EAST RUTHERFORD, NJ--(Marketwire - December 31, 2009) - On December 21, 2009, all unconverted
shares of The Alpine Group, Inc. (PINKSHEETS: APNI) series A cumulative
convertible stock, par value $1.00 per share ("Alpine Series A Preferred
Stock") ceased to be convertible in accordance with the terms of the
Certificate of Designations therefor. At September 30, 2009, there were
12,159 shares of Alpine Series A Preferred Stock outstanding with an
aggregate liquidation value of $4.6 million. As at December 21, 2009, 7,806
shares of Alpine Series A Preferred stock with an aggregate stated
liquidation value of $3.0 million were converted into 5,799,931 shares of
Alpine common stock, par value $0.10 per share ("Common Stock") at the
conversion rate of 743.01 shares of Common Stock per share of Alpine Series
A Preferred Stock.
As a result of the foregoing conversions, at December 31, 2009, there were
17,334,672 shares of Alpine Common Stock and 4,353 shares of Alpine Series
A Preferred Stock (with an aggregate liquidation value of $1.7 million)
outstanding. All shares of Alpine Series A Preferred will be ratably
redeemed by the Company on the last day of each quarter during the
three-year period commencing on December 31, 2009 at the stated liquidation
value of $380 per share, plus accrued interest. During the redemption
period, all unredeemed shares of Alpine Series A Preferred Stock will
continue to accrue cash dividends at the annual rate of $30.40 per share.
The Alpine Group, Inc. (PINKSHEETS: APNI) has substantial experience in
operating and actively managing companies in which it invests capital.
Alpine has focused on industrial and other businesses that are
underperforming, experiencing financial constraints and will benefit from
operational improvements consolidation and an improved capital structure.
Alpine has actively invested in and operated leading domestic and global
manufacturers of specialty materials, coatings, wire and cable products and
electronic components.