EX-99
2
mm7-1006_8ke991.txt
PRESS RELEASE
Exhibit 99.1
------------
INTERNATIONAL WIRE GROUP, INC. COMPLETES ITS EXIT FROM THE INSULATED WIRE
BUSINESS
Camden, NY -July 5, 2006 - International Wire Group, Inc. (ITWG. PK), announced
today the closing of the previously announced sales of its insulated wire
subsidiaries in the Philippines and Mexico to Draka Holding N.V. and Draka
Mexico Holding, S.A. de C.V. ("Draka"). These transactions, together with the
sale of certain U.S. insulated wire assets to Copperfield, LLC in November 2005
and the subsequent collection of retained accounts receivable, complete IWG's
exit from the insulated wire business.
Mark K. Holdsworth, Chairman of the Board of Directors of IWG, said, "The Draka
transactions, which closed on July 3, 2006, complete the process of exiting the
insulated wire business world-wide. Net cash proceeds from the exit of the
insulated wire business since November 2005 total approximately $75 million. We
are quite pleased with the results of this important strategic initiative.
Moreover, we were also able to complete the acquisition of IWG High Performance
Conductors, Inc. on March 31, 2006, and establish a strong market presence in
specialty high-performance conductors for the aerospace, medical device and
sensor industries".
Rodney D. Kent, Chief Executive Officer, stated, "In addition to strengthening
our balance sheet, the exit from the insulated wire business will help
facilitate our continued focus on growing key areas within our core bare wire
markets and specialty high-performance conductors business." Mr. Kent added,
"The Company continues to grow in these two businesses, and with substantial
scale, we expect to continue to be able to better serve our customer needs".
International Wire Group, Inc is a manufacturer and marketer of wire products,
including bare, silver-plated, nickel-plated and tin-plated copper wire, for
other wire suppliers and original equipment manufacturers or "OEMs". Their
products include a broad spectrum of copper wire configurations and gauges with
a variety of electrical and conductive characteristics and are utilized by a
wide variety of customers primarily in the aerospace, appliance, automotive,
electronics and data communications, industrial/energy and medical device
industries. The Company manufactures and distributes its products at 13
facilities located in the United States, Belgium, France and Italy.
FORWARD-LOOKING INFORMATION IS SUBJECT TO RISK AND UNCERTAINTY
Certain statements in this report may constitute "forward-looking" statements
within the meaning of the Private Litigation Reform Act of 1995. Words such as
"expects", "intends", "plans", "projects", "believes", "estimates", and similar
expressions are used to identify these forward-looking statements. These
statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Forward-looking
statements are based upon assumptions as to future events that may not prove to
be accurate. Actual outcomes and results may differ materially from what is
expressed or forecasted in these forward-looking statements. As a result, these
statements speak only as of the date they were made and we undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise. Our actual results
and future trends may differ materially depending on a variety of factors,
including the continued operation, viability and growth of customers, production
rate increases and decreases, acquisition and divestiture plans, and other
cost-reduction and productivity efforts; performance issues with key suppliers,
subcontractors and customers; global trade policies; worldwide political
stability; domestic and international economic conditions; price escalation;
legal and investigatory proceedings; and other economic, political and
technological risks and uncertainties. For further information about IWG's
principal risks and uncertainties, see IWG's Form 10-K and other filings with
the Securities and Exchange Commission.
Contact:
International Wire Group, Inc.
Glenn J. Holler
Senior Vice President and CFO
314-719-1000
####

EX - 99 2 mm7 - 1006 _ 8ke991 . txt PRESS RELEASE Exhibit 99 . 1 ------------ INTERNATIONAL WIRE GROUP , INC . COMPLETES ITS EXIT FROM THE INSULATED WIRE BUSINESS Camden , NY - July 5 , 2006 - International Wire Group , Inc . ( ITWG . PK ) , announced today the closing of the previously announced sales of its insulated wire subsidiaries in the Philippines and Mexico to Draka Holding N . V . and Draka Mexico Holding , S . A . de C . V . ( " Draka " ) . These transactions , together with the sale of certain U . S . insulated wire assets to Copperfield , LLC in November 2005 and the subsequent collection of retained accounts receivable , complete IWG 's exit from the insulated wire business . Mark K . Holdsworth , Chairman of the Board of Directors of IWG , said , " The Draka transactions , which closed on July 3 , 2006 , complete the process of exiting the insulated wire business world - wide . Net cash proceeds from the exit of the insulated wire business since November 2005 total approximately $ 75 million . We are quite pleased with the results of this important strategic initiative . Moreover , we were also able to complete the acquisition of IWG High Performance Conductors , Inc . on March 31 , 2006 , and establish a strong market presence in specialty high - performance conductors for the aerospace , medical device and sensor industries " . Rodney D . Kent , Chief Executive Officer , stated , " In addition to strengthening our balance sheet , the exit from the insulated wire business will help facilitate our continued focus on growing key areas within our core bare wire markets and specialty high - performance conductors business . " Mr . Kent added , " The Company continues to grow in these two businesses , and with substantial scale , we expect to continue to be able to better serve our customer needs " . International Wire Group , Inc is a manufacturer and marketer of wire products , including bare , silver - plated , nickel - plated and tin - plated copper wire , for other wire suppliers and original equipment manufacturers or " OEMs " . Their products include a broad spectrum of copper wire configurations and gauges with a variety of electrical and conductive characteristics and are utilized by a wide variety of customers primarily in the aerospace , appliance , automotive , electronics and data communications , industrial / energy and medical device industries . The Company manufactures and distributes its products at 13 facilities located in the United States , Belgium , France and Italy . FORWARD - LOOKING INFORMATION IS SUBJECT TO RISK AND UNCERTAINTY Certain statements in this report may constitute " forward - looking " statements within the meaning of the Private Litigation Reform Act of 1995 . Words such as " expects " , " intends " , " plans " , " projects " , " believes " , " estimates " , and similar expressions are used to identify these forward - looking statements . These statements are not guarantees of future performance and involve risks , uncertainties and assumptions that are difficult to predict . Forward - looking statements are based upon assumptions as to future events that may not prove to be accurate . Actual outcomes and results may differ materially from what is expressed or forecasted in these forward - looking statements . As a result , these statements speak only as of the date they were made and we undertake no obligation to publicly update or revise any forward - looking statements , whether as a result of new information , future events or otherwise . Our actual results and future trends may differ materially depending on a variety of factors , including the continued operation , viability and growth of customers , production rate increases and decreases , acquisition and divestiture plans , and other cost - reduction and productivity efforts ; performance issues with key suppliers , subcontractors and customers ; global trade policies ; worldwide political stability ; domestic and international economic conditions ; price escalation ; legal and investigatory proceedings ; and other economic , political and technological risks and uncertainties . For further information about IWG 's principal risks and uncertainties , see IWG 's Form 10 - K and other filings with the Securities and Exchange Commission . Contact : International Wire Group , Inc . Glenn J. Holler Senior Vice President and CFO 314 - 719 - 1000 # # # #
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