EX-99.1
11
mis_8k0122ex991.htm
PRESS RELEASE
mis_8k0122ex991.htm
Exhibit
99.1
FOR
IMMEDIATE RELEASE
MISCOR
Group Acquires American Motive Power,
Acquisition
Expands Expertise in Locomotive and Diesel Engine Repair,
Reach
Grows to East Coast
SOUTH
BEND, Ind., Jan. 16,
2007
- Industrial services provider MISCOR Group, Ltd. (OTC BB: MIGL)
today announced it has acquired privately held American Motive Power, Inc.
(AMP), a provider of a wide range of services to the railroad
industry. The acquisition expands MISCOR's locomotive expertise in its Repair,
Remanufacturing and Manufacturing (RRM) Division.
MISCOR
said the acquisition of Dansville, NY-based AMP supports the Company's desire to
grow its service capabilities in the railroad industry by expanding its repair
and remanufacturing of locomotives and diesel engines for
locomotives. The AMP operation and its experienced team of
technicians are housed in approximately 250,000-square-feet of space, large
enough to simultaneously service 20 locomotives.
The
new
operation and experienced employees are expected to bolster MISCOR's already
industry-recognized expertise in the reconditioning, remanufacturing and
manufacturing of power assemblies for 710, 645 and 547 EMD diesel
engines. In addition, the vertical integration of AMP is an example
of MISCOR's strategic growth strategy to add value to its roster of blue clip
customers, as MISCOR's subsidiaries Magnetech Industrial Services and HK Engine
Components are currently AMP's largest suppliers.
"The
acquisition of American Motive Power is a great way for us to kick-off 2008
and
continue building on the momentum we established in the second half of 2007,"
said John Martell, President and CEO of MISCOR. "By expanding our
presence along the East Coast we have the opportunity to add new customers
and
cross-sell our services in the high density transportation centers in the
Northeast".
AMP
Founder and President Larry Mehlenbacher said: "I am pleased to find a company
of MISCOR's caliber that is dedicated to providing the same high level of
service and responsiveness that has always distinguished AMP from the
competition. I look forward to AMP becoming part of the MISCOR family
of companies and watching the company grow undertheir national
industrial-services model".
As
part
of the acquisition, MISCOR said that Pierre Desrosiers
will become
Vice President of Operations for the new subsidiary. A veteran of the
industry, Desrosiers has extensive locomotive shop maintenance and management
experience, including serving as Director-Locomotive Division for Alstom
Transport Canada. Joseph Fearon will become Vice President
-more-
MISCOR
page 2 of 2
of
Business Development and Engineering. Fearon has over 40 years of experience
in
the railroad industry. He founded Morrison Knudsen Corp-Rail Systems
Group, and served as its President. Gary Walsh will become Vice
President of Sales and Marketing. Walsh brings an extensive
background in sales and marketing management in the locomotive industry with
both General Electric and Alstom. MISCOR Executive Vice President and
COO Richard Tamborski will become President of American Motive Power,
Inc.
In
addition to the acquisition, MISCOR also announced that it has closed a new
$15
million financing package with Wells Fargo that will be used for this
acquisition and working capital requirements.
A
1 for
25 reverse stock split of MISCOR's common stock which was previously announced
on Dec. 3, 2007 was declared effective on Jan. 14, 2008. As a result
of the reverse split, the Company's ticker symbol was change to
MIGL.OB.
Financial
terms of the AMP acquisition and Wells Fargo financing package will be available
on separate Form 8-Ks to be filed with the Securities and Exchange Commission
(SEC) at
www.sec.gov
.
About
MISCOR
South
Bend, Ind.-based MISCOR Group, Ltd. (OTC BB: MIGL) provides electrical and
mechanical solutions to industrial, commercial and institutional customers
through two segments: RRM (repair, remanufacturing and manufacturing) segment,
which provides maintenance and repair services for industrial motors, generators
and lifting magnets, and diesel engine component manufacturing,
remanufacturing and repair services; and CES (construction and engineering
services) segment, which provides a wide range of electrical and mechanical
contracting services and engineering and repair services for electrical power
distribution systems. MISCOR was ranked on the
Inc.
500 in 2004 and
2005 and
has grown to more than 600 employees in 14 locations nationwide.
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.
These forward-looking statements involve certain risks
and uncertainties that ultimately may not prove to be accurate. Actual results
and future events could differ materially from those anticipated in such
statements.
For
further discussion of 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:
Rich
Mullin, CFO
Jeff
Lambert, Patrick Kane
MISCOR
Group, Ltd.
Lambert,
Edwards & Associates, Inc.
