Viasystems Group, Inc. Withdraws Registration Statement
23 October 2000
Viasystems Group, Inc. Withdraws Registration Statement
ST. LOUIS--Oct. 23, 2000--Viasystems Group, Inc. today announced that it has withdrawn its registration statement currently on file with the Securities and Exchange Commission for a proposed offering of 17 million shares of common stock."Given the current level of volatility in the equity marketplace and the failure of the market at this time to fully reflect the positive fundamentals of Viasystems' business, we believe that an equity offering at this time is not in our shareholders' best interest," said James N. Mills, chairman and chief executive officer. "Because the raising of additional capital was intended to be opportunistic, the failure to do so will not affect our overall strategy. In fact, we expect to continue to execute on our strategy as we have done so since the completion of our initial public offering. We will continue to aggressively pursue acquisition opportunities including those from our OEM customers."
This press release contains forward-looking statements as defined by the federal securities laws, and these statements are based upon Viasystems' current expectations and assumptions, which are inherently subject to various risks and uncertainties that could cause actual results to differ from those anticipated, projected, or implied. Certain factors that could cause actual results to differ include fluctuations in operating results and customer orders, a competitive environment, reliance on large customers, risks associated with international operations, ability to protect patents and trade secrets, environmental laws and regulations, relationship with unionized employees, risks associated with acquisitions, substantial indebtedness, control by large stockholders and other factors described in Viasystems' filings with the Securities and Exchange Commission.
Viasystems Group, Inc. is a leading global EMS provider with 23,000 employees and 31 manufacturing facilities in nine countries, supplying customers in the telecommunications, networking, automotive and consumer electronics industries. Viasystems is listed on the New York Stock Exchange, trading under the symbol "VG."