Steel Partners buys more shares of Point Blank

By Lisa Kerner

Charlotte, N.C., March 19 - Point Blank Solutions, Inc. shareholders led by Steel Partners II, LP increased their stake in the company to 7.9% from 6.7% with the purchase of an additional 576,165 shares of the company's stock.

The shares were acquired between Feb. 21 and March 14 priced from $3.45 to $3.80 each, a schedule 13D filing with the Securities and Exchange Commission reported.

On Feb. 8, Steel Partners nominated a slate of five people for election to the company's board of directors at its 2008 annual meeting:

• 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 4,018,087 shares of Point Blank's common stock.

It was previously reported that Point Blank 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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