lehman trikes inc (LHT) Snapshot

Lehman Trikes Inc. announced that it has decided to suspend operations effective immediately. The company has not been able to complete the proposed sale it was working on, but is continuing to pursue possible transactions to inject capital into the company. Without such an injection the company is not able to continue the operations at its Spearfish facility and has taken the step of suspending operations until further notice. Recommencing business will depend on the company securing financing or completing another transaction to fund operations. There is no assurance that the company will be able to secure the required funding to recommence operations.

Lehman Trikes Inc. (LTI) Board of Directors is looking into various strategic alternatives to enhance shareholder value, including the possibility of selling the company. LTI announces that its Board has formed a committee of Directors to explore a range of options to improve the position of its shareholders, which could take the form of cost savings initiatives, the sale of the company, or a strategic business merger. The Board has received an expression of interest from an investment firm to engage in a due diligence review with a view to making a significant investment in LTI. During this review period, which coincides with the company’s traditional slow time, LTI will continue to conduct business under a reduced scope of operations. “In light of the challenging economic environment and current market conditions, the Board has determined to look more closely at a range of alternatives,” Ken Hines, President of the company, said. He added: “It is expected that these efforts will transition the company to take advantage of opportunities with well known industry participants.” There is no assurance that any transaction will be completed.

Lehman Trikes Inc. announced that Mr. Marc S. Rose will retire as Chairman of the Board effectively immediately. He will continue to serve on the Board of Directors. Concurrently, Mr. C.L. (Les) Brown will again serve as Chairman of the Board.