GP Strategies Shareholders Approve Elimination of Holding Company Structure and Renaming of General Physics Corporation
ELKRIDGE, Md., Dec. 15, 2011 /PRNewswire/ -- GP Strategies Corporation (GPX), announced today that its shareholders approved the merger of GP Strategies Corporation with and into its wholly-owned subsidiary, General Physics Corporation, eliminating the current holding company structure. General Physics, which is the sole operating subsidiary of GP Strategies, will be the surviving legal corporation and will be renamed GP Strategies Corporation when the merger becomes effective, which is expected to be on or before January 1, 2012. Following the merger, the financial position, business operations, state of incorporation, directors, executive officers and management of the newly combined company will be substantially identical to those of GP Strategies before the merger. GP Strategies will continue to be listed on the New York Stock Exchange under the ticker symbol GPX. Each share of GP Strategies common stock will automatically be converted into an equivalent number of shares in the surviving company. Holders of common stock will not be required to surrender their share certificates for purposes of the merger, and new certificates will not be issued in connection with the merger.
Scott N. Greenberg, Chief Executive Officer of GP Strategies, commented, "The elimination of the current holding company structure should simplify corporate administration, reduce certain expenses, and result in less confusion among investors, customers, suppliers and others regarding the relationship between GP Strategies and General Physics. General Physics got its start in the 1960's providing training for the U.S. nuclear energy industry. Since then, General Physics has grown both organically and through acquisition of complementary businesses, increasing its geographic reach and expanding its service offerings to a wide variety of market sectors. With 'GP' in our name, the legacy of General Physics Corporation will continue. The name change to GP Strategies is an integral part of our decision to brand, under one name, several of the companies that have become part of the GP family as a result of our acquisition strategy."
About GP Strategies
GP Strategies, a NYSE-listed company (GPX), is a global performance improvement solutions provider of sales and technical training, e-Learning solutions, management consulting and engineering services. GP Strategies' solutions improve the effectiveness of organizations by delivering innovative and superior training, consulting and business improvement services, customized to meet the specific needs of its clients. Clients include Fortune 500 companies, manufacturing, process and energy industries, and other commercial and government customers. Additional information may be found at www.gpworldwide.com.
We make statements in this press release that are considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. These statements reflect our current expectations concerning future events and results. We use words such as "expect," "intend," "believe," "may," "should," "could," "anticipates," and similar expressions to identify forward-looking statements, but their absence does not mean a statement is not forward-looking. These statements are not guarantees of our future performance and are subject to risks, uncertainties, and other important factors that could cause our actual performance or achievements to be materially different from those we project. For a full discussion of these risks, uncertainties, and factors, we encourage you to read our documents on file with the Securities and Exchange Commission, including those set forth in our periodic reports under the forward-looking statements and risk factors sections. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
SOURCE GP Strategies Corporation