Attached files
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8-K - 8-K - Walter Energy, Inc. | a14-11317_38k.htm |
Exhibit 99.1
For media:
Thomas F. Hoffman, 205-745-2612
tom.hoffman@walterenergy.com
or
For investors:
Mark Tubb, 205-745-2627
mark.tubb@walterenergy.com
Walter Energy Announces Voluntary Delisting From Toronto Stock Exchange
BIRMINGHAM, AL Apr. 28, 2014 Walter Energy, Inc. (NYSE: WLT) (TSX: WLT) today announced that shares of its common stock will be voluntarily delisted from the Toronto Stock Exchange (TSX) at the close of markets on May 7, 2014 pursuant to the Companys application for voluntary delisting which has received approval from the TSX.
Walter Energys decision to delist was primarily based on the low trading volume of its shares on the TSX over a sustained period, no longer justifying the financial and administrative costs associated with maintaining a dual listing. Following its delisting from the TSX, Walter Energys shares will continue to trade on the New York Stock Exchange (NYSE) under the symbol WLT. Canadian shareholders will be able to continue to trade their shares of Walter Energy on the NYSE.
About Walter Energy
Walter Energy is a leading, publicly traded pure-play metallurgical coal producer for the global steel industry with strategic access to high-growth steel markets in Asia, South America and Europe. The Company also produces thermal coal, anthracite, metallurgical coke and coal bed methane gas. Walter Energy employs approximately 3,100 employees, with operations in the United States, Canada and United Kingdom. For more information about Walter Energy, please visit www.walterenergy.com.
Safe Harbor Statement
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and may involve a number of risks and uncertainties. Forward-looking statements are based on information available to management at the time, and they involve judgments and estimates. Forward-looking statements include expressions such as believe, anticipate, expect, estimate, intend, may, plan, predict, will, and similar terms and expressions. These forward-looking statements are made
based on expectations and beliefs concerning future events affecting Walter Energy and are subject to various risks, uncertainties and factors relating to Walter Energys operations and business environment, all of which are difficult to predict and many of which are beyond Walter Energys control, which could cause Walter Energys actual results to differ materially from those matters expressed in or implied by these forward-looking statements. The following factors are among those that may cause actual results to differ materially from Walter Energys forward-looking statements: unfavorable economic, financial and business conditions; a substantial or extended decline in pricing, demand, and other factors beyond Walter Energys control; failure of Walter Energys customers to honor or renew contracts; Walter Energys ability to collect payments from its customers; inherent risks in coal mining that are beyond Walter Energys control; title defects preventing Walter Energy from (or resulting in additional costs for) mining its mineral interests; concentration of Walter Energys mining operations in a limited number of areas; a significant reduction of or loss of purchases by Walter Energys largest customers; unavailability or uneconomical transportation for Walter Energys coal; significant competition and foreign currency fluctuation; significant cost increases and fluctuations, and delay in the delivery of raw materials, mining equipment and purchased components; work stoppages, labor shortages and other labor relations matters; Walter Energys ability to hire and retain a skilled labor force; risks associated with Walter Energys reclamation and mine closure obligations; inaccuracies in Walter Energys estimates of coal reserves; Walter Energys ability to develop or acquire coal reserves in an economically feasible manner; challenges to Walter Energys licenses, permits and other authorizations; failure to meet project development and expansion targets; risks associated with operating in foreign jurisdictions; risks associated with environmental, health and safety laws and regulations; risks associated with federal, state and provincial regulatory agencies authority to order temporary or permanent closure of Walter Energys mines; increased focus by regulatory authorities on the effects of surface coal mining on the environment; risks related to climate change concerns; risks related to Walter Energys operations impact on the environment; risks related to Walter Energys indebtedness; Walter Energys ability to generate cash for its financial obligations, to refinance its indebtedness or to obtain additional financing; Walter Energys ability to incur additional indebtedness; restrictions in Walter Energys existing and future debt agreements; events beyond Walter Energys control may result in an event of default under one or more of its debt instruments; downgrades in Walter Energys credit ratings; failure to obtain or renew surety bonds on acceptable terms could affect Walter Energys ability to secure reclamation and coal lease obligations; costs associated with Walter Energys pension and benefits, including post-retirement benefits; costs associated with Walter Energys workers compensation and certain medical and disability benefits; adverse rulings in current or future litigation; Walter Energys ability to attract and retain key personnel; Walter Energys ability to identify or integrate suitable acquisition candidates to promote growth; volatility in the price of Walter Energys common stock; Walter Energys ability to pay regular dividends to stockholders; Walter Energys exposure to indemnification obligations; risks associated with terrorist attacks and threats and escalation of military activity in response to such attacks; risks associated with cyber-attacks or other security breaches; and other risks and uncertainties including those described in Walter Energys filings with the SEC. Forward-looking statements made by Walter Energy in this release, or elsewhere, speak only as of the date on which the statements were made. You are advised to read the risk factors in Walter Energys most recently filed Annual Report on Form 10-K and subsequent filings with the SEC, which are available on Walter Energys website at www.walterenergy.com and on the SECs website at www.sec.gov. New risks and uncertainties arise from
time to time, and it is impossible for Walter Energy to predict these events or how they may affect it or its anticipated results. Walter Energy has no duty to, and does not intend to, update or revise the forward-looking statements in this release, except as may be required by law. In light of these risks and uncertainties, readers should keep in mind that any forward-looking statement made in this press release may not occur. All data presented herein is as of the date of this release unless otherwise noted.