Steven S. Elbaum
Chairman and Chief Executive Officer
- THE ALPINE GROUP, INC. ANNOUNCES EXERCISE OF OPTION TO PURCHASE ADDITIONAL EQUITY IN WOLVERINE TUBE, INC. -
EAST RUTHERFORD, N.J., January 28, 2008, Market Wire/ -- The Alpine Group, Inc. (“Alpine” or the “Company”) (APNI.PK) today announced that it had purchased 4,494 additional shares of Wolverine Tube, Inc. (“Wolverine”) Series A Preferred Stock for an aggregate of $4.49 million. The Series A Preferred Stock is convertible into Wolverine common stock and votes with the common on an as-converted basis on all matters. Alpine currently owns 14.6 % of Wolverine on a fully diluted, as-converted basis, and holds stock options to purchase up to an additional 6.5%. Alpine’s investment reflects its exercise of an option granted to it and its co-investors at the time of their initial investment last February to purchase additional shares of Series A Preferred Stock to maintain their collective ownership in Wolverine at 55% on a fully diluted, as-converted basis.
All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statement contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.
The Alpine Group, Inc. (APNI.PK) has substantial experience in operating and actively managing companies in which it invests capital. Alpine has focused on industrial and other businesses that are underperforming, experiencing financial constraints and will benefit from operational improvements, consolidation and an improved capital structure. Alpine has actively invested in and operated leading domestic and global manufacturers of specialty materials, coatings, wire and cable products and electronic components.