5.1.2005: Meldung: Impco Technologies Inc.: New CEO
Tuesday January 4, 9:00 am ET
CERRITOS, Calif., Jan. 4 / Impco Technologies Inc., (Nasdaq: IMCO - News) announced today the appointment of Mariano Costamagna as CEO and President. Mr. Costamagna is a Director of the Company and is a founder of BRC Srl located in Cherasco, Italy. Mr. Robert M. Stemmler, previously the CEO and President will retain his position as Chairman of the Board of Directors and remain at Impco as a consultant to facilitate the change in leadership and support the integration of the two companies. Mr. Costamagna indicated he anticipates no significant changes in the management teams at Impco or BRC.
Impco Technologies announced on October 25, 2004 that they signed a Purchase Agreement with BRC to purchase the remaining 50% equity of BRC. The acquisition is anticipated to be consummated in the first quarter of 2005 upon shareholder approval. Impco had previously purchased 50% of the equity of BRC in July 2003.
Impco Technologies had revenues of $91.2 million in the first nine months of 2004, an operating income of $7.8 million and a net income of $2.0 million including $0.7 million from their 50% equity in BRC. For the same nine month period in 2004, BRC had revenues of $38.7 million, an operating income of $3.8 million and a net income of $2.3 million. Impco also recently announced the retirement of a $20 million senior subordinated loan carrying a stated 11.25% interest rate, with a five year $22.0 million amortizing term loan from BRC at an annual interest rate of EURIBOR plus 1.5%, which rate currently approximates 3.7%.
Regarding Impco Technologies and BRC:
Impco and BRC design, manufacture, market and supply advanced alternative fuel systems and related products for the transportation, industrial and power generation markets. Headquartered in Cerritos, California and Cherasco, Italy, they have offices in Asia, Europe, Australia and South and North America. More information can be found at Impco"s web site, http://www.impco.ws and at BRC"s web site, http://www.brc.it.
For further information contact Mr. Dale Rasmussen, Investor Relations: