TORONTO, June 5 /CNW/ - Samuel Manu-Tech Inc. (TSX - SMT), a leading
North American industrial products and technology company, today reported that
it is suspending its dividend effective Second Quarter 2009.
"Samuel Manu-Tech is not immune to the widespread economic compression in
North America. We continue to experience extremely negative conditions in all
of our served markets and our current level of performance is weak. As a
result, we have made the difficult decision to suspend our dividend until we
are confident that normal market conditions have returned," commented Mark C.
Samuel, Chairman and CEO. "We are aggressively reducing costs in all areas of
our businesses, including some painful manpower reductions. We believe that it
is prudent to suspend our normal dividend at this time in order to conserve
cash," Mr. Samuel added.
About Samuel Manu-Tech Inc.
Samuel Manu-Tech Inc. (SMT-TSX) is a leading North American industrial
products and technology company producing and distributing a wide range of
steel, plastic and related industrial products and services from locations in
Canada, United States and Mexico.
Forward looking information
Some of the statements contained in this release are forward-looking
statements, such as estimates and statements that describe the Company's
future plans, objectives or goals, including words to the effect that the
Company or management expects a stated condition or result to occur. Since
forward-looking statements address future events and conditions, by their very
nature, they involve inherent risks and uncertainties. Actual results in each
case could differ materially from those currently anticipated in such
statements. We do not intend to update this information and disclaim any legal
obligation to the contrary.
For further information:
For further information: John D. Amodeo, Vice President and Chief
Financial Officer, Samuel Manu-Tech Inc., 185 The West Mall, Suite 1500,
Toronto, Ontario, M9C 5L5, Tel: (416) 626-2190, Email Address: