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| Exide Technologies Appoints George S. Jones Jr. Executive Vice
President - Human Resources |
Alpharetta, Ga. - (July 12, 2005) - Exide Technologies (NASDAQ: XIDE,
www.exide.com) a global leader in stored electrical-energy solutions,
today announced the appointment of George S. Jones Jr. as Executive Vice
President - Human Resources, effective immediately.
He succeeds Janice M. Jones, who has elected not to relocate from New Jersey to
Exide's new corporate offices in Georgia. She will remain with the Company up
to the end of the calendar year to work on special projects.
"Having previously worked with George, I know he will bring a unique blend of
operational experience and human resource expertise to his new role," said
Exide President and Chief Executive Officer Gordon A. Ulsh. "His background
will enable him to lead the human resources organization and provide the
strategic and tactical support needed to drive profitability, passion for our
customers, uncompromising quality and a company-wide culture of pride and
commitment."
Mr. Jones joins Exide after a highly successful career of nearly 30 years with
Cooper Industries Inc. Most recently, he served as Vice President - Operations
for Cooper Lighting, a $1.3 billion division headquartered in Peachtree City,
Georgia. Mr. Jones also served as Vice President - Human Resources for Cooper
Lighting; Director - Human Resources for Wagner Lighting in Cooper's Automotive
Group; and Director - Human Resources in Cooper's Petroleum Equipment Group.
Mr. Jones holds a bachelor's degree in industrial relations from Temple
University.
About Exide Technologies
Exide Technologies, with operations in 89 countries, is one of the world's
largest producers and recyclers of lead-acid batteries. The Company's four
global business groups - Transportation Americas, Transportation Europe and
Rest of World, Industrial Energy Americas and Industrial Energy Europe and Rest
of World - provide a comprehensive range of stored electrical energy products
and services for industrial and transportation applications.
Transportation markets include original-equipment and aftermarket automotive,
heavy-duty truck, agricultural and marine applications, and new technologies
for hybrid vehicles and 42-volt automotive applications. Industrial markets
include network power applications such as telecommunications systems, electric
utilities, railroads, photovoltaic (solar-power related) and uninterruptible
power supply (UPS), and motive-power applications including lift trucks, mining
and other commercial vehicles.
Further information about Exide, including its financial results, are available
at www.exide.com.
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Forward-Looking Statements
Except for historical information, this press release may be deemed to contain
"forward-looking" statements. The Company desires to avail itself of the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995 (the
"Act") and is including this cautionary statement for the express purpose of
availing itself of the protection afforded by the Act.
Examples of forward-looking statements include, but are not limited to (a)
projections of revenues, cost of raw materials, income or loss, earnings or
loss per share, capital expenditures, growth prospects, dividends, the effect
of currency translations, capital structure and other financial items, (b)
statements of plans of and objectives of the Company or its management or Board
of Directors, including the introduction of new products, or estimates or
predictions of actions by customers, suppliers, competitors or regulating
authorities, (c) statements of future economic performance, (d) statements of
assumptions, such as the prevailing weather conditions in the Company's market
areas, underlying other statements and statements about the Company or its
business and (e) statements regarding the ability to obtain amendments under
the Company's debt agreements.
Factors that could cause actual results to differ materially from these forward
looking statements include, but are not limited to, the following general
factors such as: (i) the Company's inability to promptly obtain a waiver of the
Credit Agreement default resulting from the going concern qualification in the
Company's audit report and adverse reactions by creditors, vendors, customers,
and others to the going-concern qualification and default, (ii) negative
effects on the Company's liquidity resulting from the lack of borrowing
availability due to the Credit Agreement default described above and potential
contraction of vendor credit, (iii) the Company's ability to implement business
strategies and restructuring plans, (iv) unseasonable weather (warm winters and
cool summers) which adversely affects demand for automotive and some industrial
batteries, (v) the Company's substantial debt and debt service requirements
which may restrict the Company's operational and financial flexibility, as well
as imposing significant interest and financing costs and the Company's ability
to comply with the covenants in its debt agreements or obtain waivers of
noncompliance, (vi) the litigation proceedings to which the Company is subject,
the results of which could have a material adverse effect on the Company and
its business, (vii) the realization of the tax benefits of the Company's net
operating loss carry forwards, of which is dependent upon future taxable
income, (viii) the fact that lead, a major constituent in most of the Company's
products, experiences significant fluctuations in market price and is a
hazardous material that may give rise to costly environmental and safety
claims, (ix) competitiveness of the battery markets in North America and
Europe, (x) the substantial management time and financial and other resources
needed for the Company's consolidation and rationalization of acquired
entities, (xi) risks involved in foreign operations such as disruption of
markets, changes in import and export laws, currency restrictions, currency
exchange rate fluctuations and possible terrorist attacks against U.S.
interests, (xii) the Company's exposure to fluctuations in interest rates on
its variable debt, (xiii) the Company's ability to maintain and generate
liquidity to meet its operating needs, (xiv) general economic conditions, (xv)
the ability to acquire goods and services and/or fulfill labor needs at
budgeted costs, (xvi) the Company's reliance on a single supplier for its
polyethylene battery separators, (xvii) our ability to attract and retain key
personnel, and (xviii) the Company's ability to comply with the provisions of
Section 404 of the Sarbanes Oxley Act of 2002.
Therefore, the Company cautions each reader of this Report carefully to
consider those factors hereinabove set forth, because such factors have, in
some instances, affected and in the future could affect, the ability of the
Company to achieve its projected results and may cause actual results to differ
materially from those expressed herein.
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