Star Equity Fund owns 5.4% of the common stock of Servotronics, Inc. and, for the benefit of all SVT stockholders, announced that we will be proceeding with the nomination of two highly qualified candidates for election to the Company's board of directors at the Company's 2023 annual meeting of shareholders (the Annual Meeting). As we mentioned in our press release on February 14, 2023, we have concluded the only way to improve corporate governance and maximize shareholder value at SVT is to change the composition of the incumbent Board. We are seeking to replace Edward Cosgrove (10 years on the Board) and Christopher Marks (6 years on the Board), the longest tenured Board members, who have overseen a period of value destruction, poor financial and operating performance, and bad corporate governance.

We believe that Cosgrove and Marks should be held responsible for their poor track records and are seeking to replace them with two highly qualified candidates, Mark Pomeroy and Richard Coleman. We believe our nominees for election to the Board will bring vital experience, new perspectives, and most importantly, the urgency and commitment to taking action and improving shareholder value. Our nominees for election to the Board are highly qualified, possess the necessary expertise, and are fully aligned to act in the best interests of all shareholders.

Mr. Pomeroy brings crucial manufacturing, research and development, financial, and, most critically, aerospace expertise of which the Board currently has none and would be a high-value addition to the Board. Similarly, Mr. Coleman, an Air Force Academy graduate, has extensive engineering training as well as experience in a number of high-tech ventures including Air Force and commercial research and development, software development, and public company executive leadership. Mark Pomeroy spent 20 years working for General Electric Co.s Aircraft Engine division where he acted as both a Master Black Belt staff engineer and Manager of Fleet Operations and Engine Overhaul Customer Satisfaction.

Additionally, Mr. Pomeroy spent 15 years at Johnson & Johnson where he held leadership positions overseeing R&D in Endo-Surgery and Diabetes Care. He is the former Chief Innovation Officer of Red Tiger Investments, LLC, a start-up developing public private partnerships for the creation of innovation districts in progressive municipalities, from 2018-2022. He currently serves as the President of Pomme Ventures, LLC, a company that invests, advises, and consults with start-up companies in the aerospace, energy, and medical devices, and has been in this role since 2018.

He holds a bachelors degree in Mechanical Engineering, Magna Cum Laude, from the Georgia Institute of Technology and a masters degree in Management from the Sloan School of Management, MIT. Richard Coleman currently serves as Chief Executive Officer for Star Equity Holdings, Inc. (NASDAQ: STRR), a diversified holding company, and has served on the board of directors since April 2022. He has ample experience as a high-performance executive with a history of improving operations and creating shareholder value at both public and private companies such as Command Center, Inc. (n/k/a HireQuest, Inc. (NASDAQ: HQI)), a provider of on-demand flexible employment solutions, Crossroads Systems Inc., an intellectual property licensing company, and Vroom Technologies, Inc., a leading provider of sales and marketing effectiveness solutions for the telecommunications industry.

Also, Mr. Coleman served on the boards of directors of Hudson Global, Inc. (NASDAQ: HSON) (d/b/a Hudson RPO), a global recruitment process outsourcing company from 2014-2022, Command Center, Inc. from 2018-2019, and Crossroads Systems from 2013-2017, among others. Mr. Coleman holds a B.S. in Management from the United States Air Force Academy and a M.B.A. from Golden Gate University. He is also a graduate of the USAF Communications Systems Officer School and Harvard Universitys Strategic Marketing Management Program.