PITTSBURGH, March 8, 2012 (GLOBE NEWSWIRE) -- LCV Capital Management, LLC ("LCV Capital"), which together with certain affiliates owns approximately 3.8% of the outstanding shares of ModusLink Global Solutions, Inc. (Nasdaq:MLNK) ("ModusLink"), today issued a letter requesting an exemption under ModusLink's tax benefits preservation plan to enable LCV Capital and its affiliates to purchase in the open market up to 7.49% of ModusLink's outstanding shares. ModusLink's board of directors had previously granted to Handy & Harman Ltd. and its affiliates an exemption under the plan to purchase up to 14.9% of the outstanding shares. It is LCV Capital's belief that ModusLink would have no objection authorizing the purchase of additional shares by LCV Capital and its affiliates to the extent that additional shares may be purchased without triggering an "ownership change" under Section 382 of the Internal Revenue Code.
About LCV Capital Management, LLC
LCV Capital Management, LLC manages a group of shareholder activist hedge funds, which invest in small- and mid-cap public companies in the United States and seek to assist those companies in realizing their full potential for the benefit of all shareholders and stakeholders. We engage in extensive due diligence prior to making an investment and typically invest in under-performing businesses that have strong growth prospects. We are committed to work hard on behalf of our portfolio companies by providing insight and advice to management and boards over a long-term time horizon. Through our active and constructive ownership approach, we aim to help our portfolio companies out-perform their peers and the market.