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This Site:en.yinlu.net Source:en.yinlu.net Writer: Time:2007-11-22

NEW YORK--(BUSINESS WIRE)--Steel Partners II, L.P. today announced that it sent a letter to the Board of Directors of Point Blank Solutions, Inc. (“PBSI” or the “Company”) (Pink Sheets: - ), stating that while it is willing to enter into an appropriate non-disclosure agreement (“NDA”) prior to meeting with the Company to discuss the Company’s strategic plan and steps to maximize long-term shareholder value, Steel Partners is not willing to enter into any “standstill” provisions in light of its previously announced proposal to acquire the Company for no less than $5.50 per share in cash. Steel’s letter is in response to the Company’s November 9 letter in which the Company informed Steel of the Board’s decision not to pursue Steel’s proposal and of the Company’s interest in discussing its strategy with Steel given its success in providing assistance to companies in the defense industry.

“Our hope is that the 'standstill,' which is both unwarranted and overreaching in light of our serious interest in acquiring the Company, was included by over-zealous lawyers and is not an actual pre-condition to our meeting. If the Board insists on a 'standstill,' then we are only left to conclude that the Board does not have a genuine interest in meeting with Steel and was using the NDA as a means to limit our rights as shareholders,” Warren G. Lichtenstein, Managing Member of Steel Partners stated in the letter.

On October 30, 2007, Steel issued a letter to the Company stating its willingness to enter into negotiations to acquire all of the common stock of PBSI it does not already own for no less than $5.50 per share in cash, representing at least a 23% premium to PBSI’s closing price on October 29, 2007.

Full text of the letter:

��һƪ��Carroll Shelby International Announces Date for Annual Shareholder Meeting   ��һƪ��Abraham, Fruchter & Twersky, LLP Files Class Lawsuit against Pzena Asset Man

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