Sevcon, Inc. Announces Record Date for Rights Offering to Its Stockholders
SOUTHBOROUGH, Mass., July 15, 2014 (GLOBE NEWSWIRE) -- Sevcon, Inc.
(Nasdaq:SEV) a world leader in the design and manufacture of
microprocessor-based controls for zero emission electric and hybrid vehicles,
today announced that the record date for its previously announced rights
offering will be July 25, 2014.
The rights offering, for which Sevcon has filed a registration statement with
the Securities and Exchange Commission, is intended to raise $10 million
before expenses in a cost-effective manner that gives all of Sevcon's existing
stockholders the opportunity to participate. The net proceeds will be used for
general corporate purposes and growth, including funding Sevcon's ongoing
research and development and product commercialization initiatives and
acquisitions of other businesses. The subscription price and the subscription
period have not yet been determined and will be included in the final
prospectus that will be filed with the SEC.
The registration statement relating to the rights offering has been filed with
the SEC but has not yet become effective. The securities may not be sold, nor
may offers to buy be accepted, before the registration statement is declared
effective. At that time, a copy of the prospectus forming a part of the
registration statement may be obtained free of charge at the website
maintained by the SEC at www.sec.gov or by contacting the Information Agent
for the rights offering at (855) 793-5068. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy, nor shall
there be any sale of these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful before the registration or
qualification under the securities laws of any such jurisdiction.
About Sevcon, Inc.
Sevcon is a world leader in the design and manufacture of microprocessor-based
controls for zero emission electric and hybrid vehicles. The controls are used
to vary the speed and movement of vehicles, to integrate specialized
functions, and to optimize the energy consumption of the vehicle's power
source. Sevcon supplies customers throughout the world from its operations in
the USA, the UK, France and the Asia Pacific region and through an
international dealer network. Sevcon's customers are manufacturers of on and
off road vehicles including cars, trucks, buses, motorcycles, fork lift
trucks, aerial lifts, mining vehicles, airport tractors, sweepers and other
electrically powered vehicles. For more information visit www.sevcon.com.
Statements in this release about the rights offering and our plans are
forward-looking statements subject to risks and uncertainties that could cause
actual results to differ materially from those we anticipate. Among other
things, the rights offering may not be successful so Sevcon may not raise the
additional capital it desires for funding its business initiatives.Even if
the offering is successful, global demand for electric vehicles incorporating
our products may not grow as much as we expect, we may not be able to attract
and retain the level of high quality engineering staff that we need to develop
the new and improved products we need to be successful, and companies we
acquire may be more costly to acquire and integrate, or may not generate as
much revenue and earnings, as we anticipate. Please see the Company's most
recent Forms 10-K and 10-Q on file with the SEC for further information
regarding Sevcon's risk factors.
CONTACT: David Calusdian
Sharon Merrill Associates
1 (617) 542 5300
President and CEO
1 (508) 281 5503
Sevcon, Inc. Logo
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