MINNEAPOLIS, July 30 /PRNewswire-FirstCall/ -- Milastar Corporation
(OTC Bulletin Board: MILAA) announced today that it has completed the
previously announced going private transaction and has filed a Form 15 with
the Securities and Exchange Commission to deregister its stock.
At the special meeting on July 30, 2007 the Company's shareholders
approved the going private transaction, which was accomplished by a merger
of Milastar with Acquisition Corporation, a wholly owned subsidiary of
Easton Southpaw Incorporated, which is owned by Dennis J. Stevermer, the
Chief Executive Officer and Chairman of the Board of Milastar, and the
beneficial owner of approximately 68% of the issued and outstanding common
stock of Milastar.
As a result of the merger the Company's minority shareholders will
receive $3.50 per share in cash for their shares. The funds to make such
payments have been deposited with American Stock Transfer, which will act
as the Paying Agent. Stockholders will receive instructions on how to
surrender their shares of Milastar common stock in order to receive the
merger consideration with the next few days.
About Milastar Corporation
Milastar Corporation is a Minneapolis-based company that sells special
metallurgical services to manufacturers primarily located in the greater
Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release constitute "forward-looking
statements" within the meaning of Section 21E of the Exchange Act, and are
subject to the safe harbors created thereby. The forward-looking statements
contained in this release are based upon various assumptions, and certain
risks and uncertainties could cause actual results to differ materially
from those stated. For further details and a discussion of these risks and
uncertainties, see the Company's filings under the Exchange Act, including
its most recent Form 10-KSB for the fiscal year ended April 30, 2006.
SOURCE Milastar Corporation