WEST PALM BEACH, Fla., Jan. 22, 2015 /PRNewswire/ -- Eriksen Capital Management, the owner of 6.3% of Solitron Devices (SODI) shares, has a sent a letter to the Board expressing its outrage at the board's recent actions.

Summary of the facts:


    1. Prior to 2013, Solitron failed to hold an annual meeting for over ten
       years.
    2. It took a shareholder lawsuit for the board to hold its annual meeting in
       2013.  At that meeting, shareholders rejected two of the company's four
       board nominees.  Management responded by reappointing one of those
       nominees anyway.
    3. At the 2014 annual meeting, shareholders rejected the board's sole
       nominee.
    4. After that meeting large shareholders reached out to the company and
       submitted potential candidates.  The board ignored them all.
    5. On January 12, 2015 Solitron filed an 8-K with the SEC stating that on
       January 12 the board voted to increase its size to five members and
       appointed Dwight Aubrey and John Chiste to fill the two vacancies.  Due
       to a staggered board shareholders cannot vote on either appointee until
       2017.
    6. We believe Solitron made a false statement in its 8-k filing on January
       12, 2015. Solitron states that "Mr. Chiste is a director and Chairman of
       the Audit Committee of Forward Industries, Inc."  The truth is Mr. Chiste
       was voted out as a director by shareholders (along with the rest of
       Forward Industries nominees) in a proxy contest that was certified on
       January 5, 2015.

Unfortunately it gets worse. Mr. Chiste, who owned no stock in Forward, supported spending company resources to work against large shareholders. During the proxy battle, Mr. Chiste was accused of voting to issue preferred stock just before the proxy vote in order to try and tilt the election in its favor. Shareholders thoroughly rejected his leadership as Forward's slate got clobbered by nearly 3 to 1.

Incredibly, Solitron not only wants Mr. Chiste as a director, they placed him on their Nominating Committee to help select other directors. Solitron needs directors who are also shareholders that passionately care about the future of the company, not ones with a history of fighting against shareholders. Mr. Chiste should be asked to resign immediately.

There is clearly a board and management problem at Solitron. We intend to fight with shareholders to fix both.

Tim Eriksen
Eriksen Capital Management
tim@eriksencapital.com

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SOURCE Eriksen Capital Management