Capital & Regional (LSE:CALA)
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Catalina Lighting Concludes Divestiture of Non-Core Business in
United Kingdom
MIAMI, April 20 /PRNewswire-FirstCall/ -- Catalina Lighting, Inc. (OTC:CALA),
a leading international designer, manufacturer, and distributor of lighting
products for residential and office environments, announced the divestiture of
its non-core business lines in the United Kingdom. The applicable U.K.
subsidiaries include: Lightenpoint Corporation Europe, Ltd., Arctic Products,
Ltd., BMAC, Ltd., Grove Products, Ltd., PH Products, Ltd. and Van Line, Ltd.
The Company also sold the assets of the automotive division of Ring Lamp as
part of the same transaction. The subsidiaries and assets were acquired by
Volvox Group Ltd., a newly formed Yorkshire-based distribution group.
The divested subsidiaries and assets engaged in a variety of business
activities, ranging from the sale and distribution of automotive aftermarket
products to shop supplies and cleaning fluids. The Company engaged in the
divestiture to improve its ability to focus on its core business, the
distribution of consumer lighting.
Catalina CEO Bob Varakian commented, "Our future growth is in consumer lighting
products, particularly in the North American market, and as a company we need
to focus our talent and resources on making that growth a reality. We are
pleased with the recent successes in the US market, which validates our plan.
Further, we are using the proceeds of this sale to retire debt and improve our
overall financial position."
About Catalina Lighting, Inc.
Catalina Lighting, Inc. is a leading international designer, manufacturer, and
distributor of residential and office lighting products. The Company's broad
product line includes functional and decorative table lamps; ceiling, wall,
recessed, vanity and track lighting fixtures; emergency and outdoor lighting;
and chandeliers. Its line is distributed under several brand names, including
Catalina(R), Dana(R), Ring(R), Illuminada(R) and Aziano(TM). The Company also
functions as an OEM, selling goods under its customers' private labels.
Forward-Looking Statement
This press release includes statements that constitute "forward-looking"
statements, including, without limitation, that the Company anticipates that
the Company's common stock will be quoted on the Pink Sheets, and believes that
deregistering will reduce certain expenses and enable management to focus more
time and resources on the operations of the Company. These statements are made
pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. The risks and uncertainties that may affect the
operations, performance, growth, and results of the Company's business include,
but are not limited to, the following: failure to have at least one market
maker continue to make a market in the Company's common stock on the Pink
Sheets following delisting and deregistration; becoming subject to the Exchange
Act in the future due to the filing of a registration statement; economic
factors, regulatory changes or legislative enactments that adversely affect the
Company's business; and other risks detailed in the Company's periodic filings
with the Securities and Exchange Commission. The forward-looking statements
included herein are made as of the date of this press release and the Company
undertakes no obligation to update these statements for revisions or changes
after the date of this release.
Contact: Allen & Caron
Jesse Deal (investors)
(212) 691-8087
or
Brian Kennedy (media)
(212) 691-8087
Catalina Lighting, Inc.
Gary Rodney
Chief Financial Officer
(305) 558-4777
DATASOURCE: Catalina Lighting, Inc.
CONTACT: investors, Jesse Deal, , or media, Brian
Kennedy, , both of Allen & Caron, +1-212-691-8087, for
Catalina Lighting, Inc.; or Gary Rodney, Chief Financial Officer of Catalina
Lighting, Inc., +1-305-558-4777