PERRIS, CA, June 1, 2007 -- National R.V. Holdings, Inc. (NYSE: NVH) (the
"Company"), today announced that it has appointed David J. Humphreys to serve as
Chairman of the Board, replacing Doy B. Henley who has served in that capacity
since September 2001.
Mr. Humphreys has been a Director of the Company since February 2006. Prior to
joining the Company's Board, Mr. Humphreys was President of the Recreational
Vehicle Industry Association from 1979 until his retirement in January 2006. In
commenting on the change, Mr. Henley, who will continue to serve on the Board,
stated "Dave brings a tremendous amount of industry and leadership experience to
our Board, and we feel that utilizing that experience in this new capacity will
help strengthen the Company. I look forward to his leadership."
Mr. Humphreys stated "I am very honored to be named Chairman of the Board. This
company has been through some very difficult times in recent years. I believe
that with Doy Henley's leadership the Company has overcome almost all of the
problems it has been facing. Our future is very bright and I look forward to it
with great excitement and enthusiasm."
The Company also announced that it has appointed Len Southwick to its Board of
Directors. Mr. Southwick has been serving as the President of the Company's
National RV subsidiary since September 2005, and continues in that capacity. He
joined the Company in 2003 as Vice President of Customer Service following a
lengthy career in the retail automotive industry. "I hold Mr. Southwick in high
regard for what he and his team have accomplished over the past year and a half
under very difficult circumstances, and look forward to his expanded
contribution now as a member of the Company's Board," commented Mr. Humphreys.
About National R.V. Holdings, Inc.
National R.V. Holdings, Inc., through its wholly-owned subsidiary, National RV,
Inc., is one of the nation's leading producers of motorized recreational
vehicles, often referred to as RVs or motorhomes. From its Perris, California
facility, NRV designs, manufactures and markets Class A gas and diesel
motorhomes under model names Dolphin, Pacifica, Sea Breeze, Surf Side,
Tradewinds and Tropi-Cal. NRV began manufacturing RVs in 1964. Based upon retail
registrations for the year ended December 31, 2006, the Company, through its NRV
subsidiary, is the seventh largest domestic manufacturer of Class A motorhomes.
This release and other statements by the Company contain forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995 including statements about the Company's future expectations, performance,
plans, and prospects, as well as assumptions about future events. Investors are
cautioned that forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected or suggested
herein due to certain risks and uncertainties including, without limitation, the
cyclical nature of the recreational vehicle industry; continuation of losses;
the ability of the Company to address the effects caused by fiberglass material
supplied by a third party supplier; the ability of the Company's new and
redesigned product introductions to achieve market acceptance; the ability of
the Company to close the sale leaseback transaction discussed above; the ability
of the Company to obtain long-term debt financing; seasonality and potential
fluctuations in the Company's operating results; any material weaknesses in the
Company's internal control over financial reporting or the failure to remediate
any of the previously disclosed material weaknesses; any failure to implement
required new or improved controls; the Company's ability to maintain its stock
exchange listing; the Company's dependence on chassis suppliers; potential
liabilities under dealer/lender repurchase agreements; competition; government
regulation; warranty claims; product liability; and dependence on certain
dealers and concentration of dealers in certain regions. Certain risks and
uncertainties that could cause actual results to differ materially from that
projected or suggested are set forth in the Company's Form 10-K and other
filings with the Securities and Exchange Commission (SEC) and the Company's
public announcements, copies of which are available from the SEC or from the
Company upon request.
Contact:
Thomas J Martini
800.322.6007
cfo@nrvh.com
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