DBMG DBM Global Inc (CE)

Schuff International, Inc. (Pink Sheets:SHFK), a family of companies providing fully integrated steel construction services, today announced it has repurchased approximately 5.6 million shares of its common stock from its majority stockholders, Plainfield Direct LLC (“Plainfield”) and D. E. Shaw group (“Shaw”), at a negotiated price of $13.25 per share. As a result of the transaction, Plainfield and Shaw no longer hold any shares of common stock of Schuff International. Schuff International also announced that Marc Sole, designee of Plainfield, and Seth Charnow of Shaw will leave the company’s Board of Directors, effective immediately.

“By completing this transaction, we are taking advantage of a unique opportunity to enhance stockholder value while demonstrating confidence in the long-term outlook for our business," said Scott A. Schuff, president and CEO of Schuff International.

Schuff International repurchased the shares using a combination of cash on hand, borrowing through its existing $50 million senior credit facility with Wells Fargo, a $30 million term loan, and a $1.4 million unsecured loan from Scott A. Schuff.

Prior to the transaction, Schuff International’s total shares issued and outstanding was approximately 9.7 million. Plainfield’s and Shaw’s shares accounted for 58.1% of that total; members of the Schuff family accounted for 25.5% of that total; and other stockholders accounted for 15.3%. Following the transaction, Schuff International’s total shares outstanding is now approximately 4.1 million. Plainfield’s and Shaw’s shares are no longer outstanding and are held as treasury stock; members of the Schuff family now account for 60.8% of the total issued and outstanding common stock; and ownership of non-Schuff family members increases to 36.5% of that total.

“Every Schuff International stockholder now owns a greater percentage of the company by a factor of nearly 2.5,” added Mr. Schuff. “The reduction of the total outstanding shares as a result of this repurchase implies a greater share value for the holdings of our stockholders. We believe that the commercial construction market is at or near the bottom, and we are confident that our strategic vision and the disciplined cost controls we instituted nearly two years ago are allowing us to capitalize more quickly on new projects we see in the pipeline.

“We are grateful for the confidence and support Plainfield and Shaw showed over the last five years as Schuff International’s majority stockholders. Earlier this year we began exploring a variety of alternatives after Plainfield and Shaw expressed interest in selling their shares. After five years, Shaw and Plainfield felt it was time to explore other opportunities as Schuff International embarks on a new phase of our growth strategy,” added Mr. Schuff. “During this process, I became convinced that this share repurchase provided more benefit to the company and our stockholders. I felt so strongly that this was the right course that I put a substantial amount of my own money at risk in the form of an unsecured loan to Schuff International.

“I believe Schuff International is well positioned to capitalize on the next upturn in the commercial construction market and – importantly – even better situated to provide a greater potential upside to our stockholders,” Mr. Schuff concluded.

Schuff International, Inc. (Pink Sheets: SHFK) and its family of steel companies is the largest steel fabrication and erection company in the United States. The 35-year old company executes projects throughout the country as well as internationally. Schuff offers integrated steel construction services from a single source including design-build, design-assist, engineering, BIM participation, 3D steel modeling/detailing, fabrication, advanced field erection, joist and joist girder manufacturing, project management, and single-source steel management systems. Schuff International, Inc. employs approximately 1,500 people throughout the country. For more information, visit www.schuff.com.

Forward-Looking Statements

Certain statements in this press release may be deemed to be forward-looking statements under federal securities laws, and the company intends that such forward-looking statements be subject to the safe harbor dictated thereby. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. Forward-looking statements in this press release include the company’s assessment that the contraction market is now at or near the bottom, its belief that its strategic vision and the disciplined cost controls it has instituted are allowing it to capitalize more quickly on new projects, the company’s belief that it is well positioned to capitalize on the next upturn in the commercial construction market, and the company’s belief that it is better suited to provide potential upside to its stockholders. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. These risks and uncertainties, some of which are beyond the control of the company, include, but are not limited to, changing political and economic conditions, which may affect spending, employment, lending, and a myriad of other factors; the company's ability to successfully and timely complete construction projects; the company’s ability to convert backlog into revenue; the potential delay, suspension, termination, or reduction in scope of a construction project; the continuing validity of the underlying assumptions and estimates of total forecasted project revenues, costs and profits and project schedules; the outcomes of pending or future litigation, arbitration or other dispute resolution proceedings; the availability of borrowed funds on terms acceptable to the company; the ability to retain certain members of management; the ability to obtain surety bonds to secure its performance under certain construction contracts; possible labor disputes or work stoppages within the construction industry; the volatility of energy prices and its impact on related construction activity; the recovery of the commercial construction market; the ability of project owners to obtain and/or continue to maintain financing for projects; possible changes or developments in domestic and worldwide financial, political and social circumstances; and actions taken or not taken by third parties, including the company’s customers, suppliers, business partners, and competitors and legislative, regulatory, judicial and other governmental authorities and officials. The company cautions that these forward-looking statements are further qualified by other factors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events, or otherwise.

DBM Global (CE) (USOTC:DBMG)
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부터 3월(3) 2025 으로 4월(4) 2025

DBM Global (CE) (USOTC:DBMG)
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부터 4월(4) 2024 으로 4월(4) 2025