Hi-Shear Technology Corporation Announces Postponement of 2009 Annual Meeting of Stockholders
September 25 2009 - 9:00AM
Business Wire
Hi-Shear Technology Corporation (NYSE Amex: HSR) today announced
that its 2009 Annual Meeting of Stockholders, originally scheduled
to be held at 10:00 a.m. on October 30, 2009, has been postponed
indefinitely. The postponement was made in connection with the
announcement, on September 16, 2009, that Hi-Shear Technology
Corporation has entered into a definitive merger agreement with
Chemring Group PLC (LSE: CHR), whereby Chemring will acquire
Hi-Shear in an all cash transaction for $19.18 per share or
approximately $132.0 million. If the merger with Chemring is not
completed, Hi-Shear intends to reschedule the 2009 Annual Meeting
of Stockholders and notify stockholders of the date, time and
location of the rescheduled meeting.
About Hi-Shear
Hi-Shear provides pyrotechnic, mechanical, and electronic
products to prime aerospace customers for use in aerospace and
defense markets where safety, performance and high reliability are
essential. It develops and produces advanced systems and products
that are primarily used worldwide in space satellites, launch
vehicles, national defense, and government programs.
This release contains forward-looking statements that involve
risks and uncertainties. The forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Actual results could differ
materially from those projected in the forward-looking statements
as a result of certain risk factors, including but not limited to:
(i) adverse changes in general economic or market conditions;
(ii) the satisfaction of closing conditions, including the
receipt of Hi-Shear’s stockholder approval and regulatory
approvals, in connection with the proposed transaction;
(iii) fluctuations in Hi-Shear’s operating results and risks
associated with trading of Hi-Shear’s stock; (iv) war or acts
of terrorism; (v) the ability to attract and retain highly
qualified employees; (vi) changes in government laws and
regulations; and (vii) other one-time events and other
important factors disclosed previously and from time to time in
Hi-Shear’s filings with the U.S. Securities and Exchange Commission
(the “SEC”). Except as required by law, Hi-Shear disclaims any
obligation to update any such forward-looking statements after the
date of this release.
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