Court denies Point Blank; annual meeting must be held Aug. 19

By Lisa Kerner

Charlotte, N.C., Aug. 13 - The Court of Chancery of the State of Delaware denied Point Blank Solutions, Inc.'s attempt to postpone its annual meeting of stockholders.

According to Point Blank shareholder Steel Partners II, LP, the company made a "last-ditch" attempt on July 25 to delay the meeting in order to pursue a strategic process.

Point Blank must hold its annual meeting on Aug. 19 as ordered.

This will be the company's first annual meeting in over three years, a Steel Partners news release said.

It was previously reported that Point Blank postponed its 2008 annual meeting until Aug. 19 from April 22 and said the board will explore strategic alternatives, including a possible sale of the company, with the assistance of Wachovia Securities.

Steel Partners once again urged Point Blank stockholders to vote for its slate of director nominees at the annual meeting. The investor cited Point Blank's "appalling" second-quarter 2008 financial results in a prior statement.

The company had rejected Steel Partners' Oct. 30 offer to acquire Point Blank 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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