Qualstar Corp.'s (QBAK) Board of Directors reiterated its commitment to maximizing value for all shareholders in the face of the poorly-timed and imprudent attempt by BKF Capital Group, Inc. and its controlling shareholder, Steven Bronson, to take control of the company. A Special Meeting of Qualstar's shareholders will be held on June 20, 2012 to decide important issues affecting the future of Qualstar.
Qualstar's Board urges shareholders to ignore any materials, communications or gold proxy card received from BKF or Bronson that ask for a vote in support of their efforts.
Qualstar's Board is undertaking new initiatives, including the recent appointment of Lawrence Firestone as the company's new CEO, to increase sales and return Qualstar to sustained profitability.
William Gervais, the company's founder and outgoing CEO, who owns 27% of Qualstar's outstanding shares and, as a result, has the largest personal stake of any shareholder in the outcome of this proxy contest, stated,
"I have confidence in the board and the management team at Qualstar led by Larry Firestone and believe that they will succeed in growing sales and returning Qualstar to profitability. By contrast, it appears that none of BKF's nominees, including Bronson, has ever successfully managed a publicly held operating company. Therefore, I think it would be a grievous mistake for shareholders to trust their investment in Qualstar to BKF and Bronson."
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