SOURCE: The Alpine Group, Inc.

August 27, 2013 11:48 ET

The Alpine Group, Inc. Reports on Progress of Its Plan of Liquidation and Dissolution

EAST RUTHERFORD, NJ--(Marketwired - Aug 27, 2013) - The Alpine Group, Inc. ("Alpine"). The Company is progressing the Plan of Liquidation and Dissolution announced April 9, 2013. 

In June 2013, the Company completed the sale of certain fixed assets and goodwill of Posterloid Corporation to Visual Graphic Systems, Inc. for (i) $500,000 paid in cash at closing plus (ii) an amount equal to 6.5% of sales to Posterloid's customers over the three year period commencing October 1, 2013, payable quarterly. Posterloid retained its current assets and liabilities. Subject to demand and agreed pricing, VGS has agreed to buy Posterloid's inventory, between June 1, 2013 through December 31, 2014. 

During July 2013, the Company received approximately $3.0 million from the sale of its shares in Wolverine.

The Company is operating close to a cash flow breakeven during the year to date period and expects to wind down its overhead costs as the liquidation progresses. While not assured as to timing and amounts, the Company currently anticipates distributions to shareholders in the first half of 2014.

The Company has determined to no longer post quarterly financial statements to its website as it believes periodic updates relating to the Plan of Liquidation are of greater value to shareholders. 

This release has been posted to Alpine's website (www.alpine-group.net).

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.