EXHIBIT 99.1
CONTACT: Robert K. Hynes
Monica Burrows
(212) 355-5200
RELEASE DATE: August 13, 2002
FOR IMMEDIATE RELEASE
WHX ANNOUNCES REVERSE STOCK SPLIT
New York - August 13, 2002 - WHX Corporation (NYSE: WHX) announced today that
its Board of Directors approved a 1-for-3 reverse split of the Company's common
stock, effective as of August 22, 2002, as part of the Company's efforts to
maintain its listing on the New York Stock Exchange ("NYSE"). The Company's
stockholders had previously approved the reverse stock split at the Company's
Annual Meeting of Stockholders held on June 18, 2002. It is anticipated that the
Company's common stock will begin trading on the NYSE on a post-reverse stock
split basis at the opening of trading on August 23, 2002 under its current
symbol "WHX."
Fractional shares of stock will not be issued as a result of the
reverse split. Stockholders who would otherwise receive a fractional share of
common stock will be entitled to receive cash in lieu of fractional shares.
Stockholders will receive instructions by mail regarding the method of
exchanging the old stock certificates for new stock certificates. EquiServe
Trust Company, N.A. is the Company's transfer agent and will act as the exchange
agent for the purpose of implementing the exchange of stock certificates in
connection with the reverse stock split. EquiServe may be reached by telephone
at EquiServe Shareholder Services (800-733-5001). Immediately after the reverse
split, the Company estimates that it will have approximately 5.4 million common
shares issued and outstanding.
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.
