HUNTSVILLE, Ala., Aug. 28, 2007 (PRIME NEWSWIRE) -- Wolverine Tube, Inc. (OTCBB:WLVT) today announced that it has set today, August 28, 2007 as the record date for its previously announced rights offering. Wolverine intends to distribute at no charge to stockholders as of the record date one transferable right for each share of common stock held on the record date.
Each right will entitle a stockholder to purchase 3.07 shares of Wolverine common stock for $1.10 per share. The rights will be exercisable until 5:00 p.m. New York City time, Friday, October 5, 2007 (unless extended), after which they will expire. It is expected that certificates evidencing the rights, together with a prospectus and other information regarding the rights, will be mailed to stockholders of record promptly following the rights offering becoming effective. Stockholders who hold their Wolverine shares through a bank, broker or other custodian will receive the rights materials from their bank, broker or custodian.
A registration statement relating to the rights offering has been filed with the Securities and Exchange Commission but has not yet become effective. The securities covered by the rights offering may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, and there shall not be any offer, solicitation or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
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: www.wlv.com and www.silvaloy.com.
Forward-looking statement
Forward-looking statements in this press release are made pursuant to the "Safe Harbor" provocations of the Private Securities Litigation Reform Act of 1995. These forward-looking statements use such words as "may," "should," "will," "expect," "believe," "plan," "anticipate," and other similar terminologies. These forward-looking statements are based on information currently available to the Company and are subject to a number of risk, uncertainties, and other factors that could cause the Company's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by these forward-looking statements. These risks are referenced in the Company's current annual report on Form 10-K/A or as may be described from time to time in subsequent Securities and Exchange Commission filings.