JPS Industries and Steel Partners Announce Extension of Agreement Regarding Consent Solicitation

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Jan 13, 2012, 03:47 ET

GREENVILLE, S.C., Jan. 13, 2012 /PRNewswire/ -- JPS Industries, Inc. (JPST.PK) and Steel Partners Holdings L.P. announced today that they have extended their agreement pursuant to which Steel Partners has agreed not to commence a subsequent consent solicitation until January 19, 2012. JPS Industries and Steel Partners have agreed to review whether to extend their agreement on a weekly basis, and no further press releases regarding the agreement will be forthcoming unless and until the parties determine not to extend their agreement further. On October 14, 2011, JPS Industries and Steel Partners announced that they entered into an agreement pursuant to which Steel Partners terminated its then pending consent solicitation. As previously announced, JPS Industries has formed a special committee of independent directors to evaluate strategic alternatives in order to maximize value for all JPS Industries stockholders.

About JPS Industries, Inc.

JPS Industries, Inc. is a major U.S. manufacturer of extruded urethane film, sheet and tubing, ethylene vinyl acetate film and sheet, and mechanically formed glass and aramid substrate materials for specialty applications in a wide expanse of markets requiring highly engineered components. JPS Industries' products are used in a wide range of applications including: printed electronic circuit boards; advanced composite materials; civilian and military aerospace components; filtration and insulation products; specialty commercial construction substrates; high performance glass laminates for security and transportation applications; photovoltaic solar modules; paint protection films; plasma display screens, medical, automotive and industrial components; and soft body armor for civilian and military applications. Headquartered in Greenville, South Carolina, the Company operates four manufacturing locations in Anderson and Slater, South Carolina; Statesville, North Carolina; and Easthampton, Massachusetts.

About Steel Partners Holdings L.P.

Steel Partners Holdings L.P. is a global diversified holding company that owns and operates businesses in a variety of industries, including diversified industrial products, defense, banking, insurance, and food products and services companies.

Forward Looking Statements

This press release contains statements that are forward-looking statements regarding future events. These statements are only predictions and there are a number of important factors that could cause future events to differ materially from those expressed in any such forward-looking statements. These factors include, without limitation, the general economic and business conditions affecting JPS Industries' industries, actions of competitors, changes in demand in certain markets, JPS Industries' ability to meet its debt service and pension plan obligations (including its ability to meet the financial obligations in its Credit Agreement), JPS Industries' ability to realize its deferred tax asset, the seasonality of JPS Industries' sales, the volatility of JPS Industries' raw material, claims and energy costs, JPS Industries' dependence on key personnel and certain large customers and other risk factors. Neither JPS Industries nor Steel Partners assume any responsibility to update the forward-looking statements contained in this release as a result of new information, future events or otherwise. Neither JPS Industries nor Steel Partners are responsible for changes made to this document by wire services or Internet services.

CONTACTS:	Charles R. Tutterow
	Executive Vice President
	and Chief Financial Officer JPS Industries, Inc.
	(864) 239-3915

	Jack L. Howard
	President
	Steel Partners Holdings L.P.
	Steel Partners Holdings GP Inc.
	General Partner