Bel's Dominican Republic Facility Closed Due To Fire
Bel's Dominican Republic Facility Closed Due To Fire
FOR RELEASE: IMMEDIATELYFebruary 21, 2006
JERSEY CITY, New Jersey, February 21, 2006 . . . Bel Fuse Inc. (NASDAQ:BELFA & NASDAQ:BELFB) announced today that a fire on February 17, 2006 has resulted in the temporary closure of the company's leased manufacturing facility in San Cristobal, Dominican Republic. Management is implementing its recovery plan that may include temporarily shifting some production to other Bel facilities.
Bel maintains insurance for damage to this facility and some of its contents, as well as for business interruption. Bel estimates that the Dominican Republic facility was responsible for approximately 4% of the company's worldwide revenues in 2005.
About Bel
Bel (www.belfuse.com) and its subsidiaries are primarily engaged in the design, manufacture and sale of products used in networking, telecommunications, high speed data transmission, automotive and consumer electronics. Products include magnetics (discrete components, power transformers and MagJack®s), modules (DC/DC converters, integrated analog front end modules, custom designs), circuit protection (miniature, micro and surface mount fuses) and interconnect devices (passive jacks, plugs and cable assemblies). The Company operates facilities around the world.
Forward-Looking Statements
Except for historical information contained in this news release, the matters discussed (including the statements regarding the Company's recovery plan) are forward looking statements that involve risks and uncertainties. Among the factors that could cause actual results to differ materially from such statements are: the logistical difficulties associated with shifting production to other facilities, the costs associated with any recovery plan, the time necessary for the Company to adjust to the disruption caused by the fire, the reactions of the Company's customers to alternate arrangements to be made by the Company and the difficulties generally associated with making substantial claims under commercial insurance policies, as well as other uncertainties associated with the fire and other risk factors detailed from time to time in the Company's SEC reports. In light of the risks and uncertainties, there can be no assurance that any forward‑looking statement will in fact prove to be correct. We undertake no obligation to update or revise any forward‑looking statements.
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#4080
Bel Fuse Inc.
206 Van Vorst Street
Jersey City, NJ 07302
tel 201.432.0463
fax 201.432.9542
Investor Contact:
Neil Berkman Associates
(310) 277-5162
Company Contact:
Daniel Bernstein
President