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8-K - FORM 8-K - PROLIANCE INTERNATIONAL, INC. | y02830e8vk.htm |
Exhibit 99.1

Contact: | TM Capital Corp. | |||
Jerome S. Romano | ||||
781-320-3200 ext 219 | ||||
jromano@tmcapital.com | ||||
FOR IMMEDIATE RELEASE |
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Holland Corporate Finance | ||||
Fokko L.E. Poldervaart | ||||
+31-204-161-303 | ||||
fpoldervaart@hcfinance.nl |
Proliance Announces Agreement to Sell its Nederlandse
Radiateuren Fabriek B.V. Subsidiary to Mentha Capital
Radiateuren Fabriek B.V. Subsidiary to Mentha Capital
Agreement Subject to Competitive Bidding Procedures
New Haven, CT January 4, 2010 Proliance International, Inc. (OTC: PLNTQ) today
announced the execution of a definitive agreement for the sale of 100% of the stock of its
Nederlandse Radiateuren Fabriek B.V. (NRF) subsidiary to Mentha Capital for approximately 13.5
million in cash.
Established in 1927, NRF is a leading European aftermarket manufacturer and distributor of
automotive, industrial and railway heat transfer products with a manufacturing and distribution
presence in almost every Western European country.
The sale agreement is subject to higher or otherwise better offers pursuant to specified
bidding procedures and an auction process to be conducted under the supervision of the U.S.
Bankruptcy Court, District of Delaware, under Section 363 of the U.S. Bankruptcy Code. TM Capital
Corp. and Holland Corporate Finance are acting as exclusive advisors with respect to the sale
process and will collect bid submissions on the
Companys behalf. Information requests should be forwarded to Jerome S. Romano of TM Capital
at 100 Lowder Brook Drive, Suite 1400, Westwood, MA 02090.
Proliance and certain of its United States subsidiaries filed voluntary petitions in the U.S.
Bankruptcy Court for the District of Delaware in Wilmington on July 2, 2009. Proliance expects
that there will be no recovery to common stockholders upon completion of the bankruptcy process, as
NRF represents its sole remaining material asset.
For access to certain court documents and other information about Proliances Chapter 11 case,
visit www.pliinfo.com.
Forward Looking Statements
Statements included in this press release, which are not historical in nature, are
forward-looking statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements relating to the future financial performance or
liquidity of Proliance and/or its subsidiaries are subject to the effects of the chapter 11
filings, business conditions and growth in the general economy and automotive and truck business,
the impact of competitive products and pricing, changes in customer product mix, failure to obtain
new customers or retain old customers or changes in the financial stability of customers, changes
in the cost of raw materials, components or finished products, the discretionary actions of its
suppliers and lenders, and changes in interest rates. Such statements are based upon the current
beliefs and expectations of Proliance management and are subject to significant risks and
uncertainties. Actual results may differ from those set forth in the forward-looking statements.
When used in this press release, the terms anticipate, believe, efforts, estimate,
expect, goal, may, objective, plan, possible, potential, project, proposal,
pursue, will and similar expressions identify forward-looking statements.
Additional factors that could cause Proliances results to differ materially from those
described in the forward-looking statements include the effects of the financial crisis and turmoil
in the capital markets, developments in the chapter 11 cases, the global recession and other
factors identified in Proliances 2008 Annual Report on Form 10-K and Proliances other subsequent
filings with the SEC. The forward-looking statements contained in this press release are made as
of the date hereof, and Proliance does not undertake any obligation to update any forward-looking
statements, whether as a result of future events, new information or otherwise.
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