Fedders
Recapitalization Completed
CONTACT:
Michael Giordano
(908) 604-8686
investorrelations@fedders.com
LIBERTY
CORNER, New Jersey -- March 26,
2002 -- Fedders Corporation
(NYSE: FJC), a leading global
manufacturer of air treatment
products, including air conditioners,
air cleaners, dehumidifiers and
humidifiers, and thermal technology
products, announced that its recapitalization
plan was approved today at its
annual meeting of stockholders,
which had been adjourned on February
26 to allow more time for interested
stockholders to submit proxies
to vote on the plan. Effective
immediately, each share of common
stock will entitle its holder
to 1.1 shares of new common stock,
each share of class A stock will
entitle its holder to 1 share
of the new common stock, and each
share of class B stock will entitle
its holder to 1.1 shares of new
class B stock.
The
new common stock, NYSE ticker
symbol "FJC", will be
admitted to trading on the New
York Stock Exchange at the opening
of trading on March 27. Stockholders
who hold certificates will be
mailed instructions by the company's
transfer agent on how to exchange
their old shares for shares of
new common and class B stock.
This
news release includes forward-looking
statements that are covered under
the "Safe-Harbor" clause
of the Private Securities Litigation
Reform Act of 1995. Such statements
are based upon current expectations
and assumptions. Actual results
could differ materially from those
currently anticipated as a result
of known and unknown risks and
uncertainties including, but not
limited to, weather and economic,
political, market and industry
conditions and reliance on key
customers. Such factors are described
in Fedders' SEC filings, including
its most recently filed annual
report on Form 10-K. The company
disclaims any obligation to update
any forward-looking statements
to incorporate developments occurring
after release of this announcement.
Visit the Fedders investor information
website at www.fedders.com to
access additional information
on Fedders.
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