Baker Completes Series B Share Exchange.Business Editors PITTSBURGH--(BUSINESS WIRE)--March 19, 2002 Michael Baker Corporation Michael Baker Corporation is an engineering and energy management corporation headquartered in the Pittsburgh suburb of Moon Township, Pennsylvania. Its headquarters is located in Airside Business Park, an office park near the Pittsburgh International Airport that the company (AMEX AMEX See: American Stock Exchange :BKR BKR Baker BKR Birkirkara (postal locality, Malta) BKR Breaker BKR Broadcast Key Rotation BKR Best-Known Recipe ) announced today that it has completed the exchange of its Series B stock for regular Common stock, in accordance with the company's previous announcement on December 21, 2001. This transaction officially eliminates the company's two class capital structure. Baker completed the share exchange with its Employee Stock Ownership Plan (ESOP ESOP See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). ), which held more than 94 percent of the Series B super-voting shares, on February 28, 2002. Immediately following that exchange, the remaining Series B shares were automatically converted to Common equivalents in accordance with provisions in the company's Articles of Incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. . Baker now has 8,301,253 Common shares outstanding, of which approximately 39 percent are held in the ESOP. The company believes that this single class capital structure will result in improved liquidity and generate increased interest and investment in its shares. Michael Baker Corporation (www.mbakercorp.com) provides engineering and energy expertise for public and private sector clients worldwide. The firm's primary services include engineering design for the transportation and civil infrastructure markets, operation and maintenance of oil and gas production facilities, architecture, environmental services The various combinations of scientific, technical, and advisory activities (including modification processes, i.e., the influence of manmade and natural factors) required to acquire, produce, and supply information on the past, present, and future states of space, atmospheric, , and construction management for building and transportation projects. Baker has more than 3,800 employees in over 30 offices across the United States and internationally. |
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