Empire Resources Announces Election of Directors at Annual Meeting, Intention to Reregister Its Common Stock and Declares Second Quarter Dividend
FORT LEE, N.J., June 23, 2011 /PRNewswire/ -- Empire Resources, Inc. (OTCQX: ERSO) announced that at its annual stockholder meeting held on June 22, 2011, the following persons were elected to its Board of Directors: Jack Bendheim, Peter Howard, Nathan Kahn, Sandra Kahn, Nathan Mazurek, L. Rick Milner, Morris Smith, William Spier and Harvey Wrubel. The Company also announced that it intends to re-register its common shares with the Securities and Exchange Commission by the end of the first quarter of 2012. The Company, whose shares currently are quoted on the OTCQX, de-registered its common stock under the Securities Exchange Act of 1934 and delisted its shares from the American Stock Exchange in January 2009 in order to reduce costs. There can be no assurance that the Company will be able to effect a registration by the end of the first quarter of 2012 or at all. The Company added that, should it be successful in registering its common stock, there has been no decision whether the Company will seek to list its shares on an exchange, and there can be no assurance that it will be able to do so if it so decides. The determination and ability of the Company to register and list its stock will be subject to a number of considerations, many of which are out of its control, including the state of the securities markets and the status of the Company's business and financial condition at the time.
The Company also announced that its Board of Directors has declared a cash dividend of $0.025 per share. The dividend is payable on July 20, 2011 to stockholders of record at the close of business on July 6, 2011. The Board of Directors intends to review its dividend policy on a quarterly basis and a determination by the Board of Directors will be made subject to profitability, free cash flow and the other requirements of the business.
Speaking at the Company's Annual Meeting of Stockholders, Nathan Kahn, CEO, also stated that the Company's steel distribution business has grown profitably and now accounts for approximately 15% of the Company's revenues.
Empire Resources, Inc. is a distributor of a wide range of semi-finished metal products to customers in the distribution, transportation, automotive, housing, appliance and packaging industries in the United States, Canada, Australia, New Zealand, Europe and Brazil. It maintains supply contracts with mills around the world.
This press release contains forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements involve known and unknown risks and uncertainties (some of which are beyond Empire Resource's control) that may cause actual results to differ materially from such forward-looking statement. Such statements involve various risks that may cause actual results to differ materially. These risks include, but are not limited to, the ability of the company to grow internally or by acquisition and to integrate acquired businesses, not being able to improve operating margins and efficiencies, changing industry and competitive conditions, the ability of the Company to effect a registration or listing of its securities, and other risks referred to in the Company's publicly available statements and reports. When you consider these forward-looking statements, you should keep in mind these factors. Empire Resources assumes no duty to update or revise its forward-looking statements to reflect new information or events.
SOURCE Empire Resources, Inc.
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