Royal Group Technologies Announces Dunsmuir Resignation From Board
18 December 2004 - 10:51AM
PR Newswire (US)
Royal Group Technologies Announces Dunsmuir Resignation From Board
TORONTO, Dec. 17 /PRNewswire-FirstCall/ -- Royal Group Technologies
Limited (Royal Group or the company) (RYG.SV-TSX, RYG-NYSE) today
announced that Douglas Dunsmuir, the company's former President and
Chief Executive Officer, has agreed to the company's request to
resign from its Board of Directors. On November 29, 2004, the
Special Committee of independent directors of Royal Group announced
that it had terminated Mr. Dunsmuir, as well as Vic De Zen as
Chairman and Ron Goegan as Senior Vice-President and Chief
Financial Officer, and had requested the resignations of all three
from the Board. At this time, only Mr. Dunsmuir has tendered his
resignation as a director. Royal Group Technologies Limited is a
manufacturer of innovative, polymer-based building products,
serving the home improvement, consumer and construction sectors of
the market. The Company has extensive vertical integration, with
operations dedicated to provision of materials, machinery, tooling,
real estate, and distribution services to its plants producing
finished products. Royal Group's manufacturing facilities are
primarily located throughout North America, with international
operations in South America, Europe, and Asia. Additional
investment information is available on Royal Group's web site at
http://www.royalgrouptech.com/ under the "Investor Relations"
section. The information in this document contains certain
forward-looking statements with respect to Royal Group Technologies
Limited, its subsidiaries and affiliates. These statements are
often, but not always made through the use of words or phrases such
as "expect", "should continue", "continue", "believe",
"anticipate", "estimate", "contemplate", "target", "plan",
"budget", "may", "will", "schedule" and "intend" or similar
formulations. By their nature, these forward-looking statements are
necessarily based upon a number of estimates and assumptions that,
while considered reasonable by management, are inherently subject
to significant, known and unknown, business, economic, competitive
and other risks, uncertainties and other factors affecting Royal
specifically or its industry generally that could cause actual
performance, achievements and financial results to differ
materially from those contemplated by the forward-looking
statements. These risks and uncertainties include the outcome of
the ongoing internal review and investigations by the Special
Committee of the Board of Directors; fluctuations in the level of
renovation, remodeling and construction activity; changes in
product costs and pricing; an inability to achieve or delays in
achieving savings related to the cost reductions or increases in
revenues related to sales price increases; the sufficiency of our
restructuring activities, including the potential for higher actual
costs to be incurred in connection with restructuring activities
compared to the estimated costs of such actions; the ability to
recruit and retain qualified employees; the level of outstanding
debt and our current debt ratings; the ability to meet the
financial covenants in our credit facilities; the ability to
successfully replace our syndicated credit facility; changes in
product mix; the growth rate of the markets into which Royal's
products are sold; market acceptance and demand for Royal's
products; changes in availability or prices for raw materials;
pricing pressures resulting from competition; difficulty in
developing and introducing new products; failure to penetrate new
markets effectively; the effect on foreign operations of currency
fluctuations, tariffs, nationalization, exchange controls,
limitations on foreign investment in local business and other
political, economic and regulatory risks; difficulty in preserving
proprietary technology; adverse resolution of any litigation,
investigations, administrative and regulatory matters, intellectual
property disputes, or similar matters; changes in securities or
environmental laws, rules and regulations; currency risk exposure
and other risks described from time to time in publicly filed
disclosure documents and securities commission reports of Royal
Group Technologies Limited and its subsidiaries and affiliates. In
view of these uncertainties we caution readers not to place undue
reliance on these forward-looking statements. Statements made in
this document are made as of December 17, 2004 and Royal disclaims
any intention or obligation to update or revise any statements made
herein, whether as a result of new information, future events or
otherwise. DATASOURCE: Royal Group Technologies Limited CONTACT:
James Sardo, Chairman of the Special Committee of Independent
Directors, Interim Chief Executive Officer, Royal Group
Technologies Limited, (905) 264-0701; or Richard W. Wertheim,
Wertheim + Company Inc., (416) 594-1600, (416) 518-8479 (cell)
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