Viskase Companies, Inc. Announces Retention of Harris Williams Advisors, Inc. and Restructuring of Its Finishing Operations.WILLOWBROOK, Ill., May 4 /PRNewswire-FirstCall/ -- Viskase Companies, Inc. today announced that its Board of Directors is evaluating possible strategic alternatives for the Company. The strategic alternatives under consideration include debt and/or equity financings, the sale of the Company, and a rights offering. In connection with the Board's evaluation, the Company has retained Harris Williams Advisors, Inc. as its financial advisor.
Robert L. Weisman, President and Chief Executive Officer of the Company, said, "We believe that this is an opportune op·por·tune
1. Suited or right for a particular purpose: an opportune place to make camp.
2. Occurring at a fitting or advantageous time: an opportune arrival. time for us to explore alternatives for enhancing stockholder value and to build upon our accomplishments in our businesses. As we participate in this process, we will continue to focus on the long-term success of the Company."
The Company does not expect to comment further publicly with respect to the consideration of strategic alternatives unless the Company and its Board of Directors determine it would be appropriate to do so.
In addition, Viskase will relocate finishing operations performed at its facility in Kentland, Indiana Kentland is a town in Newton County, Indiana, United States. The population was 1,822 at the 2000 census. The town was founded in 1860 as "Kent", though this name was soon lengthened to Kentland. to Mexico. This restructuring seeks to lower costs and optimize operations. The Company also continues to evaluate other opportunities to reduce its costs and achieve greater production efficiencies.
Viskase Companies, Inc. has its major interests in food packaging. Principal products manufactured are cellulosic cel·lu·lose
A complex carbohydrate, (C6H10O5)n, that is composed of glucose units, forms the main constituent of the cell wall in most plants, and is important in the manufacture of numerous products, and nylon casings Ca´sings
n. pl. 1. Dried dung of cattle used as fuel. used in the preparation and packaging of processed meat products.
Statements included within this news release that are not historical in nature, including the Company's cost reduction plans and the anticipated cost and timing of such plans, constitute forward-looking statements within the meaning of 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. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or events to be materially different from any future results, performance or events expressed or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, general business and economic conditions; competitive pricing pressures for our products; changes in other costs; opportunities that may be presented to and pursued by us; determinations by regulatory and governmental authorities; the effectiveness, timing and cost of the Company's finishing operations restructuring; and the ability to achieve other cost reductions and efficiencies. Additional information regarding these risks, uncertainties and other matters are set forth in the Company's filings with the Securities and Exchange Commission.
CONTACT: R.L. Weisman or G.S. Donovan, both of Viskase Companies, Inc., +1-630-789-4900
Web site: http://www.viskase.com/