Shipley Joins SDC International Board of Directors; Financial Executive to Chair SDC's Audit Committee
PALM BEACH, Fla.--April 3, 2003--SDC International (OTC:SDCN) today announced that Zachary K. Shipley has been elected to the Board of Directors of the company. His membership completes the five-member board, which includes SDC Chairman and CEO Ronald Adams, SDC President Mike Srkal, General Alexander M. Haig, Jr., and Texas industrialist Henry S. Green, Jr. Upon his appointment to the Board, Mr. Shipley was, also, elected Chairman of the Audit Committee of SDC.Mr. Shipley said, "I am pleased to accept this opportunity to work with a company such as SDC. The company is exciting and has significant growth potential. SDC's Tatra subsidiary is poised to participate on the global stage, and should be the spring board for future expansion. Tatra's unique trucks are now employed in most of the world's regions of military conflict. Its commercial vehicles are well received in developing nations and there is substantial opportunity in those areas as well."
Mr. Shipley is Chief Financial Officer and a director of Oxbow Corporation, where he has been in executive management since 1983. Oxbow, involved primarily in electric power generation and carbon fuels, consists of more than two dozen companies with yearly combined sales of approximately $450 million, and combined assets of over $350 million. Mr. Shipley also serves as an officer and Board member of Oxbow's numerous affiliated companies and foundations. Prior to joining Oxbow, he was employed in Boston at Bain & Company. Mr. Shipley graduated cum laude from Harvard College in 1974 and received his Masters of Business Administration degree with honors from Harvard Business School in 1980.
Ronald A. Adams, Chairman/CEO of SDC and Chairman of Tatra's Supervisory Board, stated, "We are very fortunate to have Zach Shipley join our Board of Directors. His experience and extensive knowledge of financial issues will be of tremendous value to SDC and to our future."
On December 28, 2001, SDC completed and closed its US$32 million acquisition of the Czech Republic's specialty-truck manufacturing company, Tatra, a.s., an internationally recognized manufacturer of on/off road heavy-duty vehicles for commercial and military applications. SDC, which acquired 91.61% of Tatra from the Czech government, retains a controlling majority of 51%. The remaining 40.61% of the outstanding Tatra shares are owned by Terex Corporation , and Vectra Limited, Tatra's largest customer and joint venture partner in India. The remaining 8% of the shares of Tatra are publicly held.
About SDC International
SDC International is a publicly traded U.S.-based company focused on acquiring well-established industrial manufacturers with substantial revenues within Central and Eastern Europe. Tatra was the first acquisition in SDC's plan. Visit the SDC website at http://www.sdcn.com.
Certain information in this announcement includes forward-looking statements regarding future events or the future performance of SDC International that involve certain contingencies and uncertainties. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual events or performance to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond SDC's control, include, among others: the effects of changes in laws and regulations; the effect of interest rates, government spending, and general economic conditions on construction, mining and other activities in which SDC's products are sold; national and international political climate and military activities; and other factors, risks and uncertainties set forth in more detail in SDC's filings with the U.S. Securities and Exchange Commission. Actual events or performance may differ materially from any forward-looking statement due to these and other risks, uncertainties and significant factors.