Noble International Terminates Letter of Intent With Vilo Systems
12 August 1998
Noble International Announces Termination of Letter of Intent With Vilo Systems, Inc.
BLOOMFIELD HILLS, Mich.--Aug. 12, 1998--Noble International, Ltd. (AMEX:NIL) announced today that it has terminated its July 3, 1998 Letter of Intent to acquire Vilo Systems, Inc.
"After additional due diligence, we determined that this transaction was not a good strategic fit for Noble," said Michael C. Azar, General Counsel of Noble. "We are still committed to moving forward with our previously announced plan to acquire Centrifugal Coaters, Inc., and anticipate closing by the end of the month."
Noble International, Ltd. is a leading Tier II full-service supplier of automotive parts, component assemblies and value-added services to the automotive industry. As a Tier II supplier, Noble provides design, engineering, manufacturing, complete program management and other services to the automotive market. Noble delivers integrated component solutions, technological leadership and product innovation to original equipment manufacturers (OEMs) and Tier I automotive parts suppliers thereby helping its customers increase their productivity while controlling costs.
Certain statements in this news release maybe "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933. Statements regarding future prospects and developments are based upon current expectations and involve certain risks and uncertainties that could cause actual results and developments to differ materially from the forward-looking statements.