The Company's lead bank has informed the Company that, as a result of these matters, an event of default has occurred under the Company's credit agreement. Such default permits the bank, at its election, to exercise various remedies. The Company is in discussion with its lead bank concerning the Company's situation.
Francis T. Nusspickel, Chairman of the Audit Committee of the Board of Directors, said, "The Audit Committee has retained special legal counsel to advise it and to investigate these matters thoroughly. Our principal concern is to move quickly to determine what occurred and how it occurred and to ensure the integrity of our financial reporting and controls throughout the Symmetry organization."
Brian Moore, President and Chief Executive Officer, said, "We are treating this matter with the utmost importance. I do want to stress that, based upon available information, we believe that this matter affects only the Sheffield, UK operating unit. Changes have been made to the Sheffield site management by the Company and I will assume interim responsibility for the Sheffield facility. We expect a new Chief Operating Officer for Europe to be in place by the end of the year who will be based at Sheffield and take over responsibility for this unit. While the situation is concerning, we expect to continue serving the needs of our customers with continuing operations from all of our worldwide units including Sheffield."
About Symmetry Medical Inc.
Symmetry Medical Inc. is a leading independent provider of implants and
related instruments and cases to the orthopedic device industry. The
Company also designs, develops and produces these products for companies in
other segments of the medical device market, including arthroscopy, dental,
laparoscopy, osteobiologic and endoscopy sectors and provides limited
specialized products and services to non-healthcare markets, such as the
|SOURCE Symmetry Medical Inc.|
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