Symmetry Medical Provides Update of Previously Disclosed Accounting Review at Sheffield, UK Oper...(first identified by Symmetry management ...),Health

Date:11/12/2007

first identified by Symmetry management, the Audit Committee has been continuing with its independent review of the irregularities. While the Audit Committee's investigation has been underway, the Symmetry finance team has continued to conduct further analysis of the Sheffield operating unit's balance sheet. It is this internal review that has identified the additional discrepancies that were reported by management to the Audit Committee. No material misstatements of financial data at other operating units of the Company have been uncovered, although certain procedures have yet to be completed. Further, based on management's review to date, we do not expect these irregularities to have a material effect on our previously reported 2007 revenues or earnings."

"While these irregularities are unfortunate, we are conducting our business as usual across all of our operating units. We expect that the recent addition of John Hynes as Chief Operating Officer of Europe and Mark Brooks as Financial Director of Europe will further expedite a tightening of operating and financial controls at the Sheffield, UK unit. We are moving forward with our goal of assuring that our customers receive the same service and quality products that Symmetry is known for delivering. We remain encouraged by the order flow at all of our facilities and the outlook for further growth for the remainder of 2007 and into 2008."

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 aerospace market.

Forward Looking Statements

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SOURCE Symmetry Medical Inc. Copyright©2007 PR Newswire. All rights reserved

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