HUNTSVILLE, Ala., March 22 /PRNewswire-FirstCall/ -- Wolverine Tube, Inc. (BULLETIN BOARD: WLVT) ("Wolverine"), announced today that it had filed a Form 15 with the Securities and Exchange Commission to deregister its common stock and suspend its reporting obligations under the Securities Exchange Act of 1934. As a result of filing Form 15 the Company's obligation to file certain reports and forms with the SEC, including Forms 10-K, 10-Q and 8-K, was suspended immediately. The Company was eligible to file the Form 15 because it has fewer than 300 record shareholders.
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Wolverine's common stock is expected to continue being traded in the over-the-counter market commonly referred to as the "pink sheets," a centralized quotation service that collects and publishes market maker quotes and other financial news and information. Wolverine intends to continue to provide its shareholders and holders of its 15% Senior Secured Notes due 2012 with quarterly unaudited and annual audited financial statements and other information regarding the Company through postings on its Company website (http://www.wlv.com/). The Company will also post supplemental information which will assist stakeholders in evaluating the financial condition and operating performance of the Company.
In commenting on the decision to deregister, David A. Owen, Senior Vice President and Chief Financial Officer of Wolverine stated that "After careful consideration, our Board of Directors decided to take this action because it believes that the burdens and costs associated with operating as a registered public company currently outweigh the advantages to us and our stakeholders."
"These disadvantages include time and costs incurred in connection with preparing and filing periodic reports with the SEC and with certain requirements of the Sarbanes-Oxley Act of 2002 and the related SEC rules. Freeing senior management from report preparation and complex regulatory compliance will allow greater focus on the Company's business and operations. In addition, the limited trading in the Company's common stock and the concentrated stock ownership in relatively few holders are also factors favoring the delisting."
ABOUT WOLVERINE TUBE, INC.
Wolverine Tube, Inc. provides its customers with copper and copper alloy tube, fabricated products and metal joining products. Internet addresses: http://www.wlv.com/ and http://www.silvaloy.com/.
FORWARD-LOOKING STATEMENTS
All statements in this press release, other than statements of historical fact, are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectation and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statements contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.
Company Contact: Steven S. Elbaum Chairman (201) 549-4400
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Wolverine Tube, Inc.
CONTACT: Steven S. Elbaum, Chairman, +1-201-549-4400
Web Site: http://www.wlv.com/
