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KEMET : Announces Noncompliance With NYSE Market Capitalization Standard

01/02/2009 | 04:20pm US/Eastern
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GREENVILLE, S.C., Jan. 2 /PRNewswire-FirstCall/ -- KEMET Corporation (NYSE: KEM) announced today that on December 31, 2008, the Company was notified by the NYSE Regulation, Inc. that the Company's common stock will be suspended from trading on the New York Stock Exchange ("NYSE") prior to market opening on Friday, January 9, 2009. The Company is out of compliance with one of the NYSE's applicable continued listing standards which requires maintaining an average market capitalization of not less than $25 million over a consecutive 30 trading-day period. Previously, the Company had announced that it had fallen below the NYSE's continued listing standard concerning share price. While the Company had six months in which to increase the share price back to compliant levels, NYSE standards do not provide a similar cure period for noncompliance with the market capitalization requirements. The Company does not intend to appeal the NYSE's decision and, consequently, it is expected that the common stock will be delisted from the NYSE following the NYSE's application to the Securities and Exchange Commission.

The Company expects that, following suspension from the NYSE, its common stock will continue to trade and be quoted on the Financial Industry Regulatory Authority's over-the-counter bulletin board (the "OTCBB") and/or on the Pink Sheets Inc.'s Pink Quote System (the "Pink Sheets"). There will be no gap in trading from the NYSE to one of the above over-the-counter ("OTC") markets. The Company will provide a symbol for OTC trading in a few days.

''We expect there to be no disruption in our operations resulting from the change in our stock trading platform. We continue to be in full compliance with all of our lending arrangements,'' stated Per Loof, KEMET's Chief Executive Officer. ''KEMET's commitment is steadfast in bringing value to our shareholders, producing quality products that are delivered with industry leading customer service to our customers, remaining a stable partner with our suppliers, and providing growth opportunity to our employees.''

The delisting from the NYSE does not represent any change in the Company's current strategic plan. The Company will continue to file periodic and other reports with the Securities and Exchange Commission under applicable federal securities laws. Following the move to the OTCBB or Pink Sheets, KEMET will continue to be in compliance with the trading requirements for its common stock contained in its existing lending arrangements.

KEMET Corporation (KEM) applies world-class service and quality to deliver industry-leading, high-performance capacitance solutions to its customers around the world. KEMET offers the world's most complete line of surface-mount and through-hole capacitor technologies across tantalum, ceramic, film, aluminum, electrolytic, and paper dielectrics. Additional information about KEMET can be found at http://www.kemet.com .

CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS

Certain statements included herein contain forward-looking statements within the meaning of federal security laws about KEMET Corporation (the "Company") financial condition and results of operations that are based on management's current expectations, estimates and projections about the markets, in which the Company operates, as well as management's beliefs and assumptions. Words such as "expects," "anticipates," "believes," "estimates," variations of such words and other similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in, or implied by, such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's judgment only as of the date hereof. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect new information, future events or otherwise.

Factors that may cause actual outcome and results to differ materially from those expressed in, or implied by, these forward-looking statements include, but are not necessarily limited to, availability, sourcing and pricing of raw materials, pressures on sales prices and volumes due to competition and economic conditions, reliance on and financial viability of significant customers, operating performance of joint ventures, alliances and other equity investments, technological advancements, employee relations, changes in construction spending, capital expenditures and long-term investments (including those related to unforeseen acquisition opportunities), continued availability of financial resources through financing arrangements and operations, outcomes of pending or threatened legal proceedings, negotiation of new or modifications of existing contracts for asset management and for property and equipment construction and acquisition, regulations governing tax laws, other governmental and authoritative bodies' policies and legislation, and proceeds received from the sale of assets held for disposal. In addition to these representative factors, forward-looking statements could be impacted by general domestic and international economic and industry conditions in the markets where the Company competes, such as changes in currency exchange rates, interest and inflation rates, recession and other economic and political factors over which the Company has no control. Other risks and uncertainties may be described from time to time in the Company's other reports and filings with the Securities and Exchange Commission.

    Contact:
    Dean W. Dimke
    Director of Corporate and Investor Communications
    954-766-2806
    deandimke@kemet.com

    William M. Lowe, Jr.
    Executive Vice President and Chief Financial Officer
    864-963-6484
    billlowe@kemet.com

SOURCE KEMET Corporation

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