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Exide Technologies Announces Expiration Of
$91.7 Million Rights Offering
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Alpharetta, Georgia - (October 2, 2007)
- Exide Technologies (NASDAQ: XIDE, www.exide.com), a global
leader in stored electrical energy solutions, today announced
that the $91.7 million rights offering launched on August 31,
2007 expired effective as of 5:00 p.m., New York City time, on
September 28, 2007. Based on preliminary results, subscribers in
the rights offering, including Tontine Capital Partners, L.P.
and Legg Mason Investment Trust, Inc. (collectively “the
“Standby Purchasers”), subscribed for greater than 75% of the 14
million shares offered in the rights offering pursuant to their
basic subscription rights. The Company expects to receive the
full $91.7 million in proceeds as a result of shares purchased
in the rights offering and the transactions contemplated by the
standby commitment of the Standby Purchasers.
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About Exide
Exide Technologies, with
operations in more than 80 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.
The Exide Technologies logo is available at
http://www.primenewswire.com/newsroom/prs/?pkgid=3300
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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. The Company undertakes no
obligation to publicly update or revise any forward-looking
statement in this or any prior forward-looking statements
whether as a result of new information, future developments or
otherwise.
Examples of forward-looking statements include, but are not
limited to the preliminary results of the rights offering and
the expected proceeds of the rights offering and the
transactions contemplated by the standby commitment of the
Standby Purchasers.
Factors that could cause actual results to differ materially
from these forward-looking statements include, but are not
limited to, the Company or the Standby Purchaser’s inability to
satisfy the closing conditions set forth in the Standby Purchase
Agreement, dated August 28, 2007, as well as those factors
described in the Company's Form 10-K filed on June 11, 2007 its
Form 10-Q filed on August 7, 2007 and its Form 424(b)(5)
prospectus supplement filed on August 31, 2007, 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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