Proliance Reaches Global Settlement with Insurer for Company's Southaven Damage Claims
30 Juillet 2008 - 3:00PM
Business Wire
Proliance International, Inc. (AMEX:PLI) has reached a definitive
agreement with its insurance company settling all damage claims
resulting from tornadoes on February 5, 2008 that destroyed
Proliance�s leased distribution facility in Southaven, MS and
required relocation to a new facility. The insurer agreed to pay
Proliance $15.3 million by August 15, 2008, in addition to the
$36.7 million paid to date, for a total settlement of $52.0
million. The total amount is within the range the Company sought
for lost inventory and equipment, and actual and anticipated
business interruption and extra expenses. �Proliance is pleased to
place the events associated with the Southaven tornadoes and the
distractions caused by the insurance recovery effort behind us,�
said Charles E. Johnson, President and CEO. Southaven was the
Company�s central distribution center for its domestic automotive
and light truck heat exchange inventory. Earlier this month,
Proliance moved into a new, permanent replacement facility, also in
Southaven. About Proliance International, Inc. Proliance
International, Inc. is a leading global manufacturer and
distributor of aftermarket heat transfer and temperature control
products for automotive and heavy-duty applications serving North
America, Central America and Europe. Forward Looking Statements
Statements included in this press release, which are not historical
in nature, are forward-looking statements made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Statements relating to the future financial performance or
liquidity of the Company are subject to business conditions and
growth in the general economy and automotive and truck business,
the impact of competitive products and pricing, changes in customer
product mix, failure to obtain new customers or retain old
customers or changes in the financial stability of customers,
changes in the cost of raw materials, components or finished
products, the discretionary actions of its suppliers and lenders,
and changes in interest rates. Such statements are based upon the
current beliefs and expectations of Proliance management and are
subject to significant risks and uncertainties. Actual results may
differ from those set forth in the forward-looking statements. When
used in this press release, the terms "anticipate," "believe,"
"estimate," "expect," "may," "objective," "plan," "possible,"
"potential," "project," "will" and similar expressions identify
forward-looking statements. Factors that could cause Proliance's
results to differ materially from those described in the
forward-looking statements can be found in the 2007 Annual Report
on Form 10-K of Proliance and Proliance's other subsequent filings
with the SEC. The forward-looking statements contained in this
press release are made as of the date hereof, and we do not
undertake any obligation to update any forward-looking statements,
whether as a result of future events, new information or otherwise.
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