POMONA, Calif., July 19, 2004 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that in addition to the retirement of Charles J. Hogarty, as previously announced, board members Al Ronco and Ron Brown have informed the company of their decision not to stand for re-election at Keystone's annual meeting to be held in August 2004. The company said it has nominated James Robert Gerrity and newly appointed chief executive officer Richard Keister to fill two of three board vacancies.
"We greatly appreciate Al and Ron's years of service to Keystone. We wish both of them well in their retirement and pursuit of various hobbies and commitments to charitable organizations," said Ronald G. Foster, chairman of Keystone Automotive.
"Jim Gerrity's background and experience complement the requirements of Keystone's board at an exciting juncture in its history. We look forward to his contributions as the company further establishes its position within the aftermarket collision repair parts industry," Foster said.
Gerrity's professional career includes serving as senior vice president and chief financial officer, and subsequently president, of Dyneer Corporation, during its publicly traded and privately owned periods. Dyneer was acquired by Titan Wheel Corporation in 1993. His subsequent experience includes serving as an investment banking consultant and private investor. He currently serves as director of several private corporations, including Flender Holding GmbH, Palomar Technologies Corporation and Delco Remy International, Inc.
Foster noted that retiring director Al Ronco was a key member of Keystone's senior management team when the company went public in 1996, serving through important revenue and distribution expansion milestones during his career. Foster highlighted Ronco's many contributions to Keystone's success and his lasting legacy among Keystone's employees, customers, suppliers and other constituents.
Ronco, 68, joined Keystone in 1959 and held a number of positions with the company. He was promoted to executive vice president in 1987, at which time he joined the company's board of directors. He continued to serve on the board and the audit committee following his retirement from the company in August 1998.
Brown, 67, joined the board of directors in March 1997, following the merger of North Star Plating Company and Keystone Automotive that same year. He served as chairman of Keystone from March 1997 through August 2000. Brown founded North Star Plating in 1968. At the time of its merger with Keystone, North Star had annual sales of approximately $52 million.
Foster added that the company is currently conducting a search to fill the remaining board vacancy.
Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 125 distribution facilities, of which 22 serve as regional hubs, located in 38 states and Canada. Its product lines consist of automotive body parts, bumpers, and remanufactured alloy wheels, as well as paint and other materials used in repairing a damaged vehicle. These products comprise more than 19,000 stock keeping units that are sold to more than 25,000 repair shops throughout the United States and Canada.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company's current expectations and beliefs concerning future developments and their potential effects on the company. There can be no assurance that future developments affecting the company will be those anticipated by the company. Actual results may differ from those projected in the forward-looking statements. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors, including but not limited to the impact on the company as a result of Richard Keister's being elected as the new chief executive officer following the annual meeting of stockholders in August 2004.Reference is also made to the Cautionary Statements set forth in the company's Form 10-K Annual Report filed with the Securities and Exchange Commission(SEC) on June9, 2004 for additional risks and uncertainties facing the company. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.