Key Developments: Omega Flex Inc (OFLX.W)
12.91USD
15 May 2013
$0.25 (+1.97%)
$12.66
$12.91
$12.91
$12.91
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$16.93
$10.12
Latest Key Developments (Source: Significant Developments)
Omega Flex Inc Announces Passing Of Chairman Of The Board
Omega Flex Inc announced that John E. Reed, Chairman of the Board Of Directors of the Company passed away peacefully in his sleep last day at his home. Mr. Reed was 97 years old. . Edward J. Trainor, vice chairman of the Board, will assume the duties of chairman until a replacement is named. Full Article
Omega Flex Inc's Subsidiary Announces Settlement Agreement
Omega Flex Inc announced that its English subsidiary, Omega Flex Limited (OFL), has reached an agreement to settle litigation related to a construction project in Milton Keynes, England that involved a number of parties and issues. This agreement fully resolves all claims related to the construction project, including claims regarding performance deficiencies of OFL products at the site. OFL believes that the claims are without merit and strongly disagrees with the allegation that the products caused any delays or damages at the site. Following protracted litigation and the uncertain prospects of a trial and the possibility of costs being assessed against OFL, the board of directors of OFL decided that it would be in the best interests of that company to enter into this agreement to resolve these claims and avoid potentially costly litigation. OFL agreed to resolve claims by making a one-time payment of £800,000, which on a consolidated basis after considering all ancillary charges, will result in an after-tax charge to earnings of the Company of $820,000 ($0.08 per diluted common share) in both the Company's fourth quarter and year ended December 31, 2012. Full Article
Omega Flex Inc Declares Special Dividend
Omega Flex Inc announced that on November 14, 2012, the Board of Directors declared a special dividend of $1.00 per share payable on December 14, 2012 to shareholders of record on November 30, 2012. Full Article
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