POMONA, Calif., Jan. 11, 2005 (PRIMEZONE) -- Keystone Automotive Industries, Inc. (Nasdaq:KEYS) today announced that an Asian manufacturer, Yih Sheng Auto Parts Ind. Co., Ltd., has issued a recall of its aftermarket replacement hoods for the Hyundai Elantra, model years 2001 -- 2003, sold during 2004.
All parts were sold under the Yih Sheng brand name, and are being recalled because of a possible faulty latch assembly. Keystone estimates it has sold approximately 900 of these hoods.
Keystone has quarantined all inventories of these automotive hoods. In addition, Keystone is contacting its collision repair customers who purchased the hoods and may have installed them between January and December 2004. At the request of the manufacturer, Keystone will help to facilitate the recall of hoods and the reimbursement of collision shops for the costs associated with the recall.
The manufacturer has agreed to reimburse Keystone for its costs in connection with facilitating the recall and consequently, Keystone does not believe that it will experience any financial loss as a result of the recall.
About Keystone
Keystone Automotive Industries, Inc. distributes its products primarily to collision repair shops through its 129 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 possibility that the Company will encounter problems actually receiving reimbursement by the manufacturer or that the Company will not be subject to other unreimbursed liabilities or will not suffer from a loss in confidence in aftermarket parts by the public. 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 June 9, 2004 and in Part II, Item 5 of its Form 10-Qs filed with the SEC thereafter 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.