(574)
234-8131
(616)
233-0500 pkane@lambert-edwards.com

EX - 99 . 1 11 mis _ 8k0122ex991 . htm PRESS RELEASE mis _ 8k0122ex991 . htm Exhibit 99 . 1 FOR IMMEDIATE RELEASE MISCOR Group Acquires American Motive Power , Acquisition Expands Expertise in Locomotive and Diesel Engine Repair , Reach Grows to East Coast SOUTH BEND , Ind . , Jan. 16 , 2007 - Industrial services provider MISCOR Group , Ltd . ( OTC BB : MIGL ) today announced it has acquired privately held American Motive Power , Inc . ( AMP ) , a provider of a wide range of services to the railroad industry . The acquisition expands MISCOR 's locomotive expertise in its Repair , Re manufacturing and Manufacturing ( RRM ) Division . MISCOR said the acquisition of Dansville , NY - based AMP supports the Company 's desire to grow its service capabilities in the railroad industry by expanding its repair and re manufacturing of locomotives and diesel engines for locomotives . The AMP operation and its experienced team of technicians are housed in approximately 250,000 - square - feet of space , large enough to simultaneously service 20 locomotives . The new operation and experienced employees are expected to bolster MISCOR 's already industry - recognized expertise in the reconditioning , remanufacturing and manufacturing of power assemblies for 710 , 645 and 547 EMD diesel engines . In addition , the vertical integration of AMP is an example of MISCOR 's strategic growth strategy to add value to its roster of blue clip customers , as MISCOR 's subsidiaries Magnetech Industrial Services and HK Engine Components are currently AMP 's largest suppliers . " The acquisition of American Motive Power is a great way for us to kick - off 2008 and continue building on the momentum we established in the second half of 2007 , " said John Martell , President and CEO of MISCOR . " By expanding our presence along the East Coast we have the opportunity to add new customers and cross - sell our services in the high density transportation centers in the Northeast " . AMP Founder and President Larry Mehlenbacher said : " I am pleased to find a company of MISCOR 's caliber that is dedicated to providing the same high level of service and responsiveness that has always distinguished AMP from the competition . I look forward to AMP becoming part of the MISCOR family of companies and watching the company grow under their national industrial - services model " . As part of the acquisition , MISCOR said that Pierre Desrosiers will become Vice President of Operations for the new subsidiary . A veteran of the industry , Desrosiers has extensive locomotive shop maintenance and management experience , including serving as Director - Locomotive Division for Alstom Transport Canada . Joseph Fearon will become Vice President - more - MISCOR page 2 of 2 of Business Development and Engineering . Fearon has over 40 years of experience in the railroad industry . He founded Morrison Knudsen Corp - Rail Systems Group , and served as its President . Gary Walsh will become Vice President of Sales and Marketing . Walsh brings an extensive background in sales and marketing management in the locomotive industry with both General Electric and Alstom . MISCOR Executive Vice President and COO Richard Tamborski will become President of American Motive Power , Inc . In addition to the acquisition , MISCOR also announced that it has closed a new $ 15 million financing package with Wells Fargo that will be used for this acquisition and working capital requirements . A 1 for 25 reverse stock split of MISCOR 's common stock which was previously announced on Dec. 3 , 2007 was declared effective on Jan. 14 , 2008 . As a result of the reverse split , the Company 's ticker symbol was change to MIGL . OB . Financial terms of the AMP acquisition and Wells Fargo financing package will be available on separate Form 8 - Ks to be filed with the Securities and Exchange Commission ( SEC ) at www.sec.gov . About MISCOR South Bend , Ind . - based MISCOR Group , Ltd . ( OTC BB : MIGL ) provides electrical and mechanical solutions to industrial , commercial and institutional customers through two segments : RRM ( repair , remanufacturing and manufacturing ) segment , which provides maintenance and repair services for industrial motors , generators and lifting magnets , and diesel engine component manufacturing , remanufacturing and repair services ; and CES ( construction and engineering services ) segment , which provides a wide range of electrical and mechanical contracting services and engineering and repair services for electrical power distribution systems . MISCOR was ranked on the Inc . 500 in 2004 and 2005 and has grown to more than 600 employees in 14 locations nationwide . 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 . These forward - looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate . Actual results and future events could differ materially from those anticipated in such statements . For further discussion of 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 : Rich Mullin , CFO Jeff Lambert , Patrick Kane MISCOR Group , Ltd . Lambert , Edwards & Associates , Inc . ( 574 ) 234 - 8131 ( 616 ) 233 - 0500 pkane@lambert-edwards.com
O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY I-Parties.ACQUIRED_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O