Quinpario Partners Demands Zoltek Immediately Call Special Meeting of Shareholders

    Quinpario Partners Demands Zoltek Immediately Call Special Meeting of
                                 Shareholders

Calls Zoltek's Reasons for Refusal Frivolous and Without Merit

Believes Zoltek's Board Seeks to Avoid Accountability to Shareholders

PR Newswire

NEW YORK, March 15, 2013

NEW YORK, March 15, 2013 /PRNewswire/ --Quinpario Partners LLC issued a
statement today in response to a letter it has received from outside counsel
to Zoltek Companies, Inc. ("Zoltek" or the "Company") (Nasdaq: ZOLT)
indicating that Zoltek does not intend to comply with Quinpario's March 4th
written request that the Company call a special meeting of shareholders for
purposes of removing the entire current Board and electing five highly
qualified Quinpario nominees to fill the vacancies (the "Special Meeting").
Quinpario noted the deficiencies alleged in the letter are unsound and defy
logic. Nevertheless, today Quinpario has submitted to the Company a
supplemental request in response to the Company's frivolous allegations
regarding the deficiencies and is urging the Board to immediately take the
steps required to call and hold the Special Meeting.

"We were surprised to learn on March 5th that the Company had rejected our
lawful Special Meeting request without first having completed a full review of
the written request and without providing us with any specific reasons
whatsoever for the Company's rejection. We were informed that a more detailed
letter would be forthcoming regarding the reasons for rejecting our request.
After a week without any further correspondence from the Company or its
outside counsel, on March 12^th we submitted a series of letters from Cede &
Co., as the record holder of the shares and on behalf of each member of the
Quinpario Group, to the Company, together with a supplemental Special Meeting
request, confirming the members of the Quinpario Group are the holders of not
less than 10 percent of all the outstanding shares of the Company entitled to
vote at the Special Meeting.

Finally, on March 13th our legal counsel received a letter from Company
counsel alleging a series of meritless deficiencies with our request as the
basis for the Company's refusal to call or hold the Special Meeting. Our
legal counsel has separately responded to Company counsel in further detail
regarding these alleged deficiencies and has advised us that these purported
deficiencies are entirely unfounded and without merit. Unfortunately, it
appears the Company is trying to hide behind frivolous allegations in order to
impede and delay the lawful exercise of our rights to call the Special
Meeting.

We have gone above and beyond what is required to call a Special Meeting under
Zoltek's Bylaws and Missouri law, and it is time for Zoltek to take the steps
required to immediately comply with our lawful request. Based on the
frivolous nature of the alleged deficiencies provided by Company counsel, we
think it is clear the Board is intentionally delaying the Special Meeting. We
are growing increasingly concerned that the current Board's interests are not
aligned with those of its shareholders and its recent actions demonstrate the
Board is seeking to avoid accountability at the hands of its shareholders. We
have responded in good faith to the Company's alleged deficiencies in our
Special Meeting request. Should the Board continue to impede and delay the
lawful exercise of our rights as shareholders to call the Special Meeting, we
will take whatever action we deem is necessary to protect the best interests
of shareholders, including seeking to compel the Special Meeting under
applicable law.

It is our expectation that the Board will promptly comply with our Special
Meeting request and ultimately do the right thing for Zoltek and its
shareholders."

Contact:
Melissa H. Zona
mhzona@quinpario.com
636-751-4057

SOURCE Quinpario Partners LLC
 
Press spacebar to pause and continue. Press esc to stop.