Peerless Systems Launches the First Ever Publicly Traded Activist Fund

Peerless Systems Corporation (Nasdaq: PRLS) and Peerless Value Opportunity Fund (the "Fund"), a newly formed Delaware statutory trust, announced today that they are seeking to complete an offering of Units at a price of $10.00 per Unit. Each Unit will be comprised of one common share of the Fund and one warrant to purchase one share of common stock of Peerless, the parent of the investment advisor of the Fund. The Fund will be a non-diversified closed-end management company registered under the Investment Company Act of 1940.
In connection with the proposed offering, the parties filed a joint registration statement on Forms N-2 and S-1 today with the Securities and Exchange Commission ("SEC").

The Fund's investment objective is to provide a high level of total return. The Fund will seek to achieve its investment objective primarily by investing in a portfolio of equity securities issued by companies domiciled in the United States or Canada which it believes to be undervalued. The Fund may become actively involved in seeking to influence the managements and boards of directors of its portfolio companies, in an effort to maximize shareholder value.

Locksmith Capital Advisors Inc., a Delaware corporation ("LCA"), will be the investment advisor of the Fund. LCA is a newly formed entity and an indirect, wholly-owned subsidiary of Peerless.

Click Here to download the PVOF Form S1 Registration Statement