Commercial Vehicle Group Announces Offering of Common Stock
NEW ALBANY, Ohio, June 8 -- Commercial Vehicle Group, Inc. ("CVG") , today announced that it, and certain of its stockholders, intend to sell 7,868,446 shares of CVG common stock to the public. Of the shares sold, 1,500,000 shares will be shares newly issued by CVG and the remaining 6,368,446 shares will be shares held by existing CVG stockholders.
CVG plans to use its net proceeds from the proposed offering to reduce borrowings under its existing credit facility and pay related fees and expenses. CVG will not receive any of the proceeds from the sale of CVG common stock by its stockholders.
Copies of the prospectus may be obtained from the offices of Credit Suisse First Boston, Prospectus Department, One Madison Avenue, New York, NY 10010, telephone: (212) 325-2580, or by faxing your request to (212) 325-8057.
A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these 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 Commercial Vehicle Group, Inc.:
Commercial Vehicle Group is a leading supplier of fully integrated system solutions for the global commercial vehicle market, including the heavy-duty (Class 8) truck market, the construction and agriculture market and the specialty and military transportation markets. The company's products include suspension seat systems, interior trim systems, such as instrument and door panels, headliners, cabinetry and floor systems, cab structures and components, mirrors, wiper systems, electronic wiring harness assemblies and controls and switches specifically designed for applications in commercial vehicle cabs. CVG is headquartered in New Albany, OH with operations throughout North America, Europe and Asia. Information about CVG and its products is available on the internet at http://www.cvgrp.com/ .
Cautionary Concerning Forward-Looking Statements
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. These statements are based on certain assumptions that the company has made in light of its experience in the industry as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including but not limited to: (i) CVG's ability to develop or successfully introduce new products; (ii) risks associated with conducting business in foreign countries and currencies; (iii) general economic or business conditions affecting the markets in which CVG serves; (iv) increased competition in the heavy-duty truck market; (v) CVG's failure to complete or successfully integrate additional strategic acquisitions; (vi) failure of CVG's registration statement to be declared effective by the SEC; (vii) failure to satisfy the closing conditions in the underwriting agreement to be entered into in connection with the offering; and (viii) various other risks as outlined in CVG's SEC filings. There can be no assurance that statements made in this press release relating to future events will be achieved. CVG undertakes no obligation to update or revise forward- looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to CVG or persons acting on behalf of CVG are expressly qualified in their entirety by such cautionary statements.