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EXHIBIT 99.1
Contact: Mark Buckley, CFO
Westbury Metals Group
(516) 997-8333
WESTBURY METALS GROUP EXPECTS TO FILE ANNUAL REPORT FOR
FISCAL YEAR 2000 BY DECEMBER 11, 2000 AND QUARTERLY REPORT
FOR THE FIRST QUARTER BY DECEMBER 15, 2000.
WESTBURY, NY, November 22, 2000--Westbury Metals Group, Inc. (OTCBB: WMET) said
today it expects to record several non-cash charges for the year ended June 30,
2000, which will require the Company to restate its financial reports for its
fiscal quarters ended December 31, 1999 and March 31, 2000. As a result, the
Company has been delayed in filing its financial reports with the Securities and
Exchange Commission. Westbury expects to file its Annual Report on Form 10-K for
its fiscal year ended June 30, 2000 and the restated quarterly reports by
December 11, 2000. The Company expects to file its quarterly report for the
fiscal quarter ended September 30, 2000 by December 15, 2000. The Company
believes that fiscal 2000 earnings from operations, or EBIT (earnings before
interest and taxes), will improve from the $149,000 reported in fiscal 1999, but
that the non-cash charges will adversely affect reported net income and earnings
per share.
About Westbury Metals Group
Westbury, New York-based Westbury Metals Group, a rapidly growing consolidator
in the precious metals industry, fabricates silver for industrial uses, reclaims
platinum and palladium from automotive catalytic converters and refines precious
metals, gold and silver from industrial users such as electronics, chemical,
aerospace and jewelry companies as well as conducting trading and hedging
operations. In the past two years, the Company has acquired three silver
fabricators: Anton Nolls of Kearny, NJ, in March 1998; Reliable, Inc., a
Naugatuck, CT based supplier of anodes and salts for silver plating as well as
silver and sterling wire, strip and grain products, in June 1999; and the silver
products business of SPM Corp. of Montvale, VA, in May 2000. In addition,
Westbury Metals Group, through its Westbury Mint division, has a licensing
agreement with the World Wrestling Federation Entertainment, Inc., to create
coins and medallions featuring WWF superstars in silver and gold.
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Forward Looking Statements
This press release may be deemed to contain forward-looking information. Any
forward-looking statements are made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
are based on management's beliefs and assumptions, current expectations,
estimates and projections. Many of the factors that will determine the Company's
financial results are beyond the ability of the Company to control or predict.
These statements are subject to risks and uncertainties and therefore actual
results may differ materially. The Company disclaims any obligation to update
any forward-looking statements whether as a result of new information, future
events, or otherwise. Important factors and risks that may affect future results
include, but are not limited to, the impact of competitive products, changes in
law and regulations, availability of raw materials, dependence on distributors
and customers, litigation, limitations on future financing, the effect of
adverse publicity, uncertainties relating to acquisitions, managing and
maintaining growth, customer demands, as well as other risks and uncertainties
that are described from time to time in the Company's filings with the
Securities and Exchange Commission, copies of which are available from the
Company's website, http://www.westburymetals.com.
SOURCE: Westbury Metals Group, Inc.
