Obsidian Enterprises, Inc. Receives Notice of Intent to go Private
March 11 2005 - 11:06AM
PR Newswire (US)
Obsidian Enterprises, Inc. Receives Notice of Intent to go Private
INDIANAPOLIS, March 11 /PRNewswire/ -- Obsidian Enterprises, Inc.
announced today it has received a 13(d) filing of Timothy S.
Durham, Chairman and CEO, Terry Whitesell, President and COO and
Jeff Osler, Senior Vice President and Treasurer, and their related
affiliates, of their intent to pursue any number of various
transactions to take Obsidian Enterprises, Inc. private.
Specifically the 13(d) states "Based upon the recent financial
performance of the Issuer and the financial and administrative
burdens of compliance with the Sarbanes-Oxley Act of 2002, the
Reporting Persons are currently exploring, and may propose, a
transaction which would result in the Issuer becoming a private
company (a 'Transaction'). Any Transaction would be intended to
bring the total number of the Issuer's shareholders to under 300
and enable the Issuer to deregister its common stock and terminate
all reporting obligations under the Securities Exchange Act of
1934. The Reporting Persons are currently evaluating various
structures for such a Transaction, and such structures may include
the Reporting Persons proposing to the Issuer a reverse stock split
or a merger of the Issuer and a newly formed entity owned by the
Reporting Persons in which shareholders of the Issuer other than
the Reporting Persons would receive cash in exchange for their
shares of the Issuer. At this time, no party, including any
Reporting Person, is legally obligated to propose or engage in any
Transaction and, upon the completion of their evaluation, the
Reporting Persons may determine not to propose or engage in a
Transaction at any time in the foreseeable future or may determine
to propose or engage in any number of alternative Transactions."
Obsidian Enterprises, Inc., is a publicly-traded (OTC:OBDE)
(BULLETIN BOARD: OBDE) holding company headquartered in
Indianapolis, Indiana. Obsidian invests in small- and mid-cap
companies in basic industries such as manufacturing and
transportation. Obsidian's subsidiaries include Danzer Morrison,
Pyramid Celebrity Coaches, United Trailers, U.S. Rubber Reclaiming
and Classic Manufacturing. For more information on Obsidian
Enterprises, call (317) 237-4122 or visit
http://www.obsidianenterprises.com/ . DATASOURCE: Obsidian
Enterprises, Inc. CONTACT: Rick Snow, EVP and CFO of Obsidian
Enterprises, Inc., +1-317-237-4122 Web site:
http://www.obsidianenterprises.com/
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