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Cybex International, Inc. (AMEX: CYB) announced today
the pricing of its public offering of 3.5 million shares of CYBEX
common stock at $5.50 per share. Of the total shares being offered,
1.75 million shares will be issued by CYBEX and 1.75 million shares
will be sold by the selling stockholders, including UM Holdings Ltd.,
John Aglialoro and Joan Carter. CYBEX will not receive any proceeds
from the sale of the shares by the selling stockholders. CYBEX and the
selling stockholders have also granted the underwriters of the
offering an option to purchase up to an additional 525,000 shares of
common stock on the same terms, equally split between CYBEX and the
selling stockholders.
John Aglialoro, Chairman and CEO of CYBEX, stated: "This offering
will provide capital to fund CYBEX's growth initiatives, including
facilitating the development of new products aimed at specific market
segments and the expansion of our manufacturing capacity. In the
near-term, pending such use, the proceeds will be used to
substantially pay down our indebtedness. The offering will also
broaden our shareholder base which we expect to result in increased
liquidity for our shareholders and a positive foundation for our stock
as we execute our growth strategy."
Oppenheimer & Co. is the sole book-running manager in the
offering. Stephens Inc. and Roth Capital Partners are co-managers of
the offering. When available, copies of the final prospectus relating
to this offering may be obtained from Oppenheimer & Co., Attention:
Equity Capital Markets, 125 Broad Street, 15th Floor, New York, NY
10004, by telephone at (212) 668-8163, or via email at ecm@opco.com.
The registration statement relating to these securities has been
declared effective by the Securities and Exchange Commission and the
secondary offering is being made by means of a prospectus. This
announcement shall not constitute an offer to sell or the solicitation
of an offer to buy any securities described herein, nor shall there be
any sale of the securities in any State or jurisdiction in which the
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
State.
Cybex International, Inc. is a manufacturer of premium exercise
equipment for commercial and consumer use. The CYBEX product line
includes a full range of both strength training and cardio training
machines sold worldwide under the CYBEX brand.
This news release may contain forward-looking statements. There
are a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated by the statements
made above. These include, but are not limited to, competitive
factors, technological and product developments, market demand,
economic conditions, the resolution of litigation involving the
Company, completion of the planned stock offering, and the ability of
the Company to comply with the terms of its credit facilities. Further
information on these and other factors which could affect the
Company's financial results can be found in the Company's previously
filed Report on Form 10-K, its Reports on Form 10-Q, its Current
Reports on Form 8-K, and its proxy statement dated April 4, 2006.