GREENVILLE, S.C., April 14, 2015 /PRNewswire/ -- JPS Industries, Inc. (OTC: JPST), a leading manufacturer of composite materials, today announced that its Board of Directors unanimously appointed Alan B. Howe as Chairman of the Board.
The Company also announced that its Board of Directors unanimously adopted an amendment to its stockholder rights plan that extends the expiration date of the stockholder rights plan for an additional three years, until May 10, 2018. All other terms of the Company's stockholder rights plan remain the same. The Company's rights plan, which was originally adopted in May 2005, is similar to rights plans adopted by numerous publicly traded companies.
The Company's rights plan is designed to protect the Company's net operating losses and to strengthen the ability of the Board of Directors to protect the Company's stockholders. The rights plan is not intended to prevent or deter take-over bids or other transactions that offer fair treatment and value to all JPS stockholders. Instead, the rights plan is intended to limit the ability of any person or group to seize control of the Company without appropriately compensating all JPS stockholders.
About JPS Industries, Inc.
JPS Industries, Inc. is a major U.S. manufacturer of sheet and mechanically formed glass and aramid materials for specialty applications in a wide expanse of markets requiring highly engineered products. JPS's products are used in a wide range of applications including: advanced composite materials; civilian and military aerospace components; printed electronic circuit boards; filtration and insulation products; specialty commercial construction substrates; automotive and industrial components; soft body armor for civilian and military applications. Headquartered in Greenville, South Carolina, the Company operates three manufacturing locations in Anderson and Slater, South Carolina and Statesville, North Carolina.
For Further Information:
Mikel H. Williams
President and Chief Executive Officer
SOURCE JPS Industries, Inc.