KYCN Keystone Announces Receipt of $25 Million From Subscription Rights Offering
via COMTEX
March 28, 2008
DALLAS, March 28, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
Keystone Consolidated Industries, Inc. (OTC Bulletin Board: KYCN) announced that on March 24, 2008 it received $25,000,000 and issued an additional 2,500,000 shares of its common stock pursuant to a subscription rights offering that expired on March 17, 2008. Keystone used the offering proceeds to reduce indebtedness under its revolving credit facility, which in turn created additional availability under that facility that can be used for general corporate purposes, including scheduled debt payments, capital expenditures, potential acquisitions or the liquidity needs of Keystone's current operations.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are not historical in nature are forward-looking and are not statements of fact. Forward-looking statements represent the Company's beliefs and assumptions based on currently available information. In some cases you can identify these forward-looking statements by the use of words such as "believes," "intends," "may," "should," "could," "anticipates," "expected" or comparable terminology, or by discussions of strategies or trends. Although Keystone believes the expectations reflected in forward-looking statements are reasonable, it does not know if these expectations will be correct. Forward-looking statements by their nature involve substantial risks and uncertainties that could significantly impact expected results. Actual future results could differ materially from those predicted. While it is not possible to identify all factors, the Company continues to face many risks and uncertainties. Among the factors that could cause Keystone's actual future results to differ materially from those described herein are the risks and uncertainties discussed from time to time in the Company's filings with the SEC including, but not limited to, the following:
-- Future supply and demand for Keystone's products (including cyclicality
thereof),
-- Customer inventory levels,
-- Changes in raw material and other operating costs (such as ferrous
scrap and energy)
-- The possibility of labor disruptions,
-- General global economic and political conditions,
-- Competitive products and substitute products,
-- Customer and competitor strategies,
-- The impact of pricing and production decisions,
-- Environmental matters (such as those requiring emission and discharge
standards for existing and new facilities),
-- Government regulations and possible changes therein,
-- Significant increases in the cost of providing medical coverage to
employees,
-- The ultimate resolution of pending litigation,
-- International trade policies of the United States and certain foreign
countries,
-- Operating interruptions (including, but not limited to, labor disputes,
fires, explosions, unscheduled or unplanned downtime and transportation
interruptions),
-- The Company's ability to renew or refinance credit facilities,
-- Any possible future litigation, and
-- Other risks and uncertainties as discussed in the Company's filings
with the SEC.
Should one or more of these risks materialize, if the consequences worsen, or if the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. Keystone disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.
Keystone Consolidated Industries, Inc. is headquartered in Dallas, Texas. The Company is a leading manufacturer of steel fabricated wire products, industrial wire, billets and wire rod. Keystone also manufactures welded wire reinforcement, coiled rebar and steel bars and shapes. The Company's products are used in the agricultural, industrial, cold drawn, construction, transportation, original equipment manufacturer and retail consumer markets. Keystone's common stock is traded on the OTC Bulletin Board (Symbol: KYCN).
SOURCE Keystone Consolidated Industries, Inc.
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