Steel Partners seeks representation on Point Blank's board of directors

By Lisa Kerner

Charlotte, N.C., Feb. 8 - Point Blank Solutions, Inc. shareholder Steel Partners II, LP nominated a slate of five people for election to the company's board of directors at its 2008 annual meeting.

Steel Partners cited its "extensive experience working with and maximizing the value of other public companies in the defense industry" in making its nomination.

Point Blank, in acknowledging the nominations, said the board's nominating and governance committee would review them and make a recommendation to its stockholders "in due course."

"The board of directors and management team of the company are committed to acting in the best interests of the company, our customers and all of our stockholders, and we are working diligently to maximize stockholder value," president and chief executive officer Larry Ellis said in a Point Blank news release.

"We have a strong, well-qualified and independent board," Ellis added.

Steel Partners' nominees are:

• James R. Henderson, managing director and operating partner of Steel Partners LLC;

• Terry R. Gibson, managing director of SP Corporate Services LLC, a management services company owned by Steel Partners;

• General Merrill A. McPeak, president of McPeak and Associates;

• Robert Chefitz, managing member of NJTC Venture Fund with over 25 years of experience investing in security, technology and biotech companies; and

• Bernard C. Bailey, chairman and chief executive officer of Paraquis Solutions LLC with more than 25 years of operational experience in the high-tech and security sectors.

Steel Partners beneficially owns 3,441,922 shares, or 6.7%, of Point Blank's common stock, according to the investor's news release.

Point Blank previously rejected Steel Partners' Oct. 30 offer to acquire the company for $5.50 cash per share.

Point Blank is a Pompano Beach, Fla., producer of body armor systems for law enforcement and the military.

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