Bel Fuse may seek representation on Power-One's board of directors

By Lisa Kerner

Charlotte, N.C., Nov. 3 - Shareholder Bel Fuse, Inc. urged Power-One, Inc. to immediately implement the changes Bel Fuse suggested in June to prevent the company from being forced to issue more shares in order to meet its capital requirements.

Bel Fuse, in an Oct. 31 letter to Power-One's board, said it may consider submitting a slate of directors for election to Power-One's board at the next annual meeting if the company fails to implement Bel Fuse's suggestions.

In the letter, Bel Fuse said it does not believe that Power-One's issuance of new shares at current depressed prices is the answer to "the serious challenges" the company faces.

The shareholder said it has an interest in acquiring Power-One's DC/DC converters business and believes the company could use the proceeds to eliminate a "substantial portion" of its debt.

Bel Fuse, a Jersey City electronics company, and wholly owned subsidiary Bel Ventures, Inc. own approximately 8.36% of Power-One.

Power-One designs and manufactures power conversion and power management products. The company is located in Camarillo, Calif.

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