Berger Holdings, Ltd. Redeems $750,000 of 10% Subordinated Debenture Eleven Months Early; CEO Steps Down, Will Remain as Chairman.Business Editors PHILADELPHIA--(BUSINESS WIRE)--Feb. 7, 2003 Berger Holdings, Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BGRH) reported the redemption of $750,000 of a $1.5 million subordinated debenture subordinated debenture An unsecured bond with a claim to assets that is subordinate to all existing and future debt. Thus, in the event that the issuer encounters financial difficulties and must be liquidated, all other claims must be satisfied before which was due December 31, 2003. The redemption was funded through facilities of the Company's principal lender. The $750,000 balance was extended to December 31, 2005. The Company also reported that Theodore A. Schwartz resigned as Chief Executive Officer effective February 1, 2003. He will remain as chairman and continue being the interface with the investment community. Joseph F. Weiderman who has been President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. since July 1990 will assume the additional position of C.E.O. Mr. Theodore A. Schwartz stated, "I felt at age 73 it was time for me to lighten my responsibilities. I continue to retain one of the largest equity positions in the Company and I fully intend to exert all of my energies toward seeing that the shareholders confidence in our Company will be justified." Berger Holdings, Ltd. is the parent company of Berger Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) Co., which was founded in 1874, and is a manufacturer of the most complete line of roof drainage products specializing in copper as well as residential and commercial snow guards. All of the Company's products are used in new construction, remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling , and renovation markets. Forward-looking statements in this release are made pursuant to the "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. " 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. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risk and uncertainties including but not limited to, continued acceptance of the company's products in the marketplace, competitive factors, new products and technological changes, the Company's dependence upon third-party suppliers and other risks detailed in the company's periodic reports filing with the Securities and Exchange Commission. |
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