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ELKHART, Ind., October 30, 2007 – Patrick
Industries, Inc. (NASDAQ: PATK) today announced that the Special Meeting
of Shareholders scheduled for Thursday, November 1, 2007 has been
rescheduled to Thursday, November 29, 2007. The Company called a special
meeting to seek shareholder approval of a $13.5 million rights offering
of common stock to its shareholders, an increase in the number of
authorized shares of its common stock and other related proposals. The
rescheduled meeting will be held at the Company’s corporate offices, 107
W. Franklin Street, Elkhart, Indiana, at 10:00 a.m., Indiana time.
The Company has rescheduled the Special Meeting in
response to notice it received from the Securities and Exchange
Commission that it will conduct a routine review of the Company’s most
recent public filings.
This announcement is neither an offer to purchase nor a
solicitation of an offer to sell any securities.
About Patrick Industries
Patrick Industries, Inc. (www.patrickind.com)
is a manufacturer of component products and a distributor of building
products serving the recreational vehicle, manufactured housing, kitchen
cabinet, home and office furniture, fixture and commercial furnishings,
marine, and other Industrial sectors and operates coast-to-coast through
locations in 14 states. Patrick’s major manufactured products include
cabinet and wall components, countertops, adhesives, and aluminum
extrusions. Patrick also distributes drywall and drywall finishing
products, interior passage doors, flooring, vinyl and cement siding,
ceramic tile, high pressure laminates, and other miscellaneous products.
Patrick recently completed the acquisition of Adorn Holdings, Inc., a
$240 million manufacturer and supplier to the recreational vehicle,
manufactured housing, and industrial markets.
Forward-Looking Information
This press release contains certain “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 with respect to financial condition, results of
operations, business strategies, operating efficiencies or synergies,
competitive position, growth opportunities for existing products, plans
and objectives of management, markets for Patrick’s common stock and
other matters.
Statements in this press release that are not historical
facts are “forward-looking statements” for the purpose of the safe
harbor provided by Section 21E of the Exchange Act and Section 27A of
the Securities Act. Forward-looking statements, including, without
limitation, those relating to our future business prospects, revenues
and income, wherever they occur in this press release, are necessarily
estimates reflecting the best judgment of our senior management at the
time such statements were made, and involve a number of risks and
uncertainties that could cause actual results to differ materially from
those suggested by forward-looking statements. Patrick does not
undertake to update forward-looking statements to reflect circumstances
or events that occur after the date the forward-looking statements are
made. You should consider forward-looking statements, therefore, in
light of various important factors, including those set forth in this
press release. There are a number of factors, many of which are beyond
the Patrick’s control, which could cause actual results and events to
differ materially from those described in the forward-looking
statements. These factors include pricing pressures due to competition,
costs and availability of raw materials, availability of retail and
wholesale financing for manufactured homes, availability and costs of
labor, inventory levels of retailers and manufacturers, levels of
repossessed manufactured homes, the financial condition of our
customers, interest rates, oil and gasoline prices, the outcome of
litigation, volume of orders related to hurricane damage and operating
margins on such business, and adverse weather conditions impacting
retail sales. In addition, national and regional economic conditions and
consumer confidence may affect the retail sale of recreational vehicles
and manufactured homes.
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Contact:
Ryan McGrath, Jeff Lambert
Lambert, Edwards & Associates, Inc.
616-233-0500 /
rmcgrath@lambert-edwards.com
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