Hammond Power Solutions Inc.

Hammond Power Solutions Inc.

December 17, 2007 14:17 ET

Hammond Power Solutions Inc. Announces The Sale Of It's Interest In Moloney Electric Inc.

HPSI to sell all of its interest in Moloney Electric Inc.

GUELPH, ONTARIO--(Marketwire - Dec. 17, 2007) - Hammond Power Solutions Inc. (TSX:HPS.A)("HPSI") today announced that it has signed a definitive agreement with Universal Power Transformer Private Limited to sell all of its interest in Moloney Electric Inc. ("Moloney") and the associated properties in Sackville, New Brunswick and Spruce Grove, Alberta properties for approximately $7 million.

Moloney is involved in the design, manufacture and refurbishment of liquid immersed transformers for the utility market, which is a non core business for HPSI.

The deal is expected to close in early January, 2008.

About Hammond Power Solutions Inc.

Hammond Power Solutions Inc. (TSX:HPS.A) is a North American leader for the design and manufacture of dry-type custom electrical engineered magnetics and is also a leading manufacturer of standard electrical dry-type transformers. Leading edge engineering capabilities, high quality products, and fast, responsive service to customers' needs have all served to establish HPSI as a technical and innovative leader in the electrical and electronic industries. HPSI has two manufacturing plants in Canada, one in the United States and one in Mexico.

This press release contains forward-looking statements. These statements are based on HPSI management's assumptions and beliefs in light of the information currently available to them. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements. When relying on forward-looking statements to make decisions, HPSI cautions readers not to place undue reliance on these statements, as a number of important factors could cause actual results to differ materially from any intentions expressed in such forward-looking statements. HPSI does not undertake to update any forward looking statements that may be made from time to time by or on behalf of HPSI.

If you would prefer to receive press releases via email contact Investor Relations at: (ir@hammondpowersolutions.com).

Contact Information

  • Hammond Power Solutions Inc.
    W.G. (Bill) Hammond
    Chairman & CEO
    (519) 822-2441
    Hammond Power Solutions Inc.
    Chris R. Huether
    CFO & Secretary
    (519) 822-2441