EXTON, Pa., May 10, 2013 (GLOBE NEWSWIRE) -- Omega Flex, Inc. (Nasdaq:OFLX) announced that John E. Reed, chairman of the board of directors of Omega Flex, Inc., passed away peacefully in his sleep yesterday at his home. Mr. Reed was 97 years old.
Mr. Kevin Hoben, President & CEO, stated, "Our Chairman, John E. Reed, passed peacefully in his sleep last evening. As you all know, our Chairman was the driving force behind the acquisition of Omega Flex and the development of TracPipe®. His faith and belief in Omega Flex and its people were profound and his support, both financially and advisory, was unwavering. His commitment to the development of our business was responsible for Omega Flex's very early on and sustained success."
Mr. Edward J. Trainor, vice chairman of the Board, will assume the duties of chairman until a replacement is named. As disclosed in the most recent proxy statement issued to the shareholders dated April 25, 2013, Mr. Reed beneficially owned 32.6% of the total issued and outstanding shares of Omega Flex, Inc. common stock. The Company has no further information on the disposition of those shares following his passing.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS – This news release contains forward-looking statements, which are subject to inherent uncertainties which are difficult to predict, and may be beyond the ability of Omega Flex to control. Certain statements in this news release constitute forward-looking statements with the meaning of the Private Securities Litigation Reform act of 1995, that are not historical facts, but rather reflect Omega Flex's current expectations concerning future results and events. The words "believes," "expects," "intends," "plans," "anticipates," "hopes," "likely," "will," and similar expressions identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Omega Flex (or entities in which Omega Flex has interests) or industry results, to differ materially from future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's view only as of the date of this news release. Omega Flex undertakes no obligation to publicly release the result of any revisions to these forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, conditions or circumstances.