APA Enterprises/APA Cables & Networks Announce Business Structure and Name Change
MINNEAPOLIS, MN -- (MARKET WIRE) -- 01/02/08 -- APA Enterprises (NASDAQ: APAT) today announced that it is combining its business operations with the business operations of its wholly owned subsidiary, APA Cables & Networks, and will subsequently be changing its name to Clearfield, Inc. The new business structure eliminates administrative redundancies, streamlines management functions and clarifies the operational focus of the organization. The company will continue to be traded on Nasdaq, with the CLFD symbol (NASDAQ: CLFD).
The change in business structure and change in company name is to provide a better understanding of what the company offers to telecommunications service providers and the original equipment manufacturers that look to the company for fiber management and passive connectivity expertise.
"We wanted our company name to better reflect the creative, problem-solving orientation of our engineering and sales staff," explains Cheri Beranek Podzimek, president and CEO of Clearfield, Inc. "Clearfield illustrates our commitment to designing innovative passivity connectivity solutions that not only meet the unique network configuration and density requirements of our customers, but also capture their imaginations. We will continue to be creative and original in our approach but remain fully grounded -- delivering products that are both practical and craft-friendly."
Forward-looking statements contained herein are made pursuant to the safe harbor provisions of the Private Litigation Reform Act of 1995. These statements are based upon the Company's current expectations and judgments about future developments in the Company's business. Certain important factors could have a material impact on the Company's performance, including, without limitation, delays in or increased costs of production, delays in or lower than anticipated sales of the Company's new products, the Company's ability to sell such products at a profitable price, the Company's ability to fund operations, and other factors discussed from time to time in the Company's filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update such statements to reflect actual events.
Clearfield, Inc. Contact Information: Cheri Beranek Podzimek Chief Executive Officer Investor-Relations@clfd.net 763-476-6866
Released January 2, 2008