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Star Equity Fund (STRR), a shareholder of Gyrodyne (GYRO), announced its intent to nominate a slate of highly qualified director candidates for election to the Gyrodyne board of directors at the Company's 2022 annual meeting of shareholders. "We believe significant change to the Board is needed to create value for all shareholders and we have identified a number of highly qualified candidates who would act in the best interests of all shareholders," the company said. "Gyrodyne shareholders have long suffered value destruction during the incumbent Board's tenure. Following its class action settlement with shareholders in August 2015, Gyrodyne agreed to liquidate its then four-property real estate portfolio, return the proceeds to its shareholders, and dissolve the Company. Almost seven years have passed, and the Company has sold only two of those properties with the completion of the second sale occurring in August 2018, while management and the Board have been receiving compensation the entire time. With the Company's Flowerfield and Cortlandt Manor properties yet to be sold, we have little confidence Gyrodyne will complete its liquidation any time soon. We believe the Company effectively has become a compensation vehicle for the incumbent Board at the expense of shareholders... We have requested Gyrodyne send us the director nominee questionnaire and the representation and agreement for shareholder nominees, which the Company is required to provide upon written request under its Limited Liability Company Agreement, as amended. Unfortunately, the Company has not responded to our request. Should Gyrodyne continue to refuse to provide these materials to us on a reasonable timeframe, we are fully prepared to take all actions necessary to enforce our rights to the fullest extent of the law and under the Company's LLC Agreement."

Star Equity said, "Star Equity Fund (STRR) is a shareholder of Servotronics (SVT). We are an investment fund focused on maximizing shareholder value and improving corporate governance at companies in our portfolio. Servotronics shareholders have long suffered value destruction during the tenure of the Company's incumbent board of directors. We believe significant change to the board is needed to create value for all shareholders. We have nominated a diverse, highly qualified slate of candidates to act in the best interests of all shareholders, and we are fully prepared to take this matter to a shareholder vote at the 2022 Servotronics Annual Meeting of Shareholders, which we expect to be held in the second quarter of 2022. We believe the incumbent Servotronics board has not acted consistent with its fiduciary duty to shareholders. Under the incumbent board's watch, the Company's previous CEO abused his authority and perpetuated a culture of harassment at the expense of employees and shareholders, with an internal investigation finding that he committed willful malfeasance in violation of his employment agreement with the Company. In addition, the incumbent board has overseen and continued to support the Company's unprofitable Consumer Products Group without having taken meaningful action to maximize shareholder value. In addition, the incumbent board has a track record of poor corporate governance. Proxy advisory firms ISS and Glass Lewis have cited numerous issues with Servotronics's board of directors and the Company's corporate governance, including in its report on the Company's 2021 annual meeting: The board is not comprised of a majority of independent directors; The chairman of the board's nominating and governance committee is not independent; The board maintains a long-term poison pill that has not been ratified by shareholders; The Company maintains a triennial frequency for the inclusion of say-on-pay on its annual meeting ballot rather than including annually. Servotronics shareholders have the right to vote for new leadership on the board, and we strongly urge the incumbent board not to take any actions to encumber this right or jeopardize shareholder value before shareholders have the opportunity to vote for new representation on the board. Such actions include: Adding anyone to the board before the 2022 annual meeting; Delaying the 2022 annual meeting beyond 13 months after the 2021 annual meeting; Lowering the ownership threshold of, or extending, the poison pill; Selling all or parts of the Company; Making significant acquisitions; Issuing equity or equity-linked securities; Taking any other action harmful to shareholder interests and rights. Star Equity Fund reminds each of the incumbent board members that any actions taken against the interests of shareholders can entail serious personal legal and financial consequences. Personal liability can result from taking certain actions that impair shareholder value or harm shareholder rights. This liability can exceed D&O insurance coverage. Also, D&O insurance and corporate indemnification may not be available or applicable if certain harmful actions are undertaken."