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newsrelease
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CTS
CORPORATION Elkhart, Indiana 46514 (574)
523-3800
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February 3, 2010
FOR RELEASE: Immediately
CTS Not a Supplier of Pedals for Prius or Lexus Models
Elkhart, IN…CTS Corporation (NYSE:
CTS) today stated that with new media attention around Prius vehicles, CTS
wishes to clarify that it does not, and never has, produced pedals for Prius
vehicles. Last week, CTS also clarified that it never made pedals for Lexus
vehicles or for any Toyota vehicles prior to model year 2005. Both Lexus and
Prius vehicles have been identified in the media as having allegedly been
involved in accidents and injuries from sudden unintended acceleration issues.
CTS and Toyota continue to maintain that both companies are unaware of any
accidents or injuries due to gas pedal problems associated with Toyota’s January
21, 2010 recall of 2.3 million vehicles.
About CTS
CTS is a leading designer and manufacturer of electronic components and
sensors and a provider of electronics manufacturing services (EMS) to OEMs in
the automotive, communications, medical, defense and aerospace, industrial and
computer markets. CTS manufactures products in North America, Europe and Asia.
CTS' stock is traded on the NYSE under the ticker symbol "CTS.” To find out
more, visit the CTS Web site at
www.ctscorp.com.
Safe Harbor Statement
This press release contains statements that are, or may be deemed to be,
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements include, but are
not limited to, any financial or other guidance, statements that reflect our
current expectations concerning future results and events and any other
statements that are not based solely on historical fact. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date hereof and are based on various assumptions as to future
events, the occurrence of which necessarily are subject to uncertainties. These
forward-looking statements are made subject to certain risks, uncertainties and
other factors, which could cause our actual results, performance or achievements
to differ materially from those presented in the forward-looking statements,
including, without limitation: changes in the economy generally and in respect
to the businesses in which CTS operates, including those resulting from the
current global financial and credit crisis; pricing pressures and reduction in
demand for CTS’ products, especially if economic conditions do not recover or
continue to worsen in CTS’ served markets, including but not limited to: the
automotive, computer equipment or communications markets; disruption,
uncertainty or volatility in the credit markets that could adversely impact the
availability of credit already arranged by CTS and the availability and cost of
credit in the future; the financial condition of our customers, including the
ability of customers (especially those that may be highly leveraged and those
with inadequate liquidity) to maintain their credit availability or ongoing
viability; risks associated with CTS’ international operations, including trade
and tariff barriers; currency fluctuations and their effects on our results of
operations and financial position; changes in performance of equity and debt
markets that could affect the valuation of the assets in CTS’ pension plans and
the accounting for pension assets, liabilities and expenses; political and
geopolitical risks; rapid technological change in the automotive, communications
and computer industries; reliance on key customers; CTS’ ability to protect its
intellectual property; and the outcome of the recent Toyota recall. For more
detailed information on the risks and uncertainties associated with CTS’
business, see the reports CTS files with the SEC, available at
http://www.ctscorp.com/investor_relations/investor.htm. CTS
undertakes no obligation to publicly update its forward-looking statements to
reflect new information or events or circumstances that arise after the date
hereof, including market or industry changes.
| Contact: |
Donna L. Belusar, Senior Vice President and Chief
Financial Officer |
| CTS Corporation, 905 West Boulevard North, Elkhart, IN 46514 | |
| Telephone: (574) 523-3800, Fax: (574) 293-6146 | |