Steel Partners' Nominees Overwhelmingly Elected to Point Blank Board

Business Wire, August 19, 2008

Steel Partners Committed to Exploring Strategic Alternatives, Possible Sale of Company

NEW YORK -- Steel Partners II, L.P. announced today that its nominees, James R. Henderson, Terry R. Gibson, General Merrill A. McPeak, Bernard C. Bailey and Robert Chefitz, have been overwhelmingly elected to the board of directors of Point Blank Solutions, Inc. (Pink Sheets: PBSO) ("Point Blank" or the "Company"). The results were certified upon the close of the annual meeting of Point Blank held earlier today in Fort Lauderdale, Florida.

In total, Steel Partners' nominees received approximately 65 percent of voted shares, compared to approximately 14 percent for the Company's slate of nominees.

"Today's vote shows that shareholders will not sit quietly by while shareholder value deteriorates," said Warren Lichtenstein, Managing Member of Steel Partners. "We now look forward to working with the rest of the Board and the Company's management to unlock value for all stakeholders."

Steel Partners said a priority for its Board representatives, in accordance with their fiduciary duties, would be to complete the strategic review process initiated by the Company, and aggressively explore all strategic alternatives, including a possible sale of the Company.

"We continue to believe that Point Blank should not remain a standalone company competing on uneven terms against much larger competitors in a weakening market," Mr. Lichtenstein added. "Steel Partners is committed to maximizing stockholder value by exploring all strategic alternatives, including possible sale of all or a portion of the Company on the most favorable terms available to Point Blank stockholders."

Today's vote marked the first time in over three years that Point Blank held an annual shareholder meeting. On August 12, 2008, a request by the Company to once again postpone the annual meeting was rejected by the Delaware Court.

"We want to thank Point Blank's shareholders who overwhelmingly supported Steel Partners call for change," added Mr. Lichtenstein. "We are committed to working in the interest of the Company and its shareholders."

Steel Partners nominees elected to the Board include:

James Henderson, who has more than 26 years of experience as an operating executive with various companies, including defense companies such as ECC International Corp. ("ECC") and Aydin Corp. and with the defense and military division of UNISYS Corp. He also served as a director of the defense company Tech-Sym Corp.

General Merrill A. McPeak, who was Chief of Staff of the United States Air Force from November 1990 to October 1994, when he retired from active military service. General McPeak was for several years Chairman of ECC. Currently General McPeak is Chairman of the board of directors of Ethicspoint, Inc., a company providing confidential corporate governance compliance and whistleblower reporting services.

Robert Chefitz, who has over 25 years of experience investing in security, technology and biotech companies. Since 2002, Mr. Chefitz has been a Managing Member of NJTC Venture Fund, a private equity fund. During this time, Mr. Chefitz also founded Egis Capital Partners, a fund focused on private equity investments in the security and homeland defense industry.

Bernard C. Bailey, who has more than 25 years operational experience in the high-tech and security sectors. Since September 2006, he has served as Chairman and CEO of Paraquis Solutions LLC, a consulting and IT strategy firm. A graduate of the U.S. Naval Academy, Mr. Bailey served for eight years as an officer in the US Navy.

Terry R. Gibson, who is a Managing Director of SP Corporate Services LLC, a management services company owned by Steel Partners. Mr. Gibson has served as a director and Chief Executive Officer of CoSine Communications, Inc. ("CoSine"), a global telecommunications equipment supplier, since January 2005 and as Executive Vice President and Chief Financial Officer since joining CoSine in January 2002.

Steel Partners is one of the largest stockholders of Point Blank, owning approximately 9.6% of its outstanding shares.

About Steel Partners II, L.P.

Steel Partners II, L.P. is a long-term relationship/active value investor that seeks to work with the management of its portfolio companies to increase corporate value for all stakeholders and shareholders.