Metalico Hires Gordian for Strategic Review
February 23 2015 - 04:46PM
CRANFORD, NJ
, February 23, 2015 - Metalico, Inc. (NYSE MKT: MEA), has
retained Gordian Group, LLC, a leading independent investment
banking firm, to assist the Company with an overall review of its
business strategies going forward.
Gordian will conduct a thorough
evaluation of the Company and advise its Board of Directors as the
Board considers alternatives for Metalico's future, including
continued independence as a public corporation, combinations or
joint ventures with suitable partners or investors, sales of
assets, and a sale of the Company, including an analysis of an
unsolicited non-binding offer made by a stockholder Monday
afternoon and other unsolicited bids previously delivered to
Metalico or to come in the future. The firm was chosen from
among a number of qualified investment banks following a detailed
selection process conducted by the Board over several weeks.
Earlier this month the Company
adopted a Stockholder Rights Plan to assure that all of the
Company's stockholders receive fair and equal treatment in the
event of any proposed takeover of the Company and to guard against
tactics to gain control of the Company without paying all
stockholders a premium for that control. The Rights Plan and
the overall review are intended to enhance the interests of the
Company's shareholders.
About
Metalico
Metalico, Inc. is a holding
company with operations in one principal business segment: ferrous
and non-ferrous scrap metal recycling. The Company operates
recycling facilities in New York, Pennsylvania, Ohio, West
Virginia, New Jersey and Mississippi. Metalico's common stock
is traded on the NYSE MKT under the symbol MEA.
Forward-looking Statements
This news release contains
"forward-looking statements" made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of
1995. These statements may contain statements that do not
relate strictly to historical or current facts.
Forward-looking statements include statements with respect to
Metalico's beliefs, plans, objectives, goals, expectations,
anticipations, assumptions, estimates, intentions, and future
performance, and involve known and unknown risks, uncertainties and
other factors, which may be beyond Metalico's control, and which
may cause Metalico's actual results, performance or achievements to
be materially different from future results, performance,
expectations or achievements expressed or implied by such
forward-looking statements. Factors that could cause such
material difference are discussed in more detail in the Company's
most recent Annual Report on Form 10-K and other filings with the
Securities and Exchange Commission. All statements other than
statements of historical fact are statements that could be
forward-looking statements. Metalico assumes no obligation to
update the information contained in this news release.
Contact:
Metalico, Inc.
Carlos E. Agüero
Michael J. Drury
info@metalico.com
186 North Avenue East
Cranford, NJ 07016
(908) 497-9610
Fax: (908) 497-1097
www.metalico.com
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announcement is distributed by NASDAQ OMX Corporate Solutions on
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The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Metalico, Inc. via Globenewswire
HUG#1896667