Concord Camera Corp. Shareholders Approve Plan of Dissolution and Liquidation
22 Dicembre 2008 - 11:18PM
Marketwired
Concord Camera Corp. ("Concord" or the "Company") (NASDAQ: LENS)
announced today that its shareholders approved the plan of
dissolution and liquidation of the Company (the "Plan of
Liquidation") at the annual meeting on December 18, 2008.
The Plan of Liquidation contemplates an orderly wind down of the
Company's business and operations, the monetization of the
Company's non-cash assets, the satisfaction or settlement of its
remaining liabilities and obligations and one or more distributions
to its shareholders.
As previously reported, pending the shareholders' vote on the
Plan of Liquidation, the Company ceased manufacturing, except as
necessary to complete the manufacture of materials and products
remaining in inventory, and terminated certain of its employees.
Following the shareholder approval of the Plan of Liquidation, the
Company will terminate its remaining employees throughout the wind
down period. In addition, the Company intends to file a certificate
of dissolution, sell and monetize its non-cash assets, satisfy or
settle its remaining liabilities and obligations, including
contingent liabilities and claims, and make one or more
distributions to its shareholders of cash available for
distribution. The Company also expects to delist its shares from
NASDAQ.
The execution of the Plan of Liquidation will be completed as
soon as practicable. However, the Company is currently unable to
predict the time required to complete the Plan of Liquidation or
the precise timing or amount of any distributions pursuant to the
Plan of Liquidation. The amount and timing of any distributions
will be determined by the Board and will depend upon the Company's
ability to monetize its non-cash assets, including, but not limited
to, auction rate securities that the Company has been unable to
sell due to the recent disruptions in the credit markets and for
which the Company has reduced the carrying value by approximately
$5.1 million to approximately $17.1 million as of September 27,
2008 and the Company's property in the PRC where the real estate
market has recently experienced significant declines due to the
worldwide financial crisis, and to estimate, settle or otherwise
resolve its remaining liabilities and obligations, some of which
are significant, including litigations and other contingent
liabilities and claims that have not been resolved and
quantified.
Cautionary Statement About Forward Looking Statements
The statements contained in this press release that are not
historical facts are "forward looking statements" (as such term is
defined in the Private Securities Litigation Reform Act of 1995),
which can be identified by the use of forward-looking terminology
such as: "estimates," "projects," "anticipates," "expects,"
"intends," "believes," "plans," "forecasts" or the negative thereof
or other variations thereon or comparable terminology, or by
discussions of strategy that involve risks and uncertainties. The
Company's actual results could differ materially from those
anticipated in such forward-looking statements as a result of
certain factors, including the Company's ability to sell and
monetize its assets in a timely manner or at all and the Company's
ability to settle or otherwise resolve its liabilities and
obligations, including contingent liabilities, with its creditors.
In addition, the Company's inability to monetize its auction rate
securities could affect the amount of distributions to shareholders
and the timing of the liquidation and dissolution. For a discussion
of some additional factors that could cause actual results to
differ, see the risks discussed under "Risk Factors" and the
disclosures in the Company's Annual Report on Form 10-K for the
fiscal year ended June 28, 2008 and subsequently filed reports. We
wish to caution the reader that these forward-looking statements,
including, without limitation, statements regarding the dissolution
and liquidation of the Company pursuant to the terms of the Plan of
Liquidation, the amount of any liquidating distributions and the
timing of any liquidating distributions, the timing of the filing
of the certificate of dissolution and the delisting of the
Company's shares from NASDAQ, and other statements contained in
this press release regarding matters that are not historical facts,
are only estimates or predictions. No assurance can be given that
future results will be achieved.
Actual events or results may differ materially as a result of
risks facing us or actual results differing from the assumptions
underlying such statements. Any forward-looking statements
contained in this press release represent our estimates only as of
the date of this press release, or as of such earlier dates as are
indicated herein, and should not be relied upon as representing our
estimates as of any subsequent date. While we may elect to update
forward-looking statements at some point in the future, unless
required by applicable law, we specifically disclaim any obligation
to do so, even if our estimates change.
CONTACT: Concord Camera Corp. Blaine Robinson Vice President -
Finance and Treasurer (954) 331-4238
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