WHITE PLAINS, N.Y., July 8 NY-Drew-RV-Pantent
WHITE PLAINS, N.Y., July 8 /PRNewswire-FirstCall/ -- Drew Industries
Incorporated (NYSE: DW) today reported that its wholly owned subsidiary,
Lippert Components, Inc., acquired the patent for "JT's Strong Arm Jack
Stabilizer," and other intellectual properties and assets, from JT's RV
Accessories. The purchase price of $3 million was funded from available cash.
"This stabilizing system represents a significant advance in the
elimination of side-to-side and front-to-back movement of a parked travel
trailer or fifth wheel RV. As a result, we believe this stabilizing system
will quickly be accepted by many of our customers," said Jason Lippert,
President and CEO of Lippert Components. More information about this product
can be found at www.jtrv.com .
"The addition of this innovative stabilizing system to our product line is
another step in our overall strategy to add value to our customers' products
and increase our content per RV," said Leigh J. Abrams, Drew's CEO.
Jim Thorpe, the President and CEO of JT's RV Accessories, entered into a
three-year employment contract with Lippert Components. "Jim is highly
creative, and we hope to see additional innovative products from him in the
years to come," said Jason Lippert.
About Drew
Drew, through its wholly owned subsidiaries, Kinro and Lippert Components,
supplies a broad array of components for RVs and manufactured homes, including
windows, doors, chassis, chassis parts, bath and shower units, axles, and
upholstered furniture. In addition, Drew manufactures slide-out mechanisms for
RVs, and trailers primarily for hauling boats. Currently, from 36 factories
located throughout the United States, Drew serves most major national
manufacturers of RVs and manufactured homes in an efficient and cost-effective
manner. Additional information about Drew and its products can be found at
www.drewindustries.com .
Forward-Looking Statements
This press release may contain certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995 with
respect to financial condition, results of operations, business strategies,
operating efficiencies or synergies, competitive position, growth
opportunities for existing products, plans and objectives of management,
markets for the Company's common stock and other matters. Statements in the
press release that are not historical facts are "forward-looking statements"
for the purpose of the safe harbor provided by Section 21E of the Securities
Exchange Act of 1934 and Section 27A of the Securities Act of 1933.
Forward-looking statements, including, without limitation, those relating
to our future business prospects, revenues, expenses and income, whenever they
occur in this press release, are necessarily estimates reflecting the best
judgment of our senior management at the time such statements were made, and
involve a number of risks and uncertainties that could cause actual results to
differ materially from those suggested by forward-looking statements. The
Company does not undertake to update forward-looking statements to reflect
circumstances or events that occur after the date the forward-looking
statements are made. You should consider forward-looking statements,
therefore, in light of various important factors as identified in this press
release and in our Form 10-K for the year ended December 31, 2007, and in our
subsequent Form 10-Qs filed with the SEC.
There are a number of factors, many of which are beyond the Company's
control, which could cause actual results and events to differ materially from
those described in the forward-looking statements. These factors include
pricing pressures due to domestic and foreign competition, costs and
availability of raw materials (particularly steel and related components,
vinyl, aluminum, glass and ABS resin), availability of retail and wholesale
financing for manufactured homes and recreational vehicles, availability and
costs of labor, inventory levels of retailers and manufacturers, levels of
repossessed manufactured homes, the disposition into the market by FEMA, by
sale or otherwise, of RVs or manufactured homes purchased by FEMA in
connection with natural disasters, changes in zoning regulations for
manufactured homes, a sales decline in either the RV or the manufactured
housing industries, the financial condition of our customers, retention of
significant customers, interest rates, oil and gasoline prices, the outcome of
litigation, and adverse weather conditions impacting retail sales. In
addition, national and regional economic conditions and consumer confidence
may affect the retail sale of recreational vehicles and manufactured homes.
SOURCE Drew Industries Incorporated
