latest news releases from the newsroom
AutoZone Announces Organizational Changes
MEMPHIS, Tenn., Dec. 17, 2007 (PRIME NEWSWIRE) -- AutoZone, Inc. (NYSE:AZO) today announced the following organizational changes, effective immediately. Jon Bascom, Vice President, Information Technology, has been promoted to Senior Vice President, Information Technology and Chief Information Officer. Additionally, Mark Finestone, Vice President, Merchandising, has been promoted to Senior Vice President, Merchandising. Both Bascom and Finestone will serve on the company's Executive Committee.
GenTek Inc. Announces Voluntary Term Loan Repurchase
PARSIPPANY, N.J., Dec. 17, 2007 (PRIME NEWSWIRE) -- GenTek Inc. (Nasdaq:GETI) announced that it has repurchased on the open market $7.6 million of its first lien term loans. The acquired debt will be cancelled similar to a voluntary loan pre-payment. This brings cumulative prepayments of its term debt over the past six months to $27.6 million. This voluntary prepayment reduces the current balance outstanding on the first lien term loans to $239.6 million. The Company currently has no balance outstanding on its revolving credit facility.
American Electric Technologies, Inc.
American Electric Technologies Announces Charge in Fourth Quarter 2007 Due to Cost Overruns
HOUSTON, Dec. 17, 2007 (PRIME NEWSWIRE) -- American Electric Technologies, Inc. (Nasdaq:AETI), the premium supplier of custom-designed power distribution and control solutions for the traditional and alternative energy industries, today announced that it will incur an after tax charge of $1,260,000 ($1,999,000 before tax) or $0.16 per share in the fourth quarter of 2007 due to estimated cost overruns on three fixed price light commercial contracts in its Electrical and Instrumentation Construction segment. The contracts will be completed prior to year-end and no additional overruns are expected.