SIOUX FALLS, S.D., Nov. 11 /PRNewswire-FirstCall/ -- Raven Industries,
Inc. (Nasdaq: RAVN) announced today that it is in negotiations to sell its
one-half interest in Zip City Partners, LLC to Howalt McDowell Insurance, Inc.
The company expects no material gain or loss on this transaction. Raven and
Howalt McDowell jointly purchased the Zip Feed Mill property adjacent to the
Raven Corporate Offices, in September 2004.
Ronald Moquist, president and chief executive officer of Raven Industries,
commented that, "It was our intent from the beginning to assist the city in
ensuring that this piece of land along the Big Sioux River was properly
developed. With space set aside for a potential events center and the
announced plans for construction of a headquarters building for Howalt
McDowell on the site, we believe our goals will be accomplished."
The sale is expected to close before the end of Raven's fiscal year,
January 31, 2006.
About Raven Industries, Inc.
Raven is an industrial manufacturer that provides electronics
manufacturing services, reinforced plastic sheeting and flow control devices
to various markets.
FORWARD-LOOKING STATEMENT
This release contains discussions of items which may constitute forward-
looking statements within the meaning of federal securities laws. Although
Raven Industries believes that expectations reflected in such forward-looking
statements are based on reasonable assumptions, it can give no assurances that
its expectations will be achieved. Factors that could cause actual results to
differ from expectations include execution of definitive agreements,
satisfaction of closing conditions and general economic conditions.
On the Internet, information is available at the company's website,
http://www.ravenind.com .
SIC Codes: 3672, 3081, 3829
SOURCE Raven Industries, Inc.
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Related links:
http://www.ravenind.com
CONTACT:
Tom Iacarella, Chief Financial Officer of
Raven Industries, Inc., +1-605-336-2750; or General Inquiries,
Dennis Waite, +1-708-246-6265, Analyst Inquiries, Leslie Loyet,
+1-312-640-6672, or Media Inquiries, Tim Grace, +1-312-640-6667,
all of Financial Relations Board
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