Exhibit 99.1 Press Release issued by Rock of Ages Corporation on May 28, 2004.
EXHIBIT 99.1
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[GRAPHIC OMITTED] Rock of Ages INVESTOR CONTACT: COMPANY CONTACT:
Neil G Berkman Kurt Swenson
Berkman Associates Chairman & CEO
(310) 277-5162 (603) 225-8397
FOR IMMEDIATE RELEASE info@BerkmanAssociates.com www.RockofAges.com
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ROCK OF AGES GIVES UPDATE
ON EURIMEX ARBITRATION
CONCORD, NEW HAMPSHIRE, May 28, 2004 . . . ROCK OF AGES
CORPORATION (NASDAQ/NMS: ROAC) announced that it has received notice
today that the decision of the arbitral tribunal in the Eurimex
arbitration has been submitted for review by the International
Chamber of Commerce ("ICC"), and that the deadline for issuance by
the ICC Court of a final decision in the Eurimex arbitration has been
extended from May 31, 2004 until August 31, 2004. The Company said it
currently expects to receive a decision well before the August 31
deadline.
On April 18, 2001, the Company received a Request for
Arbitration from its former distributor outside the United States,
Eurimex, S.A., in connection with the termination of two distribution
agreements for certain of the Company's granite products. The
arbitration hearing took place in Luxembourg during the week of May
24, 2003. Since completion of the arbitration hearing, the Company
has been awaiting the issuance of the decision. The Company believes
that it has established adequate reserves to cover anticipated legal
fees and expenses in connection with the review of the decision by
its attorneys, but this reserve does not contain any provision for an
adverse judgment because it is management's opinion that the Company
will prevail in this matter.
Michael B. Tule, Vice President/General Counsel of the Company
said that since the decision has been submitted by the arbitral
tribunal to the ICC, according to ICC rules the ICC Court will review
the form of the decision and ensure that it is accurate and complete
before it is finally issued to the parties. The Company has requested
that the ICC expedite the review and issuance of the decision.
ABOUT ROCK OF AGES
Rock of Ages (www.RockofAges.com) is the largest integrated
granite quarrier, manufacturer and retailer of finished granite
memorials and granite blocks for memorial use in North America.
FORWARD-LOOKING STATEMENTS
This press release may contain 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 our 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 the
following: our ability to successfully execute our strategy to expand
our business through acquisitions, opening new stores and maintaining
our relationships with independent retailers; changes in demand for
the Company's products, product mix, the timing of customer orders
and deliveries due to seasonal and other factors; the impact of
competitive products and pricing; the loss of key personnel or the
inability to attract and retain additional qualified personnel; 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 which may take place after the date of this
release.
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