GlobeNewswire 15-Sep-2017 2:46 PM
SPOKANE VALLEY, Wash., Sept. 15, 2017 (GLOBE NEWSWIRE) -- On September 13, 2017, Key Tronic Corporation (Nasdaq:KTCC), a provider of electronic manufacturing services, became aware of a press release issued by Cemtrex, Inc. (Issuer) on September 13, 2017 regarding its purported exchange offer for the outstanding shares of common stock of Key Tronic. We strongly disagree with virtually all of the assertions made by Issuer in that press release, including its characterization of Key Tronics financial performance and value relative to that of Issuer, for several reasons, among others:
As we stated in a prior press release, Key Tronic was unaware of any purported interest in Key Tronic by Issuer and had not had any communication with Issuer or any of its affiliates relating to such interests prior to becoming aware of the Issuers filings on September 5, 2017. Key Tronic has extremely serious concerns about the accuracy of Issuers statements and its motives, as well as the legitimacy of the purported offer.
Key Tronic intends to focus on continuing to execute on our strategic plan. We believe that pursuing our growth opportunities and continuing to leverage our competitive strengths will be in the best long-term interests of our shareholders.
About Key Tronic
Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico and China. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the worlds leading original equipment manufacturers. For more information about Key Tronic visit: www.keytronic.com.
Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to Cemtrexs stated intention to make an exchange offer for Key Tronics common stock, and Key Tronics growth opportunities, competitive strengths and execution of the strategic plan. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs. Forward-looking statements also include other passages that are primarily relevant to expected future events or that can only be fully evaluated by events that will occur in the future. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including the other risks and uncertainties detailed from time to time in the Key Tronics SEC filings, including its most recent annual report and subsequent quarterly reports.
Brett Larsen Chief Financial OfficerKey Tronic Corporation(509) 927-5500
Michael Newman Investor RelationsStreetConnect(206) 729-3625
Source: Key Tronic Corporation