Attached files
file | filename |
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8-K - LIVE FILING - HAWK CORP | htm_36443.htm |
EX-10.1 - EX-10.1 - HAWK CORP | exhibit1.htm |
Exhibit 99.1
HAWK ANNOUNCES SUCCESSFUL COMPLETION
OF CONSENT SOLICITATION
Cleveland, Ohio February 23, 2010 Hawk Corporation (NYSE Amex: HWK) announced today that it has successfully completed its consent solicitation in connection with its previously announced solicitation of consents from the holders of $75,740,000 of the outstanding principal amount of its 8-3/4% Senior Notes due 2014. As of the consent date, which was February 22, 2010 at 5:00 p.m., New York City time, Hawk received valid and unrevoked consents representing $75,585,000, or approximately 99.8%, of the notes to approve the proposed amendment to the indenture governing the notes.
Upon the terms and subject to the conditions set forth in the Consent Solicitation Statement dated February 8, 2010 and the related Letter of Consent, Hawk will pay holders of record who validly tendered and delivered consents prior to the consent date a consent fee in the amount of $20 per $1,000 principal amount of notes. Non-consenting holders will not receive the consent fee.
Hawk engaged Jefferies & Company, Inc. to act as its solicitation agent in connection with the consent solicitation.
The Company
Hawk Corporation is a leading supplier of friction materials for brakes, clutches and transmissions
used in airplanes, trucks, construction and mining equipment, farm equipment, recreational and
performance automotive vehicles. The Company also manufactures fuel cell components.
Forward-Looking Statements
This press release includes forward-looking statements regarding Hawks consent solicitation that
involve risks and uncertainties. These forward-looking statements are based upon managements
expectations and beliefs concerning future events. Forward-looking statements are necessarily
subject to risks, uncertainties and other factors, many of which are outside the control of the
Company that could cause actual results to differ materially from such statements. Actual results
and events may differ significantly from those projected in the forward-looking statements.
Reference is made to Hawks filings with the Securities and Exchange Commission, including its
annual report on Form 10-K for the year ended December 31, 2008, its quarterly reports on Form
10-Q, and other periodic filings, for a description of the foregoing and other factors that could
cause actual results to differ materially from those in the forward-looking statements. Any
forward-looking statement speaks only as of the date on which such statement is made, and the
Company undertakes no obligation to update any forward-looking statement, whether as a result of
new information, future events or otherwise.
Contact Information
Thomas A. Gilbride, Vice President Finance
(216) 861-3553
Investor Relations Contact Information
John Baldissera, BPC Financial Marketing
(800) 368-1217
Hawk Corporation is online at: http://www.hawkcorp.com/