PENDLETON, Ind., Oct. 11 /PRNewswire/ -- Remy International, Inc., a leading worldwide manufacturer, remanufacturer, and distributor of heavy duty systems, starters and alternators, locomotive products and hybrid technology, announced today that it is suspending its previously announced exchange offer and consent solicitation relating to shares of its Series A Preferred Stock and Series B Preferred Stock and is terminating its ongoing common stock shareholder consent relating to approval of the exchange offer and proposed amendments to its certificate of incorporation. As a result, the Company will not accept any shares of its preferred stock for exchange or consents to amend the related preferred stock designations and will not accept any shareholder consents to approve the exchange offer or the proposed amendments to its certificate of incorporation.
"Remy is suspending the exchange offer and consent solicitation and the common stock shareholder solicitation in order to pursue other strategic opportunities," stated John H. Weber, the Company's Chief Executive Officer and President. "As always, the Board is committed to maximizing shareholder value and believes this is the best course of action."
About Remy International, Inc.
Remy International, Inc., headquartered in Pendleton, Indiana, is a leading global manufacturer, remanufacturer and distributor of light duty starters and alternators and Delco Remy brand heavy-duty systems. Remy International also manufactures and distributes electric propulsion motors designed with leading edge technology and backed by the security of over a billion miles of proven reliability. In business for over 100 years, today Remy International is actively collaborating with companies throughout the world to develop innovations that are transforming the vehicle industry. Recently, Remy International was recognized by the United States Department of Energy for its leadership role in the hybrid technologies space and awarded a $60 million grant under the Electric Drive Vehicle Battery and Component Manufacturing Initiative.
To learn more, visit the Remy brand website at www.remyinc.com.
This press release is provided for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities of Remy International, Inc.
This press release contains forward-looking statements. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words "anticipate," "believe," "expect," "estimate," "plan" and similar expressions are generally intended to identify forward-looking statements. Investors are cautioned that all forward-looking statements involve certain risks and uncertainties that are difficult to predict and are based upon assumptions as to future events that may not prove to be accurate. Although Remy International, Inc. believes the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate.
SOURCE Remy International, Inc.