Hanover Compressor Company and Universal Compression Holdings, Inc. Merger Update

    HOUSTON, August 16 /CNW/ - Hanover Compressor Company (NYSE:  HC) and
Universal Compression Holdings, Inc. (NYSE:  UCO) jointly announced that, at the
companies' respective stockholders meetings held earlier today, the
stockholders of each company approved by a substantial margin the merger of
the two companies into a new company, Exterran Holdings, Inc. The stockholders
of both companies also approved the adoption of the Exterran 2007 Stock
Incentive Plan and the Exterran Employee Stock Purchase Plan. Hanover and
Universal expect the merger to close on Monday, August 20, 2007. On the day
following the merger closing, Exterran's common stock will begin trading under
the symbol "EXH" on the New York Stock Exchange, and the common stock of
Hanover and Universal will no longer be traded.

    About Hanover Compressor Company

    Hanover Compressor Company is a global market leader in full-service
natural gas compression and a leading provider of service, fabrication and
equipment for oil and natural gas production, processing and transportation
applications. Hanover sells and rents this equipment and provides complete
operation and maintenance services, including run-time guarantees for both
customer-owned equipment and its fleet of rental equipment.

    About Universal Compression Holdings

    Universal Compression Holdings, headquartered in Houston, Texas, is a
leading natural gas compression services company, providing a full range of
contract compression, sales, operations, maintenance and fabrication services
to the natural gas industry worldwide.

    Forward-Looking Statements

    All statements in this release (and oral statements made regarding the
subjects of this release) other than historical facts are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements rely on a number of assumptions
concerning future events and are subject to a number of uncertainties and
factors, many of which are outside Universal's and Hanover's control, which
could cause actual results to differ materially from such statements.
Forward-looking information includes, but is not limited to, statements
regarding the ability of Universal and Hanover to complete their proposed
merger, the expected timing of the closing of the transaction and the planned
changes to the listing of companies for trading on the New York Stock
Exchange. While Universal and Hanover believe that the assumptions concerning
future events are reasonable, they caution that there are inherent
difficulties in predicting certain important factors that could impact the
future performance or results of their business. Among the factors that could
cause results to differ materially from those indicated by such
forward-looking statements are the satisfaction of various other conditions to
the closing of the merger contemplated by the merger agreement and
satisfaction of the requirements for listing or delisting on the New York
Stock Exchange.

    These forward-looking statements are also affected by the risk factors,
forward-looking statements and challenges and uncertainties described in
Universal's Annual Report on Form 10-K for the year ended December 31, 2006,
as amended by Amendment No. 1 thereto, Hanover's Annual Report on Form 10-K
for the year ended December 31, 2006, as amended by Amendment No. 1 thereto,
and those set forth from time to time in Universal's and Hanover's filings
with the Securities and Exchange Commission ("SEC"), which are available
through www.universalcompression.com and www.hanover-co.com. Except as
required by law, Universal and Hanover expressly disclaim any intention or
obligation to revise or update any forward-looking statements whether as a
result of new information, future events, or otherwise.

For further information:

For further information: Hanover Compressor Company Senior Vice
President and Chief Financial Officer Lee E. Beckelman, 281-405-5194 or Vice
President, Investor Relations & Technology Stephen P. York, 832-554-4856 or
Universal Compression Holdings, Inc. Senior Vice President and Chief Financial
Officer J. Michael Anderson, 713-335-7295 or Vice President, Investor
Relations David Oatman, 713-335-7460

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890