EX-99.1
3
mis_8k053199.htm
PRESS RELEASE DATED JUNE 1, 2006 REPORTING ACQUISITION OF SMITH SERVICES
Unassociated Document
Exhibit
99.1
FOR
IMMEDIATE RELEASE
MISCOR
Group Acquires Smith Services of Alabama, Inc.
Deal
Expands Capacity, Geographic Reach in Electric Motor Repair for Major
Industry
SOUTH
BEND, Ind., June 1, 2006
-
MISCOR
Group, Ltd., coming off its initial public offering last month, today announced
the completion of a key acquisition that bolsters its growing industrial
services division. Magnetech Industrial Services, Inc., a wholly owned
subsidiary of MISCOR, has acquired the operating assets of electric motor and
industrial services provider Smith Services of Alabama, Inc. The acquisition
of
Saraland, Ala.-based Smith Services was completed yesterday. Terms were not
disclosed.
MISCOR,
the South Bend, Ind.-based provider of electrical contracting and industrial
services, said the acquisition increases its capacity and service staff, expands
its reach into the Gulf Coast region and adds a client roster of prestigious
Fortune 500 customers. Like Magnetech, Smith Services provides electric motor
repair, preventative maintenance and refurbishment for major industrial
companies such as utilities and manufacturers.
"Smith
Services of Alabama is a high-quality, well-run operation that will fit nicely
into our growing industrial services business", said John A. Martell, President
and CEO of MISCOR Group. "When combined with our Mobile Service Shop, the
addition of Smith Services further establishes Magnetech as a leading provider
of electric motor repair in the greater Gulf Coast region".
Michael
M. Maiuri, President and Chief Operating Officer of Smith Services, Inc., parent
company of Smith Services of Alabama, added: "This sale is a win-win, as it
allows us to focus all of our resources and efforts on our service businesses
in
Princeton, West Virginia, while ensuring our Alabama-based staff and customers
are well-served under the Magnetech banner".
Magnetech
said it will retain the service staff and repair facility of Smith Services
of
Alabama, and expects to use the operation as a hub to serve customers in
Alabama, Louisiana, Tennessee, Florida and Georgia.
Martell
added: "The addition of Smith Services fits our acquisition model, which is
based on strategic alignment, growth potential and the ability to be accretive.
We are pleased to be able to expand our service capability and customer base
with this deal, and we will continue to seek additional organic growth and
acquisition opportunities to achieve our goal of being the nation's leading
industrial services provider in our niches".
MISCOR
recently completed an initial public registration of its common stock on Form
S-1, which was deemed effective by the Securities and Exchange Commission on
May
12, 2006. The Company is currently pursuing a listing on the OTC Bulletin Board.
About
MISCOR
Formerly
known as Magnetech Integrated Services Corp., MISCOR conducts operations through
three principal subsidiaries: Magnetech Industrial Services, Inc., which is
primarily engaged in providing maintenance and repair services to industry
for
electric motors, lifting magnets and power distribution systems; Martell
Electric, LLC which provides a wide range of electrical contracting services
for
industrial, commercial and institutional customers; and HK Engine Components,
LLC which manufactures, repairs and engineers power assemblies for large diesel
engines.
Forward
Looking Statements
This
press release includes "forward-looking statements" within the meaning of the
safe harbor provisions of the United States Private Securities Litigation Reform
Act of 1995. Forward-looking statements in this press release include
expectations about the anticipated benefits of the acquisition, which involve
risks and uncertainties that could cause actual results to differ materially
from results expressed or implied by these statements. Factors that might cause
or contribute to such differences include, but are not limited to: difficulties
encountered in integrating merged businesses and the ability to successfully
combine service offerings and customer acceptance of combined services. For
further discussion of these and other risks and uncertainties, individuals
should refer to the Company's SEC filings. MISCOR Group, Ltd. undertakes no
obligation and does not intend to update these forward-looking statements to
reflect events or circumstances occurring after this press release. You are
cautioned not to place undue reliance on these forward-looking statements,
which
speak only as of the date of this press release. All forward-looking statements
are qualified in their entirety by this cautionary statement.
Contact:
Noel
Ryan, Jeff Lambert
Lambert,
Edwards & Associates, Inc.
(616)
233-0500 nryan@lambert-edwards.com
###

EX - 99 . 1 3 mis _ 8k053199 . htm PRESS RELEASE DATED JUNE 1 , 2006 REPORTING ACQUISITION OF SMITH SERVICES Un associated Document Exhibit 99 . 1 FOR IMMEDIATE RELEASE MISCOR Group Acquires Smith Services of Alabama , Inc . Deal Expands Capacity , Geographic Reach in Electric Motor Repair for Major Industry SOUTH BEND , Ind . , June 1 , 2006 - MISCOR Group , Ltd . , coming off its initial public offering last month , today announced the completion of a key acquisition that bolsters its growing industrial services division . Magnetech Industrial Services , Inc . , a wholly owned subsidiary of MISCOR , has acquired the operating assets of electric motor and industrial services provider Smith Services of Alabama , Inc . The acquisition of Saraland , Ala . - based Smith Services was completed yesterday . Terms were not disclosed . MISCOR , the South Bend , Ind . - based provider of electrical contracting and industrial services , said the acquisition increases its capacity and service staff , expands its reach into the Gulf Coast region and adds a client roster of prestigious Fortune 500 customers . Like Magnetech , Smith Services provides electric motor repair , preventative maintenance and refurbishment for major industrial companies such as utilities and manufacturers . " Smith Services of Alabama is a high - quality , well - run operation that will fit nicely into our growing industrial services business " , said John A . Martell , President and CEO of MISCOR Group . " When combined with our Mobile Service Shop , the addition of Smith Services further establishes Magnetech as a leading provider of electric motor repair in the greater Gulf Coast region " . Michael M . Maiuri , President and Chief Operating Officer of Smith Services , Inc . , parent company of Smith Services of Alabama , added : " This sale is a win - win , as it allows us to focus all of our resources and efforts on our service businesses in Princeton , West Virginia , while ensuring our Alabama - based staff and customers are well - served under the Magnetech banner " . Magnetech said it will retain the service staff and repair facility of Smith Services of Alabama , and expects to use the operation as a hub to serve customers in Alabama , Louisiana , Tennessee , Florida and Georgia . Martell added : " The addition of Smith Services fits our acquisition model , which is based on strategic alignment , growth potential and the ability to be accretive . We are pleased to be able to expand our service capability and customer base with this deal , and we will continue to seek additional organic growth and acquisition opportunities to achieve our goal of being the nation ' s leading industrial services provider in our niches " . MISCOR recently completed an initial public registration of its common stock on Form S - 1 , which was deemed effective by the Securities and Exchange Commission on May 12 , 2006 . The Company is currently pursuing a listing on the OTC Bulletin Board . About MISCOR Formerly known as Magnetech Integrated Services Corp . , MISCOR conducts operations through three principal subsidiaries : Magnetech Industrial Services , Inc . , which is primarily engaged in providing maintenance and repair services to industry for electric motors , lifting magnets and power distribution systems ; Martell Electric , LLC which provides a wide range of electrical contracting services for industrial , commercial and institutional customers ; and HK Engine Components , LLC which manufactures , repairs and engineers power assemblies for large diesel engines . Forward Looking Statements This press release includes " forward - looking statements " within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 . Forward - looking statements in this press release include expectations about the anticipated benefits of the acquisition , which involve risks and uncertainties that could cause actual results to differ materially from results expressed or implied by these statements . Factors that might cause or contribute to such differences include , but are not limited to : difficulties encountered in integrating merged businesses and the ability to successfully combine service offerings and customer acceptance of combined services . For further discussion of these and other risks and uncertainties , individuals should refer to the Company 's SEC filings . MISCOR Group , Ltd . undertakes no obligation and does not intend to update these forward - looking statements to reflect events or circumstances occurring after this press release . You are cautioned not to place undue reliance on these forward - looking statements , which speak only as of the date of this press release . All forward - looking statements are qualified in their entirety by this cautionary statement . Contact : Noel Ryan , Jeff Lambert Lambert , Edwards & Associates , Inc . ( 616 ) 233 - 0500 nryan@lambert-edwards.com # # #
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