Exhibit 99.1
DRAFT
NEWS BULLETIN RE:
FROM: OPTICAL CABLE CORPORATION
5290 Concourse Drive
THE FINANCIAL RELATIONS BOARD Roanoke, VA 24019
BSMG WORLDWIDE (Nasdaq: OCCF)
www.occfiber.com
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AT THE COMPANY: AT THE FINANCIAL RELATIONS BOARD:
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Robert Kopstein Neil Wilkin Alison Ziegler - General Info.
Chairman & CEO Senior VP & CFO Peter Seltzberg - Analyst Info.
(540) 265-0690 (540) 265-0690 Judith Sylk-Siegel - Media Info.
kopstein@occfiber.com nwilkin@occfiber.com (212) 661-8030
FOR IMMEDIATE RELEASE:
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September 26, 2001
OPTICAL CABLE CORPORATION COMMENTS ON RECENT MARKET ACTIVITY
ROANOKE, VA, SEPTEMBER 26, 2001 -- Optical Cable Corporation (Nasdaq: OCCF)
commented today on the recent substantial increase in trading volume and lower
trading price of its stock.
The Chairman & CEO of the Company has pledged a significant amount of his
personally-held Optical Cable Corporation stock to various stock brokerage firms
as security for substantial margin loans. As the price of the securities
personally held by the Chairman & CEO has declined, several of the brokerage
firms commenced sales of the pledged securities, including Optical Cable
Corporation common stock, under the margin agreements. As previously reported on
Form 4 filed with the Securities and Exchange Commission, sales of 358,100
shares were made in August 2001 by or for the benefit of the Company's Chairman
& CEO. A total of 288,100 of such shares were sold to satisfy margin calls. The
sales continued in September and increased substantially after September 11,
2001, in view of further significant declines in the trading prices of
securities in the accounts after the markets reopened on September 17, 2001. The
number of shares of Company stock sold during September by the Chairman & CEO
have not yet been compiled by the Company.
Optical Cable Corporation's Board of Directors first authorized the repurchase
of the Company's common stock in the open market or in privately negotiated
transactions in October 1997. The amount of shares authorized to be repurchased
was increased from time to time, with the latest increase in the authorization
occurring in August 2001. Optical Cable Corporation repurchased 818,500 shares
of its common stock for $6,750,368 from August 1 to September 20, 2001. Since
September 20, 2001, Optical Cable Corporation has not purchased shares of its
stock in the market, but may revisit that decision in the future as appropriate.
-- MORE --
Optical Cable Corporation
Page 2 of 2
NOTE: THIS NEWS RELEASE MAY CONTAIN CERTAIN "FORWARD-LOOKING" INFORMATION WITHIN
THE MEANING OF THE FEDERAL SECURITIES LAWS. THE FORWARD-LOOKING INFORMATION MAY
INCLUDE, AMONG OTHER INFORMATION, (I) STATEMENTS CONCERNING OPTICAL CABLE
CORPORATION'S (THE "COMPANY") OUTLOOK FOR THE FUTURE, (II) STATEMENTS OF BELIEF,
(III) FUTURE PLANS, STRATEGIES OR ANTICIPATED EVENTS, AND (IV) SIMILAR
INFORMATION AND STATEMENTS CONCERNING MATTERS THAT ARE NOT HISTORICAL FACTS.
SUCH FORWARD-LOOKING INFORMATION IS SUBJECT TO RISKS AND UNCERTAINTIES THAT MAY
CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THE EXPECTATIONS OF THE COMPANY.
FACTORS THAT COULD CAUSE OR CONTRIBUTE TO SUCH DIFFERENCES INCLUDE, BUT ARE NOT
LIMITED TO, THE LEVEL OF SALES TO KEY CUSTOMERS, THE ECONOMIC CONDITIONS
AFFECTING NETWORK SERVICE PROVIDERS, THE SLOWDOWN IN CORPORATE SPENDING ON
INFORMATION TECHNOLOGY, ACTIONS BY COMPETITORS, FLUCTUATIONS IN THE PRICE OF RAW
MATERIALS (INCLUDING OPTICAL FIBER), THE COMPANY'S DEPENDENCE ON A SINGLE
MANUFACTURING FACILITY, THE ABILITY OF THE COMPANY TO PROTECT ITS PROPRIETARY
MANUFACTURING TECHNOLOGY, THE COMPANY'S DEPENDENCE ON A LIMITED NUMBER OF
SUPPLIERS, AN ADVERSE PRICE CHANGE IN TRADING SECURITIES HELD BY THE COMPANY, AN
ADVERSE OUTCOME IN LITIGATION, CLAIMS AND OTHER ACTIONS AGAINST THE COMPANY,
TECHNOLOGICAL CHANGES AND INTRODUCTIONS OF NEW COMPETING PRODUCTS, CHANGES IN
MARKET DEMAND, EXCHANGE RATES, PRODUCTIVITY, WEATHER AND MARKET AND ECONOMIC
CONDITIONS IN THE AREAS OF THE WORLD IN WHICH THE COMPANY OPERATES AND MARKETS
ITS PRODUCTS.
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