Hi-Shear Technology Corporation Announces Postponement of 2009 Annual Meeting of Stockholders
Hi-Shear Technology Corporation (NYSE Amex: HSR) today announced that
its 2009 Annual Meeting of Stockholders, originally scheduled to be held
at 10:00 a.m. on October 30, 2009, has been postponed indefinitely. The
postponement was made in connection with the announcement, on September
16, 2009, that Hi-Shear Technology Corporation has entered into a
definitive merger agreement with Chemring Group PLC (LSE: CHR), whereby
Chemring will acquire Hi-Shear in an all cash transaction for $19.18 per
share or approximately $132.0 million. If the merger with Chemring is
not completed, Hi-Shear intends to reschedule the 2009 Annual Meeting of
Stockholders and notify stockholders of the date, time and location of
the rescheduled meeting.
About Hi-Shear
Hi-Shear provides pyrotechnic, mechanical, and electronic products to
prime aerospace customers for use in aerospace and defense markets where
safety, performance and high reliability are essential. It develops and
produces advanced systems and products that are primarily used worldwide
in space satellites, launch vehicles, national defense, and government
programs.
This release contains forward-looking statements that involve risks and
uncertainties. The forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Actual results could differ materially from those projected in
the forward-looking statements as a result of certain risk factors,
including but not limited to: (i) adverse changes in general economic or
market conditions; (ii) the satisfaction of closing conditions,
including the receipt of Hi-Shear’s stockholder approval and regulatory
approvals, in connection with the proposed transaction;
(iii) fluctuations in Hi-Shear’s operating results and risks associated
with trading of Hi-Shear’s stock; (iv) war or acts of terrorism; (v) the
ability to attract and retain highly qualified employees; (vi) changes
in government laws and regulations; and (vii) other one-time events and
other important factors disclosed previously and from time to time in
Hi-Shear’s filings with the U.S. Securities and Exchange Commission (the
“SEC”). Except as required by law, Hi-Shear disclaims any obligation to
update any such forward-looking statements after the date of this
release.
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