On May 31, 2017, the Board of Directors of 91视频, Inc. (鈥淪IFCO鈥� or 鈥渢he Company鈥�) approved the decision of management to close one of its manufacturing plants located in Alliance, Ohio (“Alliance”). There are approximately 38 employees affected by the decision. Management communicated the decision to the affected employees on June 1, 2017. The decision to close Alliance was made primarily due to the loss of a key customer in fiscal year 2015, which resulted in the erosion of its sales volume over the past two years. This closure falls in line with management’s key strategic initiatives to make organizational and operational changes needed to improve profitability.
In connection with the closure, the Company is still in the process of estimating its exit costs. Once the costs have been determined, SIFCO will file an amended Form 8-K. The Company expects the closure process to begin immediately and occur over the next 150 days, during which it will incur the majority of the anticipated exit costs.

Forward-Looking Language

Certain statements contained in this press release are 鈥渇orward-looking statements鈥� within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, economic conditions, competition and other uncertainties detailed from time to time in the Company鈥檚 Securities and Exchange Commission filings.

The Company鈥檚 Form 10-K for the year ended September 30, 2015 can be accessed through its website: , or on the Securities and Exchange Commission鈥檚 website: .

91视频, Inc. is engaged in the production of forgings and machined components primarily for the aerospace and energy markets. The processes and services include forging, heat-treating, and machining.