Exhibit 99.1
FOR IMMEDIATE RELEASE
SL INDUSTRIES, INC. ANNOUNCES
DECISION IN LITIGATION
Mt. Laurel, NJ - November 8, 2002 - Today SL Industries, Inc. (the "Company")
announced that a jury verdict has been rendered in the lawsuit filed by Eaton
Aerospace LLC ("Eaton") against SL Montevideo Technology, Inc. ("SL-MTI"), the
Company's subsidiary, in the amount of approximately $650,000. Prior to trial,
SL-MTI had admitted an additional liability in the approximate amount of
$35,000. A judgment on the matter will also include interest, and may include
costs. The lawsuit was filed by Eaton against SL-MTI in the fall of 2000 in the
United States District Court for the Western District of Michigan, alleging
breach of contract and warranty in the defective design and manufacture of a
high precision motor, and sought compensatory damages of approximately
$3,900,000. SL-MTI is considering all of its options regarding the decision.
Warren Lichtenstein, the Company's Chairman of the Board, stated "While any
decision against SL-MTI is unfortunate, we are pleased that the amount of the
decision is substantially less than the damages claimed by Eaton, and believe
that resolution of this matter is a positive development for SL-MTI and will
permit SL-MTI to move forward with its business plan."
About SL Industries, Inc.
SL Industries, Inc. designs, manufactures and markets Power and Data Quality
(PDQ) equipment and systems for industrial, medical, aerospace,
telecommunications and consumer applications. For more information about SL
Industries, Inc. and its products, please visit the Company's website at
www.slpdq.com.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. These statements are based on current expectations, estimates and
projections about the Company's business based, in part, on assumptions made by
management. These statements are not guarantees of future performance and
involve risks, uncertainties and assumptions that are difficult to predict.
Therefore, actual outcomes and results may differ materially from what is
expressed or forecasted in such forward-looking statements due to numerous
factors, including those described above and the following: the effectiveness of
the cost reduction initiatives undertaken by the Company, changes in demand for
the Company's products, product mix, the timing of customer orders and
deliveries, the impact of competitive products and pricing, constraints on
supplies of critical components, excess or shortage of production capacity,
difficulties encountered in the integration of acquired businesses and other
risks discussed from time to time in the Company's Securities and Exchange
Commission filings and reports. In addition, such statements could be affected
by general industry and market conditions and growth rates, and general domestic
and international economic conditions. Such forward-looking statements speak
only as of the date on which they are made, and the Company does not undertake
any obligation to update any forward-looking statement to reflect events or
circumstances after the date of this release.
Contact:
SL Industries, Inc.
David Nuzzo 856/222-5515
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