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Salton announced today that it has received from APN Holding Company, Inc. written notice of termination of the merger agreement dated Feb. 7, 2007 between Salton and APN Holdco. Salton said the wrongful termination "confirms Salton's belief that APN Holdco has, for some time, not acted in good faith and Salton intends to vigorously pursue its claims and remedies against APN Holdco, its affiliates and representatives."
William Lutz, Salton's Chief Executive Officer and Chief Financial Officer, said "While we are disappointed with APN Holdco's actions, our management and board is actively pursuing a number of operational and strategic options to improve our liquidity position and our financial performance. In this regard, we have entered into an interim amendment to our senior credit facility which extends the repayment date on all of our outstanding overadvances to August 6, 2007, while we are actively engaged in discussions with our senior lender to secure a further extension and additional support. In addition, with the assistance of Leon Dreimann, our former chief executive officer, we continue to work closely with our suppliers to ensure that we can continue to provide our customers with high quality and innovative products." Mr. Lutz concluded that "we believe that our strong relationships with our customers and suppliers will allow us to implement our current business initiatives as we continue to explore strategic alternatives, which may include discussions with APN Holdco and other third parties."
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