SIMI VALLEY, Calif., June 20, 2012 /PRNewswire/ -- Qualstar Corporation (Nasdaq: QBAK) today announced that, based on preliminary voting results, BKF Capital Group did not obtain the required votes and thus failed in its attempt to take over the Qualstar board. Certified voting results are expected from the independent inspector within the next 5 days.
"We thank our shareholders for their support and confidence in our board and management team to continue to execute our turnaround strategy that is already underway at Qualstar," said Lawrence Firestone, Qualstar's chief executive officer. "We are pleased to have this disruption behind us so we can devote our full attention to the operation of our business and the execution of the turnaround plan."
Firestone continued, "Shareholders made the correct decision to reject BKF's unwarranted campaign to take over the company. Our Board remains committed to returning Qualstar to sustainable profitability and growth."
The preliminary voting results from today's Special Meeting of Shareholders are based on the advice of Qualstar's proxy solicitor.
About Qualstar Corporation:
Qualstar, founded in 1984, is a diversified electronics manufacturer specializing in data storage and power supplies. The company's products are known throughout the world for high quality and Simply Reliable designs that provide years of trouble-free service. More information is available at www.qualstar.com or www.n2power.com.
Vice President & CFO
Mark Harnett, Paul Schulman
SOURCE Qualstar Corporation