Cherokee International Retains Stephens, Inc. to Assist Its Board of Directors in Exploring Various Strategic Alternatives for t
14 Abril 2008 - 9:30AM
Business Wire
Cherokee International Corporation (NASDAQ: CHRK), a leading
designer and manufacturer of power supplies, announced today that
it has retained the investment banking firm of Stephens Inc. to
assist its Board of Directors in exploring various strategic
alternatives for the Company. Stephens Inc. has significant
industry experience in the power electronics market segment. While
Stephens Inc. is assisting the Company to explore a variety of
strategic alternatives including the possible divestiture of
certain assets, the Company also has other professionals advising
it on the extension or refinancing of the Company�s existing bond
obligation. An evaluation process of all alternatives is currently
underway. There can be no assurance the Board will elect to pursue
any of the strategic alternatives under consideration. The Company
also has not set a definitive time frame for conclusion of the
process and will comment further on this matter only when, and if,
the Company has concluded its evaluation efforts. In making the
announcement, Cherokee President and CEO Jeffrey M. Frank said,
�Our Board and management are exploring all strategic alternatives
available to the Company. We are working closely with a number of
outside professionals to ensure the maximum benefit to our
shareholders and all of our other stakeholders including customers,
employees, suppliers and bondholders.� About Cherokee International
Cherokee International designs, manufactures and markets
high-reliability custom and standard switch-mode power supplies for
datacom, telecom, medical and process-control applications. With
advanced manufacturing facilities and engineering expertise located
worldwide, Cherokee applies a customer-focused approach to provide
high-reliability power products to manufacturers, reducing time to
market. As the leading provider of custom-designed power sources,
Cherokee also delivers a complete range of standard and
modified-standard AC/DC power supplies, AC/DC rectifiers and power
shelves, and DC/DC converters. Cherokee International headquarters
are at 2841 Dow Ave, Tustin, California 92780 and can be reached at
714 544 6665. European operations are at Boulevard de l�Europe 131,
1301 Wavre, Belgium and can be reached at +32 10 438 510. Cherokee
International (China) Power Supply Ltd. is located at 1353 Chenqiao
Road, Shanghia Fengpu Industrial Park Shanghai, 201401 China and
can be reached at 021 6710 8910. Additional information about the
Company and its products is available at
http://www.cherokeepwr.com. Safe Harbor Statement Certain
statements contained in this press release are forward-looking
statements. These forward-looking statements are based upon our
current expectations about future events. When used in this press
release, the words "believe," "anticipate," "intend," "estimate,"
"expect" and similar expressions, or the negative of such words and
expressions, are intended to identify forward-looking statements,
although not all forward-looking statements contain such words or
expressions. Forward-looking statements in this press release
include statements relating to the Company's plans to explore
strategic alternatives. However, these statements are subject to a
number of risks and uncertainties affecting our business. You
should read this press release completely and with the
understanding that actual future results may be materially
different from what we expect as a result of these risks and
uncertainties and other factors, which include, but are not limited
to: (1) changes in general economic and business conditions,
domestically and internationally, (2) reductions in sales to, or
the loss of, any of the Company's significant customers or in
customer capacity generally, (3) changes in the Company's sales mix
to lower margin products, (4) increased competition in the
Company's industry, (5) disruptions of the Company's established
supply channels, (6) the Company's level of debt and restrictions
imposed by its debt agreements and the Company�s ability to repay
this debt, and (7) the additional risk factors identified in the
Company's filings with the Securities and Exchange Commission,
including its annual report on Form 10-K. Except as required by
law, the Company undertakes no obligation to update any
forward-looking statements, even though the Company's situation may
change in the future.
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