EXHIBIT 99.1
CONTACT PERSON:
Robert Hynes
(212) 355-5200
FOR IMMEDIATE RELEASE
WHX CORPORATION CLOSES SALE OF ITS INTEREST IN WHEELING DOWNS
RACETRACK FOR $105 MILLION IN CASH
New York - December 19, 2001 - WHX Corporation (NYSE: WHX) announced
the closing today of the sale of its interest in Wheeling Downs Racetrack for
$105 million in cash. In the transaction, Wheeling Island Gaming, Inc.
(successor to Wheeling Downs Racing Association, Inc.) redeemed WHX
Entertainment Corp.'s ownership interest in Wheeling Downs Racetrack. WHX
Entertainment Corp. is a wholly-owned subsidiary of WHX. The closing of this
transaction satisfies the closing condition in WHX's ongoing Offer to Purchase
for Cash and Solicitation of Consents relating to its 10-1/2% Senior Notes due
2005 of the closing of the Wheeling Downs Redemption and the receipt by WHX
Entertainment of the net proceeds therefrom. The Offer to Purchase for Cash and
Solicitation of Consents remains subject to, among other things, the Minimum
Condition, the Consent Condition, and the General Conditions, as set forth in
the Offer to Purchase and Consent Solicitation Statement, and will expire on
12:00 midnight, New York City time, on Wednesday, December 19, 2001, unless
extended.
Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, which are
intended to be covered by the safe harbors created thereby. Investors are
cautioned that all forward-looking statements involve risks and uncertainty.
Although WHX believes that the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could be
inaccurate, and therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be accurate. In light of
the significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of such information should not be regarded as a
representation by WHX or any other person that the objectives and plans of WHX
will be achieved.
