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Cybex International, Inc. (AMEX: CYB) announced today
that it has filed a registration statement with the Securities and
Exchange Commission for a proposed public offering of 3.5 million
shares of its common stock. Of the total shares expected to be
offered, 1.75 million shares would be issued by the Company and 1.75
million shares offered by selling stockholders, including UM Holdings
Ltd. and its principal stockholders, John Aglialoro and Joan Carter.
CYBEX will not receive any proceeds from the shares offered by the
selling stockholders. In addition, the underwriters will be granted a
30-day over-allotment option to purchase up to an additional 525,000
shares of common stock, 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."
Joan Carter, President of UM Holdings Ltd., commented: "We are
selling shares in the offering to provide liquidity for UM Holdings
and as part of our own financial planning. We will have a substantial
stock ownership position after the offering and we continue to view
CYBEX as a key long-term holding for UM and us."
Oppenheimer & Co. Inc. will be the sole book-running manager in
the offering. A copy of the prospectus, when available, 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 offering and its
timing are subject to normal conditions, including market conditions.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers to
buy be accepted prior to the time the registration statement becomes
effective. 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, completion of the
planned stock offering, competitive factors, technological and product
developments, market demand, economic conditions, the resolution of
litigation involving the Company, 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 and other filings with the SEC.