CTS Not a Supplier of Pedals for Prius or Lexus Models
ELKHART, Ind.--CTS Corporation today stated that with new media attention around Prius vehicles, CTS wishes to clarify that it does not, and never has, produced pedals for Prius vehicles. Last week, CTS also clarified that it never made pedals for Lexus vehicles or for any Toyota vehicles prior to model year 2005. Both Lexus and Prius vehicles have been identified in the media as having allegedly been involved in accidents and injuries from sudden unintended acceleration issues. CTS and Toyota continue to maintain that both companies are unaware of any accidents or injuries due to gas pedal problems associated with Toyota’s January 21, 2010 recall of 2.3 million vehicles.
About CTS
CTS is a leading designer and manufacturer of
electronic components and sensors and a provider of electronics
manufacturing services (EMS) to OEMs in the automotive,
communications,
medical, defense and aerospace, industrial and computer markets. CTS
manufactures products in North America, Europe and Asia. CTS’ stock
is
traded on the NYSE under the ticker symbol "CTS." To find out more,
visit the CTS Web site at www.ctscorp.com.
Safe Harbor Statement
This press release contains
statements
that are, or may be deemed to be, forward-looking statements within
the
meaning of the Private Securities Litigation Reform Act of 1995.
These
forward-looking statements include, but are not limited to, any
financial or other guidance, statements that reflect our current
expectations concerning future results and events and any other
statements that are not based solely on historical fact. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date hereof and are based on
various assumptions as to future events, the occurrence of which
necessarily are subject to uncertainties. These forward-looking
statements are made subject to certain risks, uncertainties and other
factors, which could cause our actual results, performance or
achievements to differ materially from those presented in the
forward-looking statements, including, without limitation: changes in
the economy generally and in respect to the businesses in which CTS
operates, including those resulting from the current global financial
and credit crisis; pricing pressures and reduction in demand for CTS’
products, especially if economic conditions do not recover or
continue
to worsen in CTS’ served markets, including but not limited to: the
automotive, computer equipment or communications markets; disruption,
uncertainty or volatility in the credit markets that could adversely
impact the availability of credit already arranged by CTS and the
availability and cost of credit in the future; the financial
condition
of our customers, including the ability of customers (especially
those
that may be highly leveraged and those with inadequate liquidity) to
maintain their credit availability or ongoing viability; risks
associated with CTS’ international operations, including trade and
tariff barriers; currency fluctuations and their effects on our
results
of operations and financial position; changes in performance of
equity
and debt markets that could affect the valuation of the assets in
CTS’
pension plans and the accounting for pension assets, liabilities and
expenses; political and geopolitical risks; rapid technological
change
in the automotive, communications and computer industries; reliance
on
key customers; CTS’ ability to protect its intellectual property; and
the outcome of the recent Toyota recall. For more detailed
information
on the risks and uncertainties associated with CTS’ business, see the
reports CTS files with the SEC, available at
http://www.ctscorp.com/investor_relations/investor.htm.
CTS undertakes no obligation to publicly update its forward-looking
statements to reflect new information or events or circumstances that
arise after the date hereof, including market or industry changes.