ARMSTRONG, Iowa, Dec. 1, 2010 /PRNewswire-FirstCall/ -- Art's Way Manufacturing Co., Inc., (Nasdaq: ARTW) a leading manufacturer and distributor of farm machinery in the United States and internationally, announces it has filed a resale registration statement on Form S-3 with the Securities and Exchange Commission pertaining to shares of Art's Way common stock owned by J. Ward McConnell, Jr., Executive Chairman of the Art's Way Board of Directors. Art's Way filed the registration statement at the request of Mr. McConnell. Art's Way believes that facilitating resales of Art's Way common stock by Mr. McConnell may, over time, diversify Art's Way's stockholder base and create additional liquidity for Art's Way's minority stockholders. The registration statement, once effective, may allow Mr. McConnell to resell the registered shares of Art's Way common stock beneficially owned by him from time to time at then-current market prices. Art's Way will not receive any of the proceeds from the resale of such securities. Art's Way has no reason to believe that Mr. McConnell currently intends to dispose of his Art's Way stockholdings in transactions that would be significant in amount. The registration statement is subject to SEC review and compliance with applicable SEC regulations.
J. Ward McConnell, Jr., Executive Chairman of the Board of Directors said," I want to assure our shareholders I have no immediate plans to sell significant quantities of my Art's Way shares. We believe the resale registration of these shares may provide Art's Way with some additional future flexibility."
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. This press release does not constitute an offer of any securities for sale and these securities may not be sold, nor may offers to buy be accepted prior to the time that the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification of the securities under the securities laws of any such state.
A written prospectus of the offering may be obtained by contacting:
Carrie L. Majeski
Art's Way Manufacturing Co., Inc.
5556 Highway 9
Armstrong, Iowa 50514
About Art's Way Manufacturing, Inc.
Art's Way manufactures and distributes farm machinery niche products including animal feed processing equipment, sugar beet defoliators and harvesters, land maintenance equipment, crop shredding equipment, plows, hay and forage equipment and top and bottom drive augers. After market service parts are also an important part of the business. Art's Way has two wholly owned subsidiaries. Art's Way Vessels, Inc. manufactures pressurized tanks and vessels and Art's Way Scientific, Inc. manufactures modular animal confinement buildings and modular laboratories.
For More Information, Contact: Jim Drewitz, Investor Relations
Forward Looking Statements
This news release may include "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made in this release that are not strictly statements of historical facts constitute forward-looking statements, including statements relating to the following: (i) the future effectiveness of the resale registration statement on Form S-3; (ii) benefits that may result from the possible resale of shares by Mr. McConnell; and (iii) beliefs with respect to Mr. McConnell's intentions regarding future sales of his stockholdings. Such statements of anticipated future occurrences are based on certain assumptions by management and current expectations and are subject to a number of risks and uncertainties, including but not limited to, Art's Way's ability to achieve and maintain the effectiveness of the registration statement, the impact to the trading volume and price of Art's Way common stock following the filing of the registration statement and the date or dates that sales are made thereunder, the accuracy of Art's Way's beliefs regarding future sales of Mr. McConnell's stockholdings and other risks detailed from time to time in Art's Way's Securities and Exchange Commission filings. Actual results may differ markedly from management's expectations. Art's Way cautions readers not to place undue reliance upon any such forward-looking statements.
SOURCE Art's Way Manufacturing, Inc.