NEW YORK, Jan. 9, 2015 /PRNewswire/ -- Wynnefield Capital ("Wynnefield") said today that it remains "optimistic" that the U.S. Securities and Exchange Commission ("SEC") will provide materials responsive to its Freedom of Information Act ("FOIA") requests related to the SEC's unsuccessful campaign against Wynnefield and its principal, Nelson Obus. Under the administrative appeal process, the deadline for the SEC's response is January 22, 2015.

"Given the agency's stated commitment to openness and transparency, we remain optimistic that the Freedom of Information system will work as intended for citizens like us," said Nelson Obus, Founding Partner of Wynnefield. "We have requested these materials through the appropriate administrative channels over the previous months. We are hopeful that the SEC's General Counsel will grant our appeal, and authorize the release of the information to which we believe we are entitled under law."

In May 2014, Wynnefield and Obus, among others, beat the SEC on all counts in a civil enforcement case, capping a 12-year battle. In the wake of its victory, Wynnefield filed FOIA requests with the SEC for information concerning the agency's initiation of the proceeding. The SEC originally identified more than six boxes of materials responsive to these requests. In an attempt to expedite the SEC's review process, Wynnefield narrowed the scope of its requests. The SEC then identified approximately 2,000 pages of materials responsive to the revised requests, but notified Wynnefield that it was withholding all 2,000 pages in full, citing various FOIA Exemptions. To date, the SEC has not released a single record in response to Wynnefield's FOIA requests, beyond what it had previously provided to Wynnefield at trial.

ABOUT WYNNEFIELD CAPITAL, INC.
Established in 1992, Wynnefield Capital, Inc. is a value investor specializing in U.S. small cap situations that have company- or industry-specific catalysts.

CONTACT
Eric Berman
of Kekst and Company
(212) 521-4894

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SOURCE Wynnefield Capital, Inc.