American Pacific Announces New Director Nominee and Agreement With
Stockholder Cornwall Capital
LAS VEGAS, Jan. 14, 2013 /PRNewswire/ -- American Pacific
Corporation (NASDAQ: APFC) today announced that it will nominate
Ian Haft, an executive experienced
in finance and investments, for election to its board of directors
at the upcoming 2013 annual stockholder meeting. Mr. Haft,
Principal and Chief Operating Officer of Cornwall Capital
Management LP, had been recommended by Cornwall Master LP.
Further, the Company also announced that it has entered into an
agreement with Cornwall Master LP, Cornwall Capital Management LP,
Cornwall GP, LLC, CMGP LLC, and James
Mai (collectively, "Cornwall") to resolve a potential proxy
contest. Among other agreements among the parties, Cornwall
has agreed to vote its shares in support of all the board's
director nominees at the Company's 2013 annual stockholder
meeting.
Dr. Joseph Carleone, President
and CEO of American Pacific Corporation, stated, "Mr. Haft will
bring relevant financial experience to the board of directors if
elected. Management and the board of American Pacific look
forward to continuing their work to enhance stockholder
value." Mr. Mai, Managing Member of Cornwall Master LP's
general partner, stated, "Cornwall is pleased that the Company has
agreed to nominate an individual experienced in finance and
investments to the Company's board of directors."
The principal terms of the agreement with Cornwall can be found
in a Current Report on Form 8-K to be filed by the Company with the
Securities and Exchange Commission. The agreement is attached
as an exhibit to that Form 8-K.
RISK FACTORS/FORWARD-LOOKING STATEMENTS
Statements contained in this press release that are not purely
historical are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include statements regarding AMPAC's expectations,
beliefs or intentions regarding the future and other statements of
management's opinion. Forward-looking statements in this press
release include, without limitation, statements concerning or
relating to AMPAC's work to enhance stockholder value and Mr.
Haft's anticipated contributions to AMPAC's board of
directors. Words such as "anticipate", "expect", "can",
"will" and similar expressions are intended to identify
forward-looking statements. Forward-looking statements involve
known and unknown risks, uncertainties and other factors that may
cause AMPAC's actual results, market performance or achievements to
differ materially from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The inclusion of forward-looking statements should not
be regarded as a representation by AMPAC that any of its
expectations will be achieved. Factors that could cause actual
results to differ materially from such forward-looking statements
include risks and uncertainties detailed in AMPAC's periodic and
other filings with the Securities and Exchange Commission,
including in Management's Discussion and Analysis of Financial
Condition and Results of Operations and in Risk Factors in AMPAC's
annual report on Form 10-K for the fiscal year ended September 30, 2012. All forward-looking
statements contained in this press release are made as of the date
hereof, based on information available to AMPAC as of the date
hereof, and AMPAC assumes no obligation to update any
forward-looking statement, whether for actual results or otherwise,
except as required by law.
ABOUT AMERICAN PACIFIC
CORPORATION
American Pacific Corporation (AMPAC) is a leading custom
manufacturer of fine and specialty chemicals. AMPAC supplies active
pharmaceutical ingredients and advanced intermediates to the
pharmaceutical industry. For the aerospace and defense industry,
AMPAC provides specialty chemicals used in solid rocket motors for
space launch and military missiles. AMPAC produces clean agent
chemicals for the fire protection industry, as well as
electro-chemical equipment for the water treatment industry.
Additional information about can be found at www.apfc.com.
Contact: Investor Relations – (702) 735-2200
E-mail: InvestorRelations@apfc.com
Website: www.apfc.com
SOURCE American Pacific Corporation
