Standard Automotive Corporation Names Joseph F. Spinella Chief Financial Officer
10 September 1999
Standard Automotive Corporation Names Joseph F. Spinella Chief Financial Officer
HILLSBOROUGH TOWNSHIP, N.J.--Sept. 10, 1999--Dividend of $0.255 Per Share On the 8 1/2%
Senior Convertible Redeemable Preferred Stock
STANDARD AUTOMOTIVE CORPORATION (AMEX:AJX, AJXPR) (the "Company" or "Standard") announced the appointment of Joseph F. Spinella as Chief Financial Officer. Mr. Spinella has been a Director of the Company since August, 1997. Roy Ceccato, who previously served as the Company's Chief Financial Officer has been named Treasurer.
Prior to joining Standard, Mr. Spinella was Chief Financial Officer and Treasurer of The Terminal Company, a multimedia firm. From 1989 through 1995, Mr. Spinella served as Vice President and Director of Financial Services and Controller at Capelco Capital, a subsidiary of Itochu International. Mr. Spinella is a certified public accountant and holds both a BS in accounting and an MBA from Fairleigh Dickinson University.
"Joe brings over twenty years of financial and accounting experience to our Company," said Steven Merker, Standard's Chairman and Chief Executive Officer.
Further, Standard's Board of Directors has declared the regular quarterly dividend of $0.255 per share on the 8 1/2 Senior Convertible Redeemable Preferred Stock as called for by the terms set forth in the Prospectus dated January 1998 and payable on September 30, 1999 to the shareholders of record on September 21, 1999.
STANDARD AUTOMOTIVE CORPORATION, with production facilities strategically located throughout the U.S. and Mexico, is a leading manufacturer of trailer chassis for transporting maritime and railroad shipping containers, dump truck bodies and a wide variety of truck and specialty dump trailers. The trailer/truck body group services a growing number of industries that are dependent on heavy equipment, including construction, bulk commodity hauling, and municipal waste and landfill operations. Standard, through its Critical Components division, also manufactures precision fabricated and machined components for the aerospace, nuclear, and industrial equipment sectors, as well as the military and government markets.
This release contains certain forward-looking statements which involve known and unknown risks, uncertainties, and other factors not under the Company's control which may cause actual results, performance, and achievements of the Company to be materially different from the results, performance or expectations of the Company. These factors may include, but are not limited to those detailed in the Company's periodic filings with the Securities and Exchange Commission.