Trans-Industries, Inc. Announces Filing for Chapter 11 Reorganization
05 Abril 2006 - 6:15PM
PR Newswire (US)
AUBURN HILLS, Mich., April 5 /PRNewswire-FirstCall/ --
Trans-Industries, Inc. (OTC:TRNI) and its related subsidiaries
including Transmatic Inc., Transign Inc., and Vultron Inc.,
announced today that they have filed a voluntary petition for
reorganization under Chapter 11 of the U.S. Bankruptcy Code with
the Eastern District of Michigan. Trans-Industries Board of
Directors directed the company to take this action after
determining that Chapter 11 reorganization is in the best interest
of the company, its employees, customers, creditors and other
stakeholders. This filing will allow the Company to address its
financial challenges and support its ongoing efforts to become a
more efficient and cost-effective company. The Company continues to
focus on improving profitability and cash flow by reducing
corporate management expenses and reducing fixed costs through
manufacturing plant consolidations. Trans-Industries expects to
continue normal business operations throughout the reorganization
process. The Company expects to: -- Continue to make our customers
our number one priority. -- Pay suppliers for goods and services
received during the reorganization process. -- Provide employee
wages, healthcare coverage, vacation, sick leave and similar
benefits. This action taken is a necessary and responsible step to
insure the future of Trans-Industries and our commitment to our
customers, creditors and employees. Forward-Looking Statements
Except for statements of historical fact, this news release
contains certain forward-looking statements about the Company. Such
statements are subject to significant risks and uncertainties
including changes in economic and market conditions, management of
growth, and other risks noted in the Company's SEC filings, which
may cause actual results to differ materially. About the Company
The Company is a leading provider of bus lighting systems, source
extraction systems for the environmental market, and electronic
systems for the display of information. These products are sold to
virtually all segments of the transportation industry and to a
broad range of commercial and industrial markets. Visit
Trans-Industries at http://www.transindustries.com/ . DATASOURCE:
Trans-Industries, Inc. CONTACT: Kai Kosanke, Chief Financial
Officer of Trans-Industries, +1-248-364-0400 Web site:
http://www.transindustries.com/
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