Reaffirms Willingness to Negotiate a Transaction that is in the Best
Interests of Shareholders of Both Companies
JERSEY CITY, N.J.--(BUSINESS WIRE)--
Bel Fuse Inc. (NASDAQ: BELFA) and (NASDAQ: BELFB) today announced
that preliminary voting results from the Pulse Electronics
Corporation (NYSE: PULS) annual meeting of shareholders held on May
18, 2011 indicate at least one of Bel's two director nominees was
narrowly defeated in the contested election to elect new directors to
the Pulse Board of Directors. Definitive voting results are expected to
be certified within two weeks by IVS Associates, Inc., the independent
inspector of elections.
Dan Bernstein, Bel's President and Chief Executive Officer, stated,
"Rising material costs, increasing labor rates and customer demands to
reduce component prices will continue to exert pressure on profit
margins in our industry far into the foreseeable future. As a result, we
continue to believe that long-term shareholder value can be best created
through industry consolidation."
Mr. Bernstein added, "While we are disappointed in the preliminary
results of yesterday's election, we still believe a business combination
with Pulse is compelling and makes the most sense for shareholders,
customers, associates, and other important stakeholders of both
companies. We remain available to discuss a transaction with Pulse if
and when they are prepared to do so. In the meantime, we will continue
to prudently manage our costs and seek other acquisition candidates that
will help us achieve lasting value for our investors."
ABOUT BEL FUSE INC.
Bel Fuse Inc. ("Bel") (www.belfuse.com)
and its divisions are primarily engaged in the design, manufacture, and
sale of products used in networking, telecommunications, high-speed data
transmission, commercial aerospace, military, transportation, and
consumer electronics. Products include magnetics (discrete components,
power transformers and MagJack® connectors with integrated magnetics),
modules (DC-DC converters, integrated analog front-end modules and
custom designs), circuit protection (miniature, micro and surface mount
fuses) and interconnect devices (micro, circular and filtered D-Sub
connectors, passive jacks, plugs and high-speed cable assemblies). Bel
operates facilities around the world.
FORWARD-LOOKING STATEMENTS
Except for historical information contained in this news release, the
matters discussed in this press release are forward-looking statements
that involve risks and uncertainties. Among the factors that could cause
actual results to differ materially from such statements are: the market
concerns facing our customers; the continuing viability of sectors that
rely on our products; the effects of business and economic conditions;
capacity and supply constraints or difficulties; product development,
commercializing or technological difficulties; the regulatory and trade
environment; risks associated with foreign currencies; uncertainties
associated with legal proceedings; the market's acceptance of Bel's new
products and competitive responses to those new products; and the risk
factors detailed from time to time in Bel's Securities and Exchange
Commission reports. In light of the risks and uncertainties, there can
be no assurance that any forward-looking statement will in fact prove to
be correct. We undertake no obligation to update or revise any
forward-looking statements.
Investor Inquiries:
Bel Fuse Inc.
Daniel Bernstein,
President & CEO
Colin Dunn, Vice President Finance
201-432-0463
www.belfuse.com
or
Media
Inquiries:
Hedge Fund Solutions, LLC
Damien Park
215-325-0514
dpark@hedgerelations.com
or
Investor
Contact:
Neil Berkman Associates
310-477-3118
info@berkmanassociates.com
Source: Bel Fuse Inc.
News Provided by Acquire Media
