card, and encourage other disenfranchised shareholders to join us in this effort."
We have attempted to speak with ModusLink senior management and Investor Relations several times and they have not returned our calls.
CONTACT: Debra LeMoine - 212-293-3456
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