EAST RUTHERFORD, NJ--(Marketwire - January 28, 2008) - The Alpine Group, Inc. ("Alpine" or the
"Company") (PINKSHEETS: APNI) today announced that it had purchased 4,494
additional shares of Wolverine Tube, Inc. ("Wolverine") Series A Preferred
Stock for an aggregate of $4.49 million. The Series A Preferred Stock is
convertible into Wolverine common stock and votes with the common on an
as-converted basis on all matters. Alpine currently owns 14.6% of
Wolverine on a fully diluted, as-converted basis, and holds stock options
to purchase up to an additional 6.5%. Alpine's investment reflects its
exercise of an option granted to it and its co-investors at the time of
their initial investment last February to purchase additional shares of
Series A Preferred Stock to maintain their collective ownership in
Wolverine at 55% on a fully diluted, as-converted basis.
All statements in this press release other than statements of historical
fact are forward-looking statements within the meaning of the "safe harbor"
provision of the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and beliefs and
are subject to a number of factors and uncertainties that could cause
actual results to differ materially from those described in this press
release. The forward-looking statements speak only as of the date of this
press release, and the Company expressly disclaims any obligations to
release publicly any update or revision to any forward-looking statement
contained herein if there are any changes in conditions or circumstances on
which any such forward-looking statement is based.
The Alpine Group, Inc. (PINKSHEETS: APNI) has substantial experience in
operating and actively managing companies in which it invests capital.
Alpine has focused on industrial and other businesses that are
underperforming, experiencing financial constraints and will benefit from
operational improvements, consolidation and an improved capital structure.
Alpine has actively invested in and operated leading domestic and global
manufacturers of specialty materials, coatings, wire and cable products and
electronic components.