Foster Wheeler Class A and Class B Warrants Become Exercisable
September 21 2005 - 10:01AM
Business Wire
Foster Wheeler Ltd.'s (Nasdaq: FWLT) Class A and Class B Common
Stock Purchase Warrants become exercisable beginning September 24,
2005. The Common Stock Purchase Warrants trade under the symbols
FWLTW and FWLTZ, respectively. As of September 21, 2005, 4,152,914
of the Company's Class A Common Stock Purchase Warrants and
40,771,560 of its Class B Common Stock Purchase Warrants were
outstanding. The outstanding Class A Warrants are exercisable for
1.6841 Common Shares per Warrant and expire on September 24, 2009.
The Class B Warrants are exercisable for 0.0723 Common Shares per
Warrant and expire on September 24, 2007. Both the Class A and
Class B Warrants are exercisable at $9.378 per Common Share
issuable. Full exercise of the Warrants would result in cash
proceeds to the Company of approximately $93.2 million, although
there can be no assurance regarding the amount or timing of
exercise of the Warrants. For more information regarding the
exercise of the Common Stock Purchase Warrants, you can contact the
Warrant Agent, Mellon Investor Services LLC at 800-777-3674. Notes
to Editor: 1. Foster Wheeler Ltd. is a global company offering,
through its subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemicals, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA. For more information about Foster Wheeler, visit our
Web site at http://www.fwc.com. 2. Safe Harbor Statement This news
release contains forward-looking statements that are based on
management's assumptions, expectations and projections about the
Company and the various industries within which the Company
operates. These include statements regarding our expectations
regarding revenues (including as expressed by our backlog),
liquidity, the outcome of litigation and legal proceedings and
recoveries from customers for claims and the costs of current and
future asbestos claims and the amount and timing of related
insurance recoveries. Such forward-looking statements by their
nature involve a degree of risk and uncertainty. The Company
cautions that a variety of factors, including but not limited to
the factors described under the heading "Business--Risk Factors of
the Business" in the Company's most recent annual report on Form
10-K/A and the following, could cause the Company's business
conditions and results to differ materially from what is contained
in forward-looking statements: changes in the rate of economic
growth in the United States and other major international
economies, changes in investment by the power, oil and gas,
pharmaceutical, chemical/petrochemical and environmental
industries, changes in the financial condition of customers,
changes in regulatory environment, changes in project design or
schedules, contract cancellations, changes in estimates made by the
Company of costs to complete projects, changes in trade, monetary
and fiscal policies worldwide, currency fluctuations, war and/or
terrorist attacks on facilities either owned or where equipment or
services are or may be provided, outcomes of pending and future
litigation, including litigation regarding our liability for
damages and insurance coverage for asbestos exposure, protection
and validity of patents and other intellectual property rights,
increasing competition by foreign and domestic companies,
compliance with debt covenants, recoverability of claims against
customers and others, changes in estimates used in critical
accounting policies. Other factors and assumptions not identified
above were also involved in the formation of these forward-looking
statements and the failure of such other assumptions to be
realized, as well as other factors, may also cause actual results
to differ materially from those projected. Most of these factors
are difficult to predict accurately and are generally beyond our
control. You should consider the areas of risk described above in
connection with any forward-looking statements that may be made by
us.
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