Hammond Manufacturing Company Limited

Hammond Manufacturing Company Limited

August 11, 2009 18:44 ET

Hammond Manufacturing Company Limited Statement of Claim Settlement

GUELPH, ONTARIO--(Marketwire - Aug. 11, 2009) - Hammond Manufacturing Company Limited (HMCL) (TSX:HMM.A) announced today that a settlement of statements of claim has been reached between an adjoining industrial property owner, and HMCL and Hammond Power Solutions Inc. (HPS).

The 2 Glen Road, Georgetown, Ontario property is owned equally between HMCL and HPS. In January 2002, HMCL and HPS were served with a statement of claim by an adjoining industrial property owner, in which the plaintiff had claimed damages in the amount of $8,000,000. In 2004, HMCL and HPS served a counter-claim against the plaintiff in the amount of $8,000,000. Both claims have been settled by agreement between the parties which includes a joint remediation plan. HMCL has previously provided for what it expects to be its environmental remediation costs for the property in its financial statements and the Company is not aware of any additional contingencies for the Property or statements of claim.

About Hammond Manufacturing Company Limited

HMCL manufactures a broad range of products for the electronic and electrical products industry, including metallic and non-metallic enclosures, racks, small cases, outlet strips, surge suppressors and electronic transformers.

Caution Regarding Forward-Looking Information

This press release contains "forward-looking information" within the meaning of applicable securities laws. The forward-looking information contained in this press release is subject to known and unknown risks, uncertainties and other factors that are not within the control of HMCL. Generally, this forward-looking information can be identified by the use of forward-looking terminology, such as, "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should", "scheduled", "will", "plan" and similar expressions. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause HMCL's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information and developed based on assumptions about such risks, uncertainties and other factors set out herein.

A discussion of factors that may affect HMCL's actual results, performance, achievements or financial position is contained in the filings by HMCL with the Canadian securities regulatory authorities, including HMCL Annual Information Form. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. HMCL disclaims any intent or obligations to update or revise publicly any forward-looking statements whether as a result of new information, estimates or options, future events or results or otherwise, unless required to do so by law.

Contact Information

  • Hammond Manufacturing Company Limited
    Robert F. Hammond
    Chairman and CEO
    (519) 822.2960
    (519) 822.7289 (FAX)