CLEVELAND, Jan. 5 /PRNewswire-FirstCall/ -- Hawk Corporation (NYSE: HWK)
today announced that its Class A common stock has been approved for listing on
the American Stock Exchange (AMEX). The Company's Class A common stock is
expected to commence trading on the AMEX on Wednesday January 7, 2004 at the
opening of the market and will continue to trade under "HWK", its current
ticker symbol. Trading of Hawk's Class A common stock on the New York Stock
Exchange will be discontinued at the close of the market on Tuesday January 6,
2004, because, as previously announced by Hawk, the Company does not presently
meet the NYSE's continued listing criteria for market capitalization and
stockholders' equity.
(Logo: http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO )
Additionally, the Company announced that it has filed an application with
AMEX to have its 12% Senior Notes due December 1, 2006 listed on the exchange.
The Company expects the listing to be approved shortly.
Ronald E. Weinberg, Chairman and Chief Executive Officer of Hawk, said,
"We are pleased to make this move to the American Stock Exchange. This
listing will allow us to continue to provide an efficient trading market in
our stock and at the same time, we believe it will provide enhanced market
awareness for our shareholders." Mr. Weinberg added, "Hawk Corporation looks
forward to a great relationship with AMEX as our trading partner."
The Company
Hawk Corporation is a leading worldwide supplier of highly engineered
products. Its friction products group is a leading supplier of friction
materials for brakes, clutches and transmissions used in airplanes, trucks,
construction equipment, farm equipment and recreational vehicles. Through its
precision components group, the Company is a leading supplier of powder metal
and metal injected molded components for industrial applications, including
pump, motor and transmission elements, gears, pistons and anti-lock sensor
rings. The Company's performance racing group manufactures clutches and
gearboxes for motorsport applications and performance automotive markets. The
Company's motor group manufactures die-cast aluminum rotors for fractional and
subfractional electric motors used in appliances, business equipment and HVAC
systems. Headquartered in Cleveland, Ohio, Hawk has approximately 1,700
employees and 17 manufacturing, research and administrative sites in five
countries.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks
and uncertainties. These forward-looking statements are based upon
management's expectations and beliefs concerning future events.
Forward-looking statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of the Company that could
cause actual results to differ materially from such statements. Actual
results and events may differ significantly from those projected in the
forward-looking statements. Reference is made to Hawk's filings with the
Securities and Exchange Commission, including its annual report on Form 10-K
for the year ended December 31, 2002, its quarterly reports on Form 10-Q, and
other periodic filings, for a description of the foregoing and other factors
that could cause actual results to differ materially from those in the
forward-looking statements. Any forward-looking statement speaks only as of
the date on which such statement is made, and the Company undertakes no
obligation to update any forward-looking statement, whether as a result of new
information, future events or otherwise.
SOURCE Hawk Corporation
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Related links:
http://www.hawkcorp.com
Photo Notes:http://www.newscom.com/cgi-bin/prnh/20001129/HWKLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Ronald E. Weinberg, Chairman and Chief
Executive Officer, +1-216-861-3553, or Thomas A. Gilbride, Vice
President - Finance, +1-216-861-3553, both of Hawk Corporation
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