Proliance Elects Paul R. Lederer Chairman of the Board
NEW HAVEN, Conn.--Aug. 1, 20058, 2005--Proliance International, Inc. (AMEX: PLI) today announced that Paul R. Lederer has been elected to serve as Chairman of the Board, succeeding Barry Banducci.Mr. Lederer has been a member of the Board of Directors of Proliance's predecessor company, Transpro, Inc., since the Company became publicly traded in 1995. Prior to his retirement in October 1998, Mr. Lederer was Executive Vice President of Worldwide Aftermarket for Federal-Mogul Corporation. Prior to that, he served as President and Chief Operating Officer of Fel-Pro Inc., which was acquired by Federal-Mogul Corporation in 1998.
"We are pleased to announce that Paul will serve as Chairman of Proliance's Board of Directors," said Charles E. Johnson, President and CEO of Proliance. "With extensive experience in the automotive aftermarket industry and ten years of service as a director on Transpro's Board, he is exceptionally well qualified to head the Board as we move forward. As we continue building the Company in the coming years, we look forward to his expertise and guidance. We express our deepest appreciation to Barry Banducci for his ten years of leadership in his role as Chairman and are grateful that he will continue as a member of the Board."
The Board of Directors of Proliance consists of: William J. Abraham, Jr., Philip Wm. Colburn, Vincent L. Martin, Bradley C. Richardson, James R. Rulseh, F. Alan Smith, Michael T. Yonker, Mr. Johnson, Mr. Banducci and Mr. Lederer.
Proliance International, Inc. is a leading manufacturer and distributor of aftermarket heat transfer and temperature control products for automotive and heavy-duty applications.
Proliance International, Inc.'s Strategic Corporate Values Are:
-- Being An Exemplary Corporate Citizen
-- Employing Exceptional People
-- Dedication To World-Class Quality Standards
-- Market Leadership Through Superior Customer Service
-- Commitment to Exceptional Financial Performance
FORWARD-LOOKING STATEMENTS
Statements included in this news 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 of the Company are subject to 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 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," "estimate," "expect," "may," "objective," "plan," "possible," "potential," "project," "will" and similar expressions identify forward-looking statements.
In addition, the following factors relating to the merger with the Modine Manufacturing Company aftermarket business, among others, could cause actual results to differ from those set forth in the forward-looking statements: (1) the risk that the businesses will not be integrated successfully; (2) the risk that the cost savings and any revenue synergies from the transaction may not be fully realized or may take longer to realize than expected; (3) disruption from the transaction making it more difficult to maintain relationships with clients, employees or suppliers; (4) the transaction may involve unexpected costs; (5) increased competition and its effect on pricing, spending, third-party relationships and revenues; (6) the risk of new and changing regulation in the U.S. and internationally; (7) the possibility that Proliance's historical businesses may suffer as a result of the transaction and (8) other uncertainties and risks beyond the control of Proliance. Additional factors that could cause Proliance's results to differ materially from those described in the forward-looking statements can be found in the Annual Report on Form 10-K of Proliance (formerly known as Transpro, Inc.), in the Quarterly Reports on Forms 10-Q of Proliance, and Proliance's other filings with the SEC. The forward-looking statements contained in this press release are made as of the date hereof, and we do not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.