HOUSTON--(BUSINESS WIRE)--Aug. 20, 2007--Exterran Holdings, Inc.
today announced that Hanover Compressor Company and Universal
Compression Holdings, Inc. completed their merger of equals,
originally announced in February 2007. Effective Tuesday, August 21,
2007, the common stock of the new combined company, Exterran, will
trade under the symbol "EXH" on the New York Stock Exchange, and the
common stock of Hanover and Universal will no longer be traded. Each
common share of Hanover will be converted to 0.325 shares of Exterran,
and each common share of Universal will be converted to one common
share of Exterran.
"This combination of two great companies creates a leader in
compression and surface production solutions for the worldwide oil and
gas industry," said Exterran's President and Chief Executive Officer,
Stephen A. Snider. "The merger positions Exterran with a broad range
of products and services, a wide geographic presence and the financial
strength necessary to meet the full compression services and
production and processing equipment requirements of our customers
around the globe. Our terrific team of employees has worked hard to
reach this important milestone, and we look forward to seizing the
growth opportunities that our enhanced size and scope provide."
About Exterran
Exterran Holdings, Inc. is the global market leader in full
service natural gas compression and a premier provider of sales,
operations, maintenance, fabrication, service and equipment for oil
and gas production, processing and transportation applications.
Exterran serves customers across the energy spectrum -- from producers
to transporters to processors to storage owners. Headquartered in
Houston, Texas, Exterran and its 11,000 employees have operations in
over 30 countries worldwide. For more information, visit
www.exterran.com.
Forward-Looking Statements
All statements in this release (and oral statements made regarding
the subjects of this release) other than historical facts are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements rely on a number of assumptions concerning future events
and are subject to a number of uncertainties and factors, many of
which are outside Exterran's control, which could cause actual results
to differ materially from such statements. Forward-looking information
includes, but is not limited to, statements regarding the planned
changes to the listing of companies for trading on the New York Stock
Exchange and statements regarding Exterran's expected industry
position and ability to meet customer requirements. While Exterran
believes that the assumptions concerning future events are reasonable,
it cautions that there are inherent difficulties in predicting certain
important factors that could impact the future performance or results
of its business. Among the factors that could cause results to differ
materially from those indicated by such forward-looking statements
include satisfaction of the requirements for listing or delisting on
the New York Stock Exchange, the failure to realize anticipated
synergies from the proposed merger; conditions in the oil and gas
industry, including a sustained decrease in the level of supply or
demand for natural gas and the impact on the price of natural gas;
employment workforce factors, including Exterran's ability to hire,
train and retain key employees; Exterran's ability to timely and
cost-effectively obtain components necessary to conduct its business;
changes in political or economic conditions in key operating markets,
including international markets; Exterran's ability to timely and
cost-effectively implement its enterprise resource planning systems;
and changes in safety and environmental regulations pertaining to the
production and transportation of natural gas.
These forward-looking statements are also affected by the risk
factors, forward-looking statements and challenges and uncertainties
described in Universal's Annual Report on Form 10-K for the year ended
December 31, 2006, as amended by Amendment No. 1 thereto, Hanover's
Annual Report on Form 10-K for the year ended December 31, 2006, as
amended by Amendment No. 1 thereto, and those set forth from time to
time in Exterran's, Universal's and Hanover's filings with the
Securities and Exchange Commission ("SEC"), which are currently
available through www.universalcompression.com and www.hanover-co.com
and will later be available at www.exterran.com. Except as required by
law, Exterran expressly disclaims any intention or obligation to
revise or update any forward-looking statements whether as a result of
new information, future events, or otherwise.
CONTACT:
For Hanover Compressor Company
David Oatman, 713-335-7460 (Investors)
Rick Goins, 832-554-4918 (Media)
SOURCE: Hanover Compressor Company