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CAMDEN, N.Y., Sep 04, 2007 (BUSINESS WIRE) --
International Wire Group, Inc. (Pink Sheets: ITWG) today announced that its Board of Directors has approved a $3.7 million share repurchase program to acquire the Company's shares in the open market or in privately negotiated transactions from time to time.
The share repurchase program may be increased in the future or suspended or terminated at any time. As of August 30, 2007, there were 10,006,002 shares of common stock issued and outstanding.
Mark K. Holdsworth, Chairman of the Company's Board of Directors, said "We believe that at current prices, our stock is undervalued, and this program provides us the opportunity to make a prudent investment by buying in some of the Company's outstanding shares. Unfortunately, the size of the program is limited by our bond indenture, as the Company currently has approximately $100 million of total liquidity."
About International Wire Group, Inc.
International Wire Group, Inc. is a manufacturer and marketer of wire products, including bare, silver-plated, nickel-plated and tin-plated copper wire, for other wire suppliers and original equipment manufacturers or "OEMs." Its products include a broad spectrum of copper wire configurations and gauges with a variety of electrical and conductive characteristics and are utilized by a wide variety of customers primarily in the aerospace, appliance, automotive, electronics/data communications, industrial/energy and medical device industries. The Company manufactures and distributes its products at 14 facilities located in the Untied States, Belgium, France and Italy.
Forward-Looking Information is Subject to Risk and Uncertainty
Certain statements in this release may constitute "forward-looking" statements within the meaning of the Private Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words "believes," "expects," "may," "will," "should," "seeks," "pro forma," "anticipates," "intends," "plans," "estimates," or the negative of any thereof or other variations thereof or comparable terminology, or by discussions of strategy or intentions. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements. As a result, these statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Many important factors could cause our results to differ materially from those expressed in forward-looking statements. These factors include, but are not limited to, fluctuations in our operating results and customer orders, unexpected decreases in demand or increases in inventory levels, changes in the price of copper, tin, nickel and silver, copper premiums and alloys, the failure of our acquisitions and expansion plans to perform as expected, the competitive environment, our reliance on our significant customers, lack of long-term contracts, substantial dependence on business outside of the U.S. and risks associated with our international operations, limitations due to our indebtedness, loss of key employees or the deterioration in our relationship with employees, litigation, claims, liability from environmental laws and regulations and other factors. For additional information regarding risk factors, see our discussion in Part I, Item 1A of our latest Annual Report on Form 10-K and other filings with the Securities and Exchange Commission.
SOURCE: International Wire Group, Inc.
International Wire Group, Inc. Glenn J. Holler, 314-416-8215 Senior Vice-President & CFO
Copyright Business Wire 2007
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