Fenix Parts Confirms Receipt of Unsolicited Offer from Upstate Shredding, LLC

World News: . []

WESTCHESTER, Ill., Feb. 13, 2018 (GLOBE NEWSWIRE) -- Fenix Parts, Inc. (Pink Sheets:FENX), a leading recycler and reseller of original equipment manufacturer (“OEM”) automotive products, today confirmed that it has received an unsolicited, non-binding offer from Upstate Shredding, LLC to acquire all of the outstanding shares of common stock of Fenix Parts. The non-binding offer was received outside of the Company’s previously announced strategic alternatives process, which is being managed by Stifel.

Fenix Parts said its Board of Directors would continue to work with its financial and legal advisors to pursue a strategic or financial transaction that it believes is in the best interest of the Company and Fenix Parts shareholders. The Company said that it does not expect to provide further updates on the progress of this process until it deems appropriate and cautioned its stockholders not to assume that the aforementioned non-binding offer, or any other transaction with Upstate Shredding or any other party, will be completed. 

Fenix was founded in 2014 to create a network that offers sales, fulfillment and distribution in key regional markets in the United States and Canada.  The Fenix companies have been in business an average of more than 25 years and currently operate from 16 locations throughout the Eastern U.S. and in Ontario, Canada.

We caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results.  All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this press release in the context of the risks and uncertainties included in the 2016 Annual Report on Form 10-K, which include, among other things:

We caution you that the important factors referenced above may not contain all of the factors that are important to you.  In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences we anticipate or affect us or our operations in the way we expect.  The forward-looking statements included in this press release are made only as of the date hereof.  We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.  If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.  We qualify all of our forward-looking statements by these cautionary statements.

More news and information about Fenix Parts, Inc.

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Globe Newswire: 23:32 GMT Tuesday 13th February 2018

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