Brief: CTI Industries Announces Leadership Transition

Yunhong Green Cti

29/11/2018 22:49

Nov 29 (Reuters) - CTI Industries Corp  CTIB.O :
    * CTI INDUSTRIES ANNOUNCES LEADERSHIP TRANSITION
    * SAYS CEO STEPHEN M. MERRICK TO RETIRE
    * STEPHEN MERRICK RETIRES AS CEO
    * TERMINATES PROPOSED SUBSCRIPTION RIGHTS OFFERING DUE TO
MARKET
CONDITIONS
    * REITERATES OUTLOOK FOR IMPROVED OPERATING PERFORMANCE IN
2018
    * CTI PRESIDENT JEFFREY HYLAND APPOINTED SUCCESSOR TO
MERRICK
    * MERRICK WILL REMAIN WITH CTI AS GENERAL COUNSEL,
SECRETARY, AND
A MEMBER OF BOARD
    * ON TRACK TO REMOVE APPROXIMATELY $3.0 MILLION OF
ANNUALIZED
OPERATING COSTS BY END OF 2018
    * FOR FULL YEAR 2018, CONTINUE TO EXPECT HIGHER NET SALES,
LOWER
TOTAL OPERATING EXPENSES, AND HIGHER OPERATING PROFITABILITY
    * TERMINATION OF PROPOSED SUBSCRIPTION RIGHTS OFFERING WILL
NOT
MATERIALLY AFFECT CTI'S EXISTING OPERATIONS OR OUTLOOK
    * CTI AND ITS LENDER REVISED TERMS OF ITS CREDIT FACILITY
BASED ON
EXPECTATION OF SUCCESSFUL SUBSCRIPTION RIGHTS OFFERING
    * CTI, LENDER ENGAGED IN DISCUSSIONS TO FURTHER MODIFY THAT
ARRANGEMENT ASSUMING NO ADDITIONAL CAPITAL IS RAISED

Source text for Eikon:  ID:nPn9r0Dt4a 
Further company coverage:  CTIB.O