CTI Industries Announces Leadership Transition [Reuters]
Yunhong CTI Ltd. (CTIB)
US:NASDAQ Investor Relations:
ctiindustries.com/investor-relations
Company Research
Source: Reuters
CTI Industries Corp (CTIB.OQ) Key Developments | Reuters.com Nov 29 (Reuters) - CTI Industries Corp ::CTI INDUSTRIES ANNOUNCES LEADERSHIP TRANSITION.SAYS CEO STEPHEN M. MERRICK TO RETIRE.STEPHEN MERRICK RETIRES AS CEO.TERMINATES PROPOSED SUBSCRIPTION RIGHTS OFFERING DUE TO MARKET CONDITIONS.REITERATES OUTLOOK FOR IMPROVED OPERATING PERFORMANCE IN 2018.CTI PRESIDENT JEFFREY HYLAND APPOINTED SUCCESSOR TO MERRICK.MERRICK WILL REMAIN WITH CTI AS GENERAL COUNSEL, SECRETARY, AND A MEMBER OF BOARD.ON TRACK TO REMOVE APPROXIMATELY $3.0 MILLION OF ANNUALIZED OPERATING COSTS BY END OF 2018.FOR FULL YEAR 2018, CONTINUE TO EXPECT HIGHER NET SALES, LOWER TOTAL OPERATING EXPENSES, AND HIGHER OPERATING PROFITABILITY.TERMINATION OF PROPOSED SUBSCRIPTION RIGHTS OFFERING WILL NOT MATERIALLY AFFECT CTI'S EXISTING OPERATIONS OR OUTLOOK.CTI AND ITS LENDER REVISED TERMS OF ITS CREDIT FACILITY BASED ON EXPECTATION OF SUCCESSFUL SUBSCRIPTION RIGHTS OFFERING.CTI, LENDER ENGAGED IN DISCUSSIONS TO FURTHER MODIF
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