On April 18, 2016, Rubicon Technology, Inc. confirmed that Paragon Technologies, Inc. has submitted notice to nominate 2 candidates, Hesham M. Gad and Jack H. Jacobs, to stand for election to the Rubicon Board of Directors at the Company's 2016 annual meeting of stockholders. In addition, the Company stated that its nominating and governance committee interviewed and thoroughly vetted Paragon Technologies' proposed director candidates and indicated the Company's willingness to appoint Jacobs to the Company's Board to avoid a proxy contest. The Company continued that Unfortunately, Paragon Technologies has rejected the Company's constructive offer and instead demanded the appointment of both of its nominees.

Further, the Company stated that the Board will present its recommendations with respect to the election of directors in its proxy statement, which will be filed with the Securities and Exchange Commission at a later date.