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As previously announced, the Company has sold its European subsidiary and completed its formal review of strategic alternatives. Tim McQuay, the new Chairman of the Board of Directors of the Company, commented, "The Company's business objectives today are clear. We intend to use the cash infusion from the sale of our European subsidiary to provide working capital for our United States business, so that we can continue to pursue our goal of making the Company profitable again."
The Company today also announced that Harry Casari resigned from the Board of Directors effective Saturday, January 31, 2009, and that James Chadwick resigned from the Board of Directors effective Wednesday, February 4, 2009. "We appreciate the many contributions that Harry and James have made to the Company while serving on the Board, and we thank them for their many years of dedicated service," said Mr. McQuay. Mr. Casari joined the Company's Board of Directors in 1997, and Mr. Chadwick joined the Board of Directors in 2006.
ABOUT MEADE INSTRUMENTS
Meade Instruments is a leading designer and manufacturer of optical products including telescopes and accessories for the beginning to serious amateur astronomer. Meade offers a complete line of binoculars that address the needs of everyone from the casual observer to the serious sporting or birding observer. The Company distributes its products worldwide through a network of specialty retailers, mass merchandisers and domestic and foreign distributors. Additional information on Meade is available at www.meade.com.
"Safe-Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain comments and forward-looking statements based on current plans, expectations, events, and financial and industry trends that may affect the Company's future operating results and financial position. Such statements involve risks and uncertainties which cannot be predicted or quantified and which may cause future activities and results of operations to differ materially from those discussed above. Such risks and uncertainties include, without limitation: the sufficiency of the sale of the Company's European subsidiary to satisfy the Company's liquidity needs; the ability of the Company to become profitable again; whether the Company will execute on other strategic alternatives in the future; as well as the other risks and uncertainties previously set forth in the Company's filings with the Securities and Exchange Commission. For additional information, please refer to the Company's filings with the Securities and Exchange Commission.
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Meade Instruments Corporation
Meade Instruments Corp. Paul Ross 949-451-1450 Fax: 949-451-1460 The Piacente Group, Inc. Shelley Young 212-481-2050 shelley@tpg-ir.com
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