TULSA, Okla., Feb. 24, 2009 (GLOBE NEWSWIRE) -- North American Galvanizing & Coatings, Inc. (Nasdaq:NGA) announced today that it has filed a preliminary consent solicitation with the Securities and Exchange Commission to solicit written consents from its stockholders to approve a proposed amendment to its Restated Certificate of Incorporation, as amended, to increase the authorized shares of common stock from 18,000,000 to 25,000,000. Currently, North American Galvanizing & Coatings, Inc. only has 454,271 authorized shares of common stock available for possible future uses. Possible future uses for the additional shares of common stock include, without limitation: possible future financings, including the sale of common stock, convertible debt or warrants; and possible acquisitions of assets, or interests in, additional geographically strategic hot-dip galvanizing plants or related businesses. North American Galvanizing & Coatings, Inc. has not entered into any binding or non-binding plans, arrangements or understandings regarding the additional shares that would be authorized pursuant to the proposed amendment. North American Galvanizing & Coatings, Inc. hopes to mail definitive materials to its stockholders on March 10, 2009.
North American Galvanizing & Coatings, Inc. has retained Morrow & Co., LLC to solicit consents in this matter. Morrow & Co., LLC has established a toll-free number for investors to call if they would like more information at 1-800-662-5200.
North American Galvanizing is a leading provider of hot-dip galvanizing and coatings for corrosion protection of fabricated steel products. The Company conducts its galvanizing and coating business through a network of plants located in Canton, Ohio; Denver, Hurst (Dallas/Forth Worth), Houston, Kansas City, Louisville, Nashville, St. Louis and the Tulsa area. Hot-dip galvanizing provides metals corrosion protection for many product applications used in commercial, construction and industrial markets. Our home page is: www.nagalv.com.
Cautionary Statement. This press release may contain "forward-looking statements" as defined under U.S. securities laws, including, but not limited to, statements concerning the Company's beliefs and expectations of future performance. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from such forward-looking statements and management's present expectations or projections. These risks and uncertainties include the risk factors described in the Company's SEC filings including the Company's Annual Report on Form 10- K filed with the Securities and Exchange Commission on February 20, 2009. These forward-looking statements are made as of the date of this press release. The Company assumes no obligation to update or revise these statements or to provide reasons why actual results may differ.