Gad Capital, a value focused investment fund and beneficial owner of
6.5% of the common stock of Paragon Technologies, Inc. (Pink Sheets:
PGNT), today announced it has launched a proxy contest to elect a new
Board of Directors at Paragons December 15, 2010 annual meeting.
“We have assembled a slate of directors that is
eminently qualified to execute our strategy for long-term value
creation.”
Gad Capital has nominated the following candidates:
Sham Gad: He is the founder and managing partner of Gad Capital
Management and the author of the internationally published book, The
Business of Value Investing.
Jack H. Jacobs: He is a principal of The Fitzroy Group, Ltd., a
real estate development firm, and former managing director of Bankers
Trust and founder of AutoFinance Group, Inc. He is an NBC military
analyst and holds the McDermott Chair of Politics at West Point. He was
among the most highly decorated soldiers in the Vietnam War, earning
three Bronze Stars, two Silver Stars and the Medal of Honor. He is on
the board of Xedar Corporation, Premier Exhibitions, Inc., the Medal of
Honor Foundation, and the USO of New York.
Samuel S. Weiser: He is a member and COO of Sellers Capital LLC,
an investment management firm. He was a managing director responsible
for the Hedge Fund Consulting Group at Citigroup and is a former partner
of Ernst and Young. He is a licensed CPA and a director of Premier
Exhibitions, Inc.
Michael R. Levin: He is the CFO of AbaStar MDx, a medical
diagnostics company, and former finance and risk management executive
with several U.S. public companies. He owns and operates The Activist
Investor, an activist investor advisory firm.
Paragon is in dire need of a management change, says Sham Gad. Since
2003, the companys share price has declined by over 90%, sales have
fallen off a cliff, and book value continues to deteriorate. For the
past several years, management has stated its intent to create
shareholder value. Yet during that time, the companys shares have
declined precipitously while the company has been depleting its cash
balance. Paragon no longer has the luxury of time.
Mr. Gad further states, We have assembled a slate of directors that is
eminently qualified to execute our strategy for long-term value
creation.
Shareholders of Paragon interested in obtaining additional information
should contact Gad Capital at 706-340-4817 or sham@gadcapital.com.
If you own Paragon shares, you are urged to contact Gad Capital.

Source: Business Wire