CHICAGO, Nov. 30, 2015 /PRNewswire/ --
Board of Directors
Ironclad Performance Wear Corporation
1920 Hutton Court Suite 300
Farmers Branch, TX 75234
Subject: Improving Shareholder Value
Since I last wrote to the Board of Directors of Ironclad in February, 2014, the Company has made changes to its executive management, sales team, procurement and sourcing executives, and has relocated its headquarters location without disruption to customers. It has made a major product innovation with a VIBRAM suite of products which, I am assuming, have great sales potential, and made inroads with new major customers such as W.W. Grainger.
As we have previously discussed, the Board and Ironclad has had time to manage the Company to deliver improved operating performance without distractions. Unfortunately, Ironclad stock continues to underperform. The public markets have essentially ignored its shares. When I first purchased ICPW shares in the fall of 2012, the stock was at $.25 per share. On Friday, November 26, ICPW closed at $.26 per share.
Obviously, shareholders have not been rewarded during the aforementioned period of time. I believe it is time to urgently pursue activities that are directly focused on increasing shareholder value. I have made suggestions to the Company and the Board such as completing a reverse split, uplisting ICPW shares to the NASDAQ, and establishing a stock buyback policy. However, none of these suggestions have been acted upon by the Board of Directors. While much has been said, nothing has been done.
I would like to meet with you, at your earliest convenience, to discuss the company retaining an investment banker to review all strategic alternatives.
As I am the recipient of calls from disgruntled ICPW shareholders, I plan to discuss strategic alternatives with them as well.
I will call you to set a time to meet.
Ronald L. Chez
For all inquiries, contact Barry Fischer at (312) 580-2233
SOURCE Ronald L. Chez