Magnetek Regains Compliance with NYSE Listing Standards
June 22 2011 - 8:45AM
Business Wire
Magnetek, Inc. (“Magnetek” or the “Company”) (NYSE: MAG), a
leading provider of digital power and motion control systems,
announced today it received notification from the New York Stock
Exchange (“NYSE”) that the Company has regained compliance with the
NYSE’s continued listing standards. Magnetek’s reinstatement to
listing compliance is due to the Company’s compliance with the
NYSE’s minimum market capitalization standard. In addition to the
NYSE’s normal monitoring procedures, the Company will be subject to
a 12-month follow-up period to ensure that it remains in compliance
with the NYSE’s continued listing standards.
About Magnetek, Inc.
Magnetek, Inc. provides digital power and motion control systems
used in overhead material handling, elevator, and energy delivery
applications. The Company is North America’s largest supplier of
digital drive systems for industrial cranes, hoists, and monorails.
Magnetek provides Energy Engineered® drives, radio remote controls,
motors, and braking and collision avoidance subsystems to North
America’s foremost overhead material handling crane builders. The
Company is also the world’s largest independent builder of highly
integrated digital motion control systems for high-rise, high-speed
elevators. In energy delivery, Magnetek develops and
markets digital power inverters that connect renewable energy
sources to the utility grid, and is a leading independent supplier
of digital motion control systems for underground coal mining
applications. Magnetek is headquartered in Menomonee Falls, WI, in
the greater Milwaukee area and operates manufacturing facilities in
Pittsburgh, PA, and Canonsburg, PA, as well as Menomonee Falls.
Special Note Regarding Online Availability of Magnetek
Releases and Filings
All Magnetek financial news releases and filings with the
Security and Exchange Commission (“SEC”) are posted to the Magnetek
website. Material and financial releases as well as SEC filings are
available at www.magnetek.com. Automatic email alerts for these
postings are available from the Investor Relations section of the
site. Corporate and general releases as well as product information
are also available at www.magnetek.com.
Special Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on the Company’s
expectations and are subject to risks and uncertainties that cannot
be predicted or quantified and are beyond the Company’s control,
including (1) the potential inability to remain in compliance
with the NYSE’s continued listing standards, and (2) the
potential for the Company to be considered below criteria with
respect to other NYSE listing standards. Future events and actual
results could differ materially from those set forth in,
contemplated by, or underlying these forward-looking statements.
These include, but are not limited to, economic conditions in
general, business conditions in material handling, elevator,
mining, and alternative energy markets, operating conditions,
competitive factors such as pricing and technology, risks
associated with acquisitions and divestitures, legal proceedings
and the risk that the Company’s ultimate costs of doing business
exceed present estimates. Other factors that could cause actual
results to differ materially from expectations are described in the
Company’s reports filed with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934.