Long-Term Major Shareholder Lloyd I. Miller III Announces Intention to Vote FOR JPS Industries, Inc. Slate at Annual Meeting

WEST PALM BEACH, Fla., Feb. 3, 2015 /PRNewswire/ -- Lloyd I. Miller III, today announced his intention to vote in favor of the Company's slate for election at the Annual Meeting of JPS Industries, Inc. (OTC PINK: JPST) ("JPS" or the "Company") to be held on February 19, 2015.  Mr. Miller strongly supports the Company's slate and management for the reasons described below.

DISSIDENTS HAVE CONFLICTS OF INTEREST.  Mr. Miller notes that the dissident slate of nominees has been hand picked by Steel Partners Holdings L.P. (SPLP) ("Steel Partners"), a large stockholder whose affiliate recently attempted to buy JPS at an initial price of $7.00, which was later revised to $8.00 to $10.00 per share, subject to deductions, according to the Company's proxy statement.  Based on the Company's valuation estimate of $13.00 per share, as described in their proxy statement, Mr. Miller does not believe that the offer of $10.00 per share by the affiliate of Steel Partners is in any way adequate, setting aside all questions of whether or not their offer would in fact result in a transaction at that price. 

RISK OF PREMATURE SALE.  Mr. Miller has been an investor in JPS since 1997.  As a long-term investor, he is open to all strategic alternatives that contribute to shareholder value, including a possible sale of the Company on favorable terms.  He is opposed to a premature sale of the Company at an inadequate price.  Mr. Miller is disappointed in the process that Steel Partners has pursued to date in seeking to purchase the Company for $10.00 per share, markedly less than the Company's valuation estimate of $13.00 per share, a gap of approximately 23%.  On that basis, if an affiliate of Steel Partners later renews its bid for the Company, Mr. Miller believes that the election of Steel's dissident nominees to control the JPS Board would not yield an optimal price for all shareholders.

EXCELLENT MANAGEMENT.  In particular, Mr. Miller is voting in favor of the Company's slate to demonstrate his strong support for the CEO, Mr. Mikel H. Williams, who is on the Company's slate, for his excellent management.  Mr. Miller commends Mr. Williams for paying down company debt and pension obligations to the tune of $72 million, which he views as a remarkable achievement. 

CEO PROVEN TRACK RECORD.  Mr. Miller notes that CEO Mikel Williams has a track record in the industry of realizing value for shareholders.  Specifically, as a large shareholder of DDi Corp. (DDIC) in 2009 when Mr. Williams was CEO, Mr. Miller saw first-hand that Mr. Williams not only excelled at running an industrial business similar to JPS, but also negotiated the sale of DDi at a premium price.  With his outstanding skills and experience as CEO and a director, Mr. Williams is well positioned to pursue value for JPS shareholders.

CONTACT:  Eric Fangmann 561-287-5399 or [email protected]

SOURCE Lloyd I. Miller III