HUNTSVILLE, Ala., Jan. 28, 2008 (PRIME NEWSWIRE) -- Wolverine Tube, Inc. ("Wolverine") (OTCBB:WLVT) today announced that The Alpine Group, Inc. ("Alpine") has purchased 4,494 additional shares of Wolverine Series A Preferred Stock for an aggregate of $4.49 million. The Series A Preferred Stock is convertible into shares of Wolverine common stock at a conversion price of $1.10 per share and votes with the common on an as-converted basis on all matters. Alpine has made this investment pursuant to an option granted at the time of the $50 million initial investment made in Wolverine by Alpine and Plainfield Special Situations Master Fund Limited, on February 16, 2007. As a result of this investment, Alpine and its co-investors maintain a collective 55% ownership in Wolverine on a fully diluted, as converted basis.
ABOUT WOLVERINE TUBE, INC.
Wolverine Tube, Inc. is a world-class quality partner, providing its customers with copper and copper alloy tube, fabricated products and metal joining products. Internet addresses: http://www.wlv.com and http://www.silvaloy.com.
FORWARD-LOOKING STATEMENTS
All statements in this press release other than statements of historical fact are forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and beliefs and are subject to a number of factors and uncertainties that could cause actual results to differ materially from those described in this press release. The forward-looking statements speak only as of the date of this press release, and the Company expressly disclaims any obligations to release publicly any update or revision to any forward-looking statement contained herein if there are any changes in conditions or circumstances on which any such forward-looking statement is based.