NEW YORK, October 25 /CNW/ - Symmetry Holdings Inc. ("Symmetry") (AMEX:
SHJ, SHJ-U, and SHJ-WS) is pleased to announce that at today's Special Meeting
of Stockholders, its stockholders approved its proposed acquisition of all of
the issued and outstanding shares of Novamerican Steel Inc. ("Novamerican")
(NASDAQ: TONS) by way of a court-approved statutory plan of arrangement under
the Canada Business Corporations Act. Over 80% of the shares cast were voted
in favor of the acquisition proposal, and holders of approximately 20% of the
shares issued in Symmetry's initial public offering both voted against the
acquisition proposal and properly exercised their conversion rights.
Corrado De Gasperis, Symmetry's CEO, said, "We have delivered an
excellent growth opportunity ahead of our most optimistic schedule and with
strong support from our investors. Novamerican is well suited for the
implementation of our operating methodology - The Decalogue(TM). We are proud
of the fine efforts of our entire team. We are both ready and eager to begin
implementing our plan."
The acquisition is expected to be consummated during the first two weeks
of November 2007, subject to obtaining the required approval of Novamerican's
stockholders and the satisfaction of other conditions, as discussed in greater
detail in the arrangement agreement relating to the acquisition. The meeting
of Novamerican's shareholders to consider the proposed acquisition is
scheduled for October 31, 2007. Novamerican's principal shareholders have
agreed to irrevocably support and vote all of their common shares of
Novamerican (approximately 67.5% of the shares outstanding) in favor of the
acquisition pursuant to the terms of their lock-up agreement with Symmetry.
Following completion of the acquisition, a successor corporation to
Novamerican will be a wholly-owned indirect subsidiary of Symmetry.
About Symmetry Holdings Inc.
Symmetry is a company formed for the specific purpose of acquiring
businesses that are in the basic industries sector. On June 21, 2007, Symmetry
entered into an arrangement agreement with Novamerican, pursuant to which it
plans to acquire all of the outstanding common shares of Novamerican by way of
a court-approved statutory plan of arrangement under the Canada Business
Corporations Act. For additional information on Symmetry Holdings Inc., visit
its website at http://www.symmetryholdings.com.
About Novamerican Steel Inc.
Novamerican, based in Montreal, Canada with twenty-two operating
locations in Canada and the United States, 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. Novamerican also produces roll
formed steel sections and manufactures heavy equipment parts and accessories.
Novamerican's flat rolled processing capabilities include pickling, slitting,
blanking, leveling, temper-rolling and cutting-to-length to precise customer
specifications. Additionally, Novamerican 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 Novamerican Steel
Inc., visit its website at http://www.novamerican.com.
This press release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995 about Symmetry,
Novamerican, the proposed transaction and their combined business after
completion of the proposed transaction. 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: Symmetry Holdings Inc. Karen G. Narwold,
646-429-1540 (office) 917-207-7924 (cell) General Counsel