Newspaper article THE JOURNAL RECORD

Hadson Announces Board Appointments, Debt Status

Newspaper article THE JOURNAL RECORD

Hadson Announces Board Appointments, Debt Status

Article excerpt

The appointment of John H. Dean, Ying Tzyong Du and James P. Kelly to the Hadson Corp. board of directors and the executive committee of the board was announced Tuesday by the Oklahoma City-based company.

Du was also appointed senior vice president and chief financial officer of Hadson.

Hadson also announced Tuesday that in connection with the merger of Ultrasystems Inc. into a wholly-owned subsidiary of Hadson, the subsidiary will assume the payment of the principal of and interest on all of Ultrasystems 7 3/4 percent convertible subordinated debentures due May 15, 2006.

In addition, the new subsidiary will perform all other covenants of the Trust Indenture to be performed by Ultrasystems and will conduct the business of Ultrasystems under the name Ultrasystems Inc.

The debentures will be convertible into the right to receive two shares of Hadson common stock and $1.50 in cash for each $12.50 in principal amount of debentures, according to Hadson. Thus, after the merger, a $1,000 debenture will be convertible into 160 shares of Hadson common stock and $120 in cash.

The debentures are listed on the American Stock Exchange under the symbol "ULSA.A."

Dean, Du and Kelly all served as directors and executive officers of Ultrasystems, which was acquired by Hadson effective April 15. Completion of the merger was announced Monday.

Dean also will continue as chairman and chief executive officer of Ultrasystems Defense and Space Inc. and Kelly will continue as president and chief executive officer of Ultrasystems Power and Environmental Systems Inc. Both companies are now units of Hadson.

"The addition of John Dean, Y. T. Du and Jim Kelly to the Hadson board," said Stephen W. Houghton, president and chief executive officer, "adds valuable experience and expertise for Hadson's expansion into the growing independent power and cogeneration industries, and will speed the effective integration of its newly acquired Ultrasystems operations into Hadson's operations. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.