ROCKFORD CORPORATION ANNOUNCES PRELIMINARY RESULTS OF ITS OFFER TO REPURCHASE UP TO $2.5 MILLION OF COMMON STOCK
Jan 07, 2012
OTC Disclosure News Service
Tempe, AZ –
FOR IMMEDIATE RELEASE
Richard Vasek Chief Financial Officer Rockford Corporation (480) 517-3169
ROCKFORD CORPORATION ANNOUCES PRELLIMINARY RESULTS OF ITS OFFER TO REPURCHASE UP TO $2.5 MILLION OF COMMON STOCK
Tempe, Arizona, January 7, 2012–Rockford Corporation (OTC Pink: ROFO.PK) today announced the preliminary results of its modified “Dutch Auction” tender offer which expired at 12:00 a.m. New York City time on January 6, 2012.
Based on the preliminary analysis by the depositary, an aggregate of approximately 362,000 shares were properly tendered and not withdrawn, including approximately 599 shares that were tendered through notice of guaranteed delivery, at prices at or below $3.25. Accordingly, pursuant to the terms of the Offer to Purchase, Rockford expects to accept for payment up to an aggregate of approximately 362,000 shares of its common stock at a purchase price of $3.25 per share.
The number of shares to be purchased in the tender offer and the price per share are preliminary. The determination of the final number of shares to be purchased is subject to confirmation by the depositary of the proper delivery of the shares properly tendered and not withdrawn. The actual number and percentage of outstanding shares properly tendered and not withdrawn will be announced promptly following the completion of the confirmation process. Payment for the shares accepted for purchase will be made in cash, without interest, promptly thereafter. Rockford intends to fund the payment for shares from available cash.
The tender offer was made pursuant to an Offer to Purchase and Letter of Transmittal, each dated December 5, 2011. The Information Agent was Georgeson Inc.All questions regarding the tender offer may be directed to Georgeson Inc. by telephone at (800) 903-28976 (toll-free) or in writing to Georgeson Inc., 199 Water Street, 26th Floor, New York, NY 10038-3560.
About Rockford Corporation Setting the standard for excellence in the mobile audio industry, Rockford
Corporation markets and distributes high-performance audio systems for the mobile audio aftermarket and OEM market. Headquartered in Tempe, Arizona, Rockford Corporation distributes its products under the brands: Rockford Fosgate®, Rockford Acoustic Design®, Lightning Audio®, BraxTM, HelixTM and Renegade®. For more information, please visit: www.rockfordfosgate.com, www.rockfordacousticdesign.com, www.lightningaudio.com, www.braxhifi.com, www.helixhifi.com and www.renegadecaraudio.com,
Forward-looking Statement Disclosure
We make forward-looking statements in this press release including but not limited to statements about our results of operations. These statements may be identified by the use of forward-looking terminology such as “may,” “will,” “believe,” “expect,” “anticipate,” “estimate,” “continue,” or other similar words.
Forward-looking statements are subject to many risks and uncertainties. Rockford cautions you not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. Actual results may differ materially from those anticipated in our forward-looking statements. Rockford disclaims any obligation or undertaking to update these forward-looking statements to reflect changes in our expectations or changes in events, conditions, or circumstances on which our expectations are based.
When considering our forward-looking statements, you should keep in mind the risk factors discussed in our press releases and earnings reports, as well as the risk factors generally applicable to a small business such as ours. We particularly call your attention to the risk factors and other cautionary statements identified on our investor relations web-site, http://www.rockfordcorp.com/RiskFactors titled “Risk Factors That May Affect Rockford’s Operating Results, Business Prospects and Stock Price” (the “Risk Disclosure”). We updated the Risk Disclosure as of March 31, 2011. Our business is subject to the risk factors noted in the Risk Disclosure, other risk factors identified above and other risk factors we have not anticipated or discussed. These risk factors could cause our actual results to differ significantly from those anticipated in our forward- looking statements.
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.