EAST RUTHERFORD, NJ -- (Marketwired) -- 04/09/13 -- The Alpine Group, Inc. ("Alpine") (PINKSHEETS: APNI) announced that it has adopted a Plan of Complete Liquidation and Dissolution of the Corporation (the "Plan"). The Plan was approved on January 15, 2013 by its Board of Directors and on April 8, 2013 by written consent of stockholders holding over 50% of our issued and outstanding common stock (par value $0.10 per share) (the "Common Stock"). In accordance with the Delaware General Corporation Law ("DGCL") notice of these actions is being sent to all Alpine stockholders of record. We anticipate filing a Certificate of Dissolution with the Secretary of State of Delaware, which will be the effective date of dissolution under the Plan (the "Effective Date"), on April 29, 2013.
A complete copy of the Plan is available on our website, www.alpine-group.net.
Following the Effective Date and for a period of three years thereafter, Alpine will continue as a corporation for the purpose of implementing the Plan. Pursuant to the Plan and in accordance with the DGCL, Alpine will settle and wind up its business affairs, dispose of its assets, discharge its liabilities and distribute to its stockholders all remaining cash and other assets.
From and after the Effective Date and in accordance with the DGCL, the sole right of holders of the Common Stock will be the right to receive distributions in accordance with the Plan. Alpine will close its stock transfer books and discontinue recording transfers of shares of the Common Stock. Common Stock will not be assignable or transferrable on the books of the corporation except by operation of law or with the consent of Alpine.
Steven S. Elbaum, Chairman and CEO of Alpine, stated that "over the recent past, Alpine has evaluated and determined to neither consummate nor participate in various investment and acquisition opportunities for reasons including valuations, target specific risks and macro economic uncertainties. Additionally, the absence of a liquid trading market negatively impacts marketability of Alpine's shares. Implementation of the Plan is intended to provide liquidity over time for our shareholders and wind down Alpine's operating expenses. While actual timing and results of Plan execution may be different, we are targeting substantial completion of the liquidation process by mid-2014, with periodic distributions to Alpine stockholders."
The Alpine Group, Inc. (PINKSHEETS: APNI) has substantial experience in operating and actively managing companies in which it invests capital. Alpine has focused on industrial and other businesses that are underperforming, experiencing financial constraints and will benefit from operational improvements consolidation and an improved capital structure. Alpine has actively invested in and operated leading domestic and global manufacturers of specialty materials, coatings, wire and cable products and electronic components.
Steven S. Elbaum
Chairman and Chief Executive Officer
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