APW Ltd. Appoints Rick Carroll as Chief Financial Officer.Business Editors WAUKESHA, Wis.--(BUSINESS WIRE)--April 26, 2001 APW APW All Pro Wrestling APW Altmar Parish Williamstown (School District; Parish, New York) APW Add-Printer Wizard (Microsoft Windows) APW Augmented Plane Wave APW Apparent Polar Wander Ltd. (NYSE NYSE See: New York Stock Exchange : APW) announced today the appointment of Richard D. Carroll as Chief Financial Officer of APW Ltd., effective immediately. Michael S. Duffey has resigned as Chief Financial Officer effective today for personal reasons. Mike has agreed to remain through the completion of renegotiation of APW's revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility and other associated lending agreements Lending agreement A contract regarding funds transferred between a lender and a borrower. . Rick's most current position had been Global Leader of APW's Thermal Management business. In his six-year tenure with APW, Rick has held a variety of positions in the company's finance organization, including Corporate Controller and Treasurer. Rick acted in a key capacity in executing the acquisition strategy that created APW Ltd. and its subsequent spin-off from Applied Power Inc. in August of 2000. Richard G. Sim, Chairman and Chief Executive Officer, commented, "Anticipating a successful outcome to our debt renegotiations and Mike's desire to resign to rejoin his family in Ohio, it was imperative to make this change immediately so that Rick could become directly involved in our current bank negotiations. His participation will build on relationships he built in the past, having been involved in establishing the existing revolving credit agreement Revolving credit agreement A legal commitment in which a bank promises to lend a customer up to a specified maximum amount during a specified period. revolving credit agreement See line of credit. last summer. My confidence in Rick is strong and I am excited he has accepted the position. Rick's intimate knowledge of APW, his operations background and his strong relationships within the APW management team makes him ideally suited to lead our financial initiatives, cost reduction actions and restructuring programs. I want to thank Mike Duffey for his contributions to APW and wish him and his family well." About APW Ltd. APW Ltd. is a Technically Enabled Manufacturing Services "TEMS TEMS Terrestrial Ecosystem Monitoring Sites TEMS Tactical Emergency Medical Support TEMS Toyota Electronic Modulated Suspension TEMS Tactical Emergency Medical Services (EMS) TEMS Total Electronic Migration System " company that designs and manufactures large, complex infrastructure products for OEM's in the communications, large enterprise hardware and Internet markets. APW Ltd. has particular skills in the areas of manufacturing enclosures, thermal management, power supplies and backplanes; as well as core competencies in product and system design, integration and supply chain management. APW Ltd. operates in over 50 locations throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. , South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe and Asia. For further information contact: APW Ltd. Susan Hrobar, Vice President 262-523-7775 www.apw.com Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement Certain of the above comments represent forward-looking statements made pursuant to the provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Management cautions that these statements are based on current estimates of future performance and are highly dependent upon a variety of factors, which could cause actual results to differ from these estimates. APW Ltd.'s results are also subject to general economic conditions, market conditions in the computer, semiconductor, telecommunications, and electronic industries in North America, South America, Europe and Asia, continued market acceptance of APW's existing products and new product introductions, the successful integration of recent and pending acquisitions, successful negotiation of bank facilities, competitive product and pricing pressures, foreign currency risk, interest rate risk, and APW's ability to access capital markets. See our Form 10 and Form S-3 for further information on risk factors. |
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