Well, the stock held up all day then they put this out 10 minutes to closing. If anything, it will be another buying opportunity and certainly not the doom the nays will spout:
U.S. Plastic Lumber Corp. Announces Temporary Plant Closing Due to Explosion at Its Ocala Facility
BOCA RATON, Fla.--(BUSINESS WIRE)--Aug. 19, 2003--U.S. Plastic Lumber Corp. (OTCBB:USPL) today announced its Ocala Plant has been shut down temporarily due to an explosion yesterday that resulted in one fatal accident. All employees were immediately evacuated from the facility and were notified not to report to work during the emergency closing. The accident occurred in an outdoor recycled wood drying area. As a result of the accident, an employee was fatally injured while working near the outdoor wood dryer system, where an apparent gas explosion took place during the start-up of the unit.
Recycled wood is used solely in the Company's composite decking products, which was the area effected by the incident. All other product lines manufactured at the Ocala plant sustained no damage.
Mark Alsentzer, Chairman, CEO and President of USPL stated, "We are deeply saddened by the fatality caused by this accident. The safety of our employees is of the utmost importance to both the company and myself. We are actively investigating the cause of the accident and will take the necessary steps to ensure the safety of our employees."
The Ocala plant manufactures composite decking products made from recycled wood and recycled plastic resin. The Company anticipates the plant will be closed for a short period, approximately one to two weeks, while it completes an investigation into the accident and its causes and commences repairs in order to resume production.
U.S. Plastic Lumber Corp. is engaged in the manufacture of plastic lumber, returnable packaging and other value added products from recycled plastic. U.S. Plastic Lumber is the nation's largest producer of 100% HDPE recycled plastic lumber. Headquartered in Boca Raton, Florida, USPL is a highly integrated, nationwide processor of a wide range of products made from recycled plastic feedstocks. USPL creates high quality, competitive building materials, furnishings, and industrial supplies by processing plastic waste streams into purified, consistent products. USPL's products are environmentally responsible and are both aesthetically pleasing and maintenance friendly. They include such brand names as Carefree Xteriors(R), RecycleDesign(TM), Trimax(R), Earth Care(TM), and OEM products including Cyclewood(R). USPL currently operates three plastic manufacturing centers.
Certain statements and information included in this press release constitute ``forward-looking statements'' within the meaning of the Federal Private Securities Litigation Reform Act of 1995. When used in this press release, the words or phrases "will likely result", "are expected to", "will continue", "is anticipated", "estimate", "projected", "intends to" or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, known and unknown, and uncertainties, including but not limited to risks associated with the Company's credit facilities and liquidity, the ability to obtain adequate financing on commercially acceptable terms, economic conditions, demand for products and services of the Company, newly developing technologies, the Company's ability to compete, regulatory matters, protection of the Company's proprietary technology, the effects of competition from entities with greater financial resources than that possessed by the Company and shareholder dilution. Such factors could materially adversely affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed within this press release. Additional discussion of such factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is contained in the Company's SEC filings.
CONTACT: U.S. Plastic Lumber Corp., Boca Raton
Mark S. Alsentzer or Michael D. Schmidt, 561/394-3511
or
KCSA Worldwide, New York
Evan Smith or Erica Pettit
212/896-1251 or 212/896-1248 |
