DALLAS, Oct. 5 /PRNewswire/ -- Global Industrial Technologies, Inc.
(NYSE: GIX) announced today that in response to the Schedule 13D filed this
morning with the Securities and Exchange Commission by WHX Corporation
(NYSE: WHX), Global is not for sale. In addition, the Company announced that
it has amended its shareholder rights agreement to reduce the triggering
threshold from 15% to 10%. Any stockholder that is currently the beneficial
owner of 10% or more of the Common Stock will be "grandfathered" unless and
until such holder acquires additional 100,000 shares of Common Stock.
Rawles Fulgham, Chairman of the Board of Global, stated: "The directors
of Global, all of whom are independent and with long experience in business
matters, are committed to enhancing shareholder value. Having only recently
disposed of our Industrial Tool business, restructured our operations and
completed our acquisition of A. P. Green, we have made significant strides in
repositioning Global for the company's long-term growth. While the corporate
transformation process, our search for a Chief Executive Officer to lead our
company into the future and current global and market conditions have clearly
taken their toll on our stock price, the fact that our stock price is at such
low, and grossly undervalued levels only strengthens our resolve to prevent
anyone from seeking to take advantage of the situation and reap for itself the
significant values inherent in our strategic plan. WHX Corporation itself
noted in its filing that it believes Global's shares 'are an attractive
investment opportunity due to the recent sharp decline in stock market
prices'."
Global is a major manufacturer of technologically advanced industrial
products that support high-growth markets around the world. Products include
forged flanges; undercarriage parts for track-mounted vehicles; modular cells
for refining nonferrous metals; premium refractories for lining
heat-containing industrial vessels such as steel furnaces; raw materials used
to make refractory products, processing and recycling equipment.
Statements the Company may publish, including those in this announcement,
that are not strictly historical are "forward-looking" statements under the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations reflected in such
forward-looking statements are based on reasonable assumptions, it can give no
assurance that its expectations will be realized. Forward-looking statements
involve known and unknown risks which may cause the Company's actual results
and corporate developments to differ materially from those expected. Factors
that could cause results and developments to differ materially from the
Company's expectations include, without limitation, changes in manufacturing
and shipment schedules, delays in completing plant construction and
acquisitions, currency exchange rates, new product and technology
developments, competition within each business segment, cyclicality of the
markets for the products of a major segment, litigation, significant cost
variances, the effects of acquisitions and divestitures, and other risks
described from time to time in the Company's SEC reports including quarterly
reports on Form 10-Q, annual reports on Form 10-K and reports on Form 8-K.
SOURCE Global Industrial Technologies, Inc.
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http://www.prnewswire.com/comp/422169.html or fax,
800-758-5804, ext. 422169
CONTACT:
George Pasley, V. P. Communications of Global
Industrial Technologies, Inc., 214-953-4510
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