EXHIBIT 99.1
NEWS RELEASE for May 5, 2004 at 10:00 AM EDT
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Contact: Jack Davis (investor relations) 501-376-0044
Len Hall (media) 949-474-4300 len@allencaron.com
Allen & Caron Inc
KYZEN CORPORATION BOARD OF DIRECTORS ANNOUNCES
DECISION NOT TO EXTEND WARRANTS; COMPANY TO
DELIST FROM BOSTON STOCK EXCHANGE
NASHVILLE, TN (May 5, 2004) . . . . Kyzen Corporation (OTCBB: KYZN.OB), a
specialty chemical company that is a leading provider of products and processes
for precision cleaning applications in high-technology manufacturing
environments, today announced that its Board of Directors has decided not to
further extend the Company's warrants (OTCBB: KYZNW.OB) beyond their August 4,
2004 termination date.
Kyle J. Doyel, Kyzen's President and CEO, said, "Over the last four
years the Board of Directors has twice extended the expiration date of Kyzen's
warrants from the original August 4, 2000 expiration date. Increasing costs to
comply with SEC requirements, as well as the related administrative costs, now
make this a less attractive method to potentially raise capital. Therefore, the
Board has made the decision to allow the warrants to expire on August 4, 2004."
The Company also announced that its Board of Directors authorized the
Company to delist its securities from the Boston Stock Exchange and trade
exclusively on the OTC Bulletin Board. The Company expects to file a delisting
application in the next few weeks and to delist from the Boston Stock Exchange
upon receiving approval from the SEC.
Doyel commented, "Since we became a public company in 1995, we have
maintained our listing on the Boston Stock Exchange. In February 2000, the
Company moved from the Nasdaq Small Cap Market to the OTC Bulletin Board
service. At that time, we maintained our Boston Stock Exchange listing to
enhance the liquidity of Kyzen's stock. Since we have been a public company, a
total of approximately 300 shares of Kyzen Common Stock have been traded on the
Boston Stock Exchange. Recognizing that the Boston Stock Exchange listing has
not provided the additional liquidity we expected, we see no need to incur the
additional expense of the Boston Stock Exchange listing."
In an effort to increase shareholder value, the Board of Directors will
continue to explore the best alternatives to control costs, particularly in
light of the new reporting requirements mandated by the Sarbanes-Oxley Act of
2002 and, in particular, the new internal control reporting that must be
enhanced in response to Section 404 of the Sarbanes-Oxley Act.
MORE-MORE-MORE
KYZEN BOARD DECIDES
Page 2-2-2
Kyzen Corporation is a specialty chemical company and a leading
provider of products and processes for precision cleaning applications in
high-technology manufacturing environments.
The statements in this press release that relate to future plans, events or
performance are forward-looking statements that involve risks and uncertainties.
Management has included in this report 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. When used,
statements which are not historical in nature, including the words "anticipate,"
"estimate," "should," "expect," "believe," "intend" and similar expressions are
intended to identify forward-looking statements. Such statements are, by their
nature, subject to certain risks and uncertainties. Among the factors that could
cause actual results to differ materially from those projected are the
following: business conditions and the general economy as they affect interest
rates and manufacturing output; business conditions as they affect manufacturers
of chemical raw materials; the Company's ability to control costs including
selling, marketing, general and administrative expenses, regulatory compliance
costs and research and development expenses; the federal, state and local
regulatory environment; whether the over-the-counter equity market continues to
be available to the Company on a cost-efficient basis; the cost of compliance
with the new reporting and internal control requirements mandated by the
Sarbanes-Oxley Act of 2002; changes in the Company's liquidity or capital
resources; changes in accounting policies and practices; and the ability of the
Company to obtain financing or equity capital with favorable terms and
conditions. Actual results, events and performance may differ materially from
those projected. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof. The Company
undertakes no obligation to release publicly the results of any revisions to
these forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
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