Cherry Corporation Stockholders Approve One Class of Stock
21 June 1999
Cherry Corporation Stockholders Approve One Class of StockWAUKEGAN, Ill., June 18 -- The Cherry Corporation (Nasdaq: CHERA, CHERB) today announced that the stockholders approved the reclassification of its two classes of common stock to one class of voting common stock at the annual meeting held on June 17, 1999. The change is expected to increase the trading volume in the single class of stock and improve liquidity. The amendment to the Company's restated certificate of incorporation became effective today with the filing made with the State of Delaware this morning. The new common stock will begin trading under the symbol "CHER" at the opening of The Nasdaq Stock Market on June 21, 1999. The former Class B common stock data will be retained for historical reference. The Cherry Corporation manufactures proprietary and custom electrical switches, sensors, electronic keyboards and controls, and semiconductors for the worldwide automotive, computer, and consumer and commercial markets. The company has eight wholly owned subsidiaries in the United States, Germany, England, France, Australia, Czech Republic, Mexico and Hong Kong. Cherry also has 50-50 joint ventures in Japan, Hirose Cherry Precision Company Limited, and in India, TVS Cherry Private Limited. Additional information is available on the company's website at http://www.cherrycorp.com Certain statements in this press release, including those regarding increases in trading volume and improvements in liquidity are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and involve certain risks and uncertainties that could significantly impact future results. A discussion of these risks and uncertainties is contained in the Company's Form 10-K for the year ended February 28, 1999, filed with the Securities and Exchange Commission.