ATLANTA, GA, Aug 31, 2009 (MARKETWIRE via COMTEX) -- Spectrum Brands announced today that the company has received
notification from the Financial Industry Regulatory Authority
("FINRA") that its newly issued shares will be quoted on the OTC
Bulletin Board and the Pink Sheet Electronic Quotation Service
effective September 1, 2009 under the ticker "SPEB" once the
distribution of shares has been completed.
Spectrum Brands exited from bankruptcy protection on August 28, 2009
and is distributing approximately 30 million shares of its new common
stock to holders of allowed claims with respect to its bonds and to
the supplemental and sub-supplemental lenders of its
Debtor-in-Possession financing on August 31, 2009.
"We are excited to begin this new era of Spectrum Brands with a
stronger balance sheet and positive momentum in many of our key
brands," said Kent Hussey, CEO of Spectrum Brands.
Consistent with statements made in prior press releases including
those dated February 3, 2009 when the Company entered Chapter 11 and
August 28, 2009 when the Company exited Chapter 11, the old common
stock has been cancelled. No distributions were made or will be made
to holders of the old equity.
Certain matters discussed in this
news release, with the exception of historical matters, may be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements are
subject to a number of risks and uncertainties that could cause
results to differ materially from those anticipated as of the date of
this release. Actual results may differ materially as a result of
various risks and uncertainties, including those discussed herein and
those set forth in Spectrum Brands' securities filings, including the
most recently filed Annual Report on Form 10-K or Quarterly Report on
The Company cautions the reader that undue reliance should not be
placed on any forward-looking statements, which speak only as of the
date of this release. Spectrum Brands undertakes no duty or
responsibility to update any of these forward-looking statements to
reflect events or circumstances after the date of this release or to
reflect actual outcomes.
About Spectrum Brands, Inc.
Spectrum Brands is a global consumer products company and a leading
supplier of batteries, shaving and grooming products, personal care
products, specialty pet supplies, lawn & garden and home pest control
products, personal insect repellents and portable lighting. Helping
to meet the needs of consumers worldwide, included in its portfolio
of widely trusted brands are Rayovac(R), Remington(R), Varta(R),
Tetra(R), Marineland(R), Nature's Miracle(R), Dingo(R), 8-In-1(R),
Spectracide(R), Cutter(R), Repel(R), and HotShot(R). Spectrum Brands'
products are sold by the world's top 25 retailers and are available
in more than one million stores in more than 120 countries around the
world. Headquartered in Atlanta, Georgia, Spectrum Brands generates
annual revenue from continuing operations in excess of $2 billion.
DVP Investor Relations & Corporate Communications
Kekst and Company for Spectrum Brands
SOURCE: Spectrum Brands