U.S. Markets open in 4 hrs 15 mins

Potomac Capital Management sends letter to board of PLX Technology

"We are writing to express our grave disappointment over the company's failure to provide a meaningful response to the serious concerns outlined in our letter of January 25, 2013.  We have stated very clearly our belief that, in the current context, in order to maximize value for shareholders the Board of Directors must immediately commence a process of thorough review of all strategic alternatives available to PLX. Action must be taken decisively and urgently. The response we received from David Raun, the recently appointed President and CEO of the Company, stating that he and Arthur Whipple, the Company's CFO, will try to schedule time to meet with us as part of the senior management's periodic meetings with investors regarding routine communications is disturbing.  The issues we have raised are far too serious to be dismissively treated as routine communications and deserve the immediate attention of the Board... We believe that change in the Board is necessary at this time to break from the current Board's historic complacency and reactive practices and ensure objective analysis of value enhancing opportunities."