Peerless Systems Sends Open Letter to ModusLink Stockholders and Demands that the ModusLink Board of Directors Stop Misleading

Peerless Systems Corporation PRLS, today announced that it is issuing an open letter to ModusLink Global Solutions, Inc. MLNK stockholders in connection with its nomination of Timothy E. Brog and Jeffrey A. Wald for election to the Board of Directors of ModusLink at its Annual Meeting of Stockholders to be held on January 20, 2012. The text of the open letter to ModusLink's stockholders is below: Dear Fellow Stockholder: The ModusLink Board of Directors and management have made a poorly disguised attempt to maintain the status quo by duping stockholders into voting for the Company-endorsed board nominees. It is incomprehensible the length that the ModusLink Board will go to further entrench themselves by disseminating inaccurate information and spending more than $2.6 million of stockholder money to engage in the proxy contest. ModusLink has shamelessly resorted to issuing false and misleading statements and accusations simply because they are in danger of losing the upcoming election for two board members. In addition to spending an unlimited amount of YOUR money to entrench themselves, we are very concerned that they have offered certain stockholders a sweetheart deal in exchange for their votes. While we are certainly not surprised by the actions taken by Moduslink - after all, management has a long history of misleading stockholders - we believe it's important to set the record straight. What is also not surprising is that none of ModusLink's stockholder solicitation materials during this proxy contest addresses the disastrous operating results and massive destruction of stockholder value that has occurred on this Board's watch. ModusLink's Board and management have still not taken any responsibility for their failures.