Foster Wheeler (NASDAQ:FWLTZ)
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Foster Wheeler Ltd.'s (Nasdaq: FWLT) Class A and Class B
Common Stock Purchase Warrants become exercisable beginning September
24, 2005. The Common Stock Purchase Warrants trade under the symbols
FWLTW and FWLTZ, respectively.
As of September 21, 2005, 4,152,914 of the Company's Class A
Common Stock Purchase Warrants and 40,771,560 of its Class B Common
Stock Purchase Warrants were outstanding. The outstanding Class A
Warrants are exercisable for 1.6841 Common Shares per Warrant and
expire on September 24, 2009. The Class B Warrants are exercisable for
0.0723 Common Shares per Warrant and expire on September 24, 2007.
Both the Class A and Class B Warrants are exercisable at $9.378 per
Common Share issuable. Full exercise of the Warrants would result in
cash proceeds to the Company of approximately $93.2 million, although
there can be no assurance regarding the amount or timing of exercise
of the Warrants.
For more information regarding the exercise of the Common Stock
Purchase Warrants, you can contact the Warrant Agent, Mellon Investor
Services LLC at 800-777-3674.
Notes to Editor:
1. Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering, construction,
manufacturing, project development and management, research and plant
operation services. Foster Wheeler serves the refining, upstream oil
and gas, LNG and gas-to-liquids, petrochemicals, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries. The
corporation is based in Hamilton, Bermuda, and its operational
headquarters are in Clinton, New Jersey, USA. For more information
about Foster Wheeler, visit our Web site at http://www.fwc.com.
2. Safe Harbor Statement
This news release contains forward-looking statements that are
based on management's assumptions, expectations and projections about
the Company and the various industries within which the Company
operates. These include statements regarding our expectations
regarding revenues (including as expressed by our backlog), liquidity,
the outcome of litigation and legal proceedings and recoveries from
customers for claims and the costs of current and future asbestos
claims and the amount and timing of related insurance recoveries. Such
forward-looking statements by their nature involve a degree of risk
and uncertainty. The Company cautions that a variety of factors,
including but not limited to the factors described under the heading
"Business--Risk Factors of the Business" in the Company's most recent
annual report on Form 10-K/A and the following, could cause the
Company's business conditions and results to differ materially from
what is contained in forward-looking statements: changes in the rate
of economic growth in the United States and other major international
economies, changes in investment by the power, oil and gas,
pharmaceutical, chemical/petrochemical and environmental industries,
changes in the financial condition of customers, changes in regulatory
environment, changes in project design or schedules, contract
cancellations, changes in estimates made by the Company of costs to
complete projects, changes in trade, monetary and fiscal policies
worldwide, currency fluctuations, war and/or terrorist attacks on
facilities either owned or where equipment or services are or may be
provided, outcomes of pending and future litigation, including
litigation regarding our liability for damages and insurance coverage
for asbestos exposure, protection and validity of patents and other
intellectual property rights, increasing competition by foreign and
domestic companies, compliance with debt covenants, recoverability of
claims against customers and others, changes in estimates used in
critical accounting policies. Other factors and assumptions not
identified above were also involved in the formation of these
forward-looking statements and the failure of such other assumptions
to be realized, as well as other factors, may also cause actual
results to differ materially from those projected. Most of these
factors are difficult to predict accurately and are generally beyond
our control. You should consider the areas of risk described above in
connection with any forward-looking statements that may be made by us.