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March 23, 2012
13:20 EDTMLNK, HNHModusLink responds to Handy & Harman
ModusLink (MLNK) issued the following statement in response to the press release issued by Handy & Harman Ltd. (HNH) together with BNS Holding, Inc. and Steel Partners, Ltd. earlier today: ModusLink’s Board of Directors and management team are committed to acting in the best interests of the Company and ALL ModusLink stockholders. Last November, ModusLink’s Board of Directors commenced a comprehensive review of the strategic alternatives available to the Company to enhance stockholder value. Contrary to the HNH Group’s assertions, that process is well underway as stated on the Company’s recent quarterly investor conference call, and it would be inappropriate for the Board to potentially jeopardize the process by publicizing details. Furthermore, the Stockholder Rights Agreement that was adopted by ModusLink’s Board on March 21, 2012, enables the Company to continue to conduct an orderly, thorough and deliberative process of exploring the Company’s strategic alternatives.
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