NEW YORK, November 16 /CNW/ - Symmetry Holdings Inc. ("Symmetry") (AMEX:
SHJ, SHJ-U, and SHJ-WS) today announced that the record date established by
Novamerican Steel, Inc. ("Novamerican"), a Canadian corporation whose common
stock was previously listed on NASDAQ under the symbol TONS, for determination
of stockholders entitled to receive the special dividend payable by
Novamerican to its stockholders in connection with the acquisition of
Novamerican by Symmetry was the close of business on November 14, 2007.
As previously announced, the acquisition was carried out pursuant to an
arrangement agreement under a court-approved statutory plan of arrangement
governed by the Canada Business Corporations Act. The acquisition was approved
by Symmetry's stockholders on October 25, 2007 and by Novamerican's
shareholders on October 31, 2007. As part of the completion of the
transaction, a wholly-owned, indirect Canadian subsidiary of Symmetry was
amalgamated with Novamerican, and the successor corporation is named
Novamerican Steel Inc.
Under the arrangement agreement, the special dividend was equal to
US$1.50 in cash per share.
This press release is not an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of, these securities in any state or
jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such state
About Symmetry Holdings Inc.
Symmetry is a company initially formed for the specific purpose of
acquiring a business in the basic industries sector. Following its acquisition
of Novamerican, Symmetry has twenty-two operating locations in Canada and the
United States. It processes and distributes carbon steel, stainless steel and
aluminum products and operates as an intermediary between primary metal
producers and manufacturers that require processed metal, often on a
just-in-time delivery basis. Symmetry also produces roll formed steel sections
and manufactures heavy equipment parts and accessories. Symmetry's flat rolled
processing capabilities include pickling, slitting, blanking, leveling,
temper-rolling and cutting-to-length to precise customer specifications.
Additionally, Symmetry performs many of these processing services for
customers who provide their own steel, referred to in the industry as toll
processing. For additional information on Symmetry Holdings Inc., visit its
website at http://www.symmetryholdings.com.
This press release and any related discussions may contain
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 about Symmetry, the acquisition described above
and its business. Forward-looking statements are statements that are not
historical facts. Such forward-looking statements, based upon the current
beliefs and expectations of Symmetry's management, are subject to risks and
uncertainties (including those described in Symmetry's and Novamerican's
public filings with the Securities and Exchange Commission), which could cause
actual results, events and circumstances to differ materially from the
forward-looking statements. In some cases, one can identify forward-looking
statements by terminology such as "may," "should," "could," "would," "expect,"
"plan," "anticipate," "believe," "estimate," "continue," or the negative of
such terms or other similar expressions. The reader is cautioned not to rely
on these forward-looking statements. Symmetry disclaims any obligation to
update these forward-looking statements.
For further information:
For further information: For Symmetry Holdings Inc. General Counsel
Karen G. Narwold, 646-429-1540 (office) 917-207-7924 (cell)