HOUSTON--(BUSINESS WIRE)--Aug. 16, 2007--Hanover Compressor
Company (NYSE:HC) and Universal Compression Holdings, Inc. (NYSE:UCO)
jointly announced that, at the companies' respective stockholders
meetings held earlier today, the stockholders of each company approved
by a substantial margin the merger of the two companies into a new
company, Exterran Holdings, Inc. The stockholders of both companies
also approved the adoption of the Exterran 2007 Stock Incentive Plan
and the Exterran Employee Stock Purchase Plan. Hanover and Universal
expect the merger to close on Monday, August 20, 2007. On the day
following the merger closing, Exterran's common stock will begin
trading under the symbol "EXH" on the New York Stock Exchange, and the
common stock of Hanover and Universal will no longer be traded.
About Hanover Compressor Company
Hanover Compressor Company is a global market leader in
full-service natural gas compression and a leading provider of
service, fabrication and equipment for oil and natural gas production,
processing and transportation applications. Hanover sells and rents
this equipment and provides complete operation and maintenance
services, including run-time guarantees for both customer-owned
equipment and its fleet of rental equipment.
About Universal Compression Holdings
Universal Compression Holdings, headquartered in Houston, Texas,
is a leading natural gas compression services company, providing a
full range of contract compression, sales, operations, maintenance and
fabrication services to the natural gas industry worldwide.
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 Universal's and Hanover'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 ability of Universal and Hanover to complete
their proposed merger, the expected timing of the closing of the
transaction and the planned changes to the listing of companies for
trading on the New York Stock Exchange. While Universal and Hanover
believe that the assumptions concerning future events are reasonable,
they caution that there are inherent difficulties in predicting
certain important factors that could impact the future performance or
results of their business. Among the factors that could cause results
to differ materially from those indicated by such forward-looking
statements are the satisfaction of various other conditions to the
closing of the merger contemplated by the merger agreement and
satisfaction of the requirements for listing or delisting on the New
York Stock Exchange.
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 Universal's and Hanover's filings with the Securities and
Exchange Commission ("SEC"), which are available through
www.universalcompression.com and www.hanover-co.com. Except as
required by law, Universal and Hanover expressly disclaim any
intention or obligation to revise or update any forward-looking
statements whether as a result of new information, future events, or
otherwise.
CONTACT:
Hanover Compressor Company
Senior Vice President and Chief Financial Officer
Lee E. Beckelman, 281-405-5194
or
Vice President, Investor Relations & Technology
Stephen P. York, 832-554-4856
or
Universal Compression Holdings, Inc.
Senior Vice President and Chief Financial Officer
J. Michael Anderson, 713-335-7295
or
Vice President, Investor Relations
David Oatman, 713-335-7460
SOURCE:
Hanover Compressor Company & Universal Compression
Holdings, Inc.