On January 16, 2013, P&F Industries, Inc. announced that on January 16, 2013, its Board of Directors of amended Article III, Section 1 of the By-laws of the Company. Pursuant to such amendment which was effective immediately, the number of directors constituting the full Board remains at 8 until the election of the director at the Company's 2013 annual meeting of stockholders, at which time the number of directors constituting the full Board shall be reduced to 6. The Board also increased the size of its Corporate Governance and Nominating Committee from 2 members to 3 members consisting Howard Brod Brownstein (Chairman), Robert L. Dubofsky and Richard P. Randall. Further, the Board said that upon the election of the director at the 2013 annual meeting, the size of the committee shall decrease from 3 members to 2 members.