EAST RUTHERFORD, N.J., June 26 /PRNewswire-FirstCall/ -- The Alpine Group, Inc. ('Alpine') (OTC: APNI.OB) announced completion of the previously announced recapitalization of Superior Cables Ltd. ('SCL'), Alpine's Israeli based wire and cable manufacturing affiliate ( Tel Aviv Stock Exchange). Alpine and an affiliate of Shrem Fudim Kelner Technologies, Ltd., an Israeli publicly traded investment company, invested $10 million and $5 million , respectively, in SCL. Concurrently with this investment, Bank Hapoalim Ltd., SCL's principal lender, refinanced and extended approximately $11 million in long term indebtedness of SCL and converted $15 million of SCL indebtedness into 15% of SCL's equity, with a liquidation preference of $15 million . Following the recapitalization, Alpine owns approximately 52% of the issued and outstanding share capital of SCL.

Steven S. Elbaum, Chairman and Chief Executive Officer of Alpine, stated that 'Alpine is pleased to have joined with Shrem Fudim and Bank Hapoalim in recapitalizing SCL. SCL has achieved significant year-over-year growth, particularly in the sale of medium to high voltage cable to power companies and distributors. SCL is expected to operate profitably this year with an anticipated $200 million in sales, of which approximately 40% will be to the U.S., Europe and other export markets. The recapitalization and related amended credit agreements strengthens the Company's balance sheet with $30 million of new equity and enhances its capacity to grow and meet demand within its core power cable and infrastructure markets.'

The Alpine Group, Inc., headquartered in New Jersey, is a holding company, which currently owns Essex Electric Inc., which is currently engaged in the business of copper scrap reclamation and the manufacture and sale of plastic resin compounds, and an equity interest in Superior Cables Ltd., the largest Israeli based producer of wire and cable products.

Except for the historical information herein, the matters discussed in this news release include forward-looking statements that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product and technology development, market acceptance of new products and continuing product demand, prediction and timing of customer orders, the impact of competitive products and pricing, changing economic conditions, including changes in short-term interest rates and foreign currency fluctuations, and other risk factors detailed in Alpine's most recent annual report and other filings with the Securities and Exchange Commission.

SOURCE The Alpine Group, Inc.