PGT Announces Rights Offering

PGT Inc. announced last week that its board of directors has declared a special dividend consisting of rights to purchase shares of the company's common stock with an aggregate value of approximately $30 million.

"We have a long history of successfully outperforming the overall housing market, particularly in down periods where a differentiated product offering and high levels of service make a substantial difference," says Rod Hershberger, president and chief executive officer of PGT. "Equity capital raised in this rights offering will help us continue our market share gains and drive strong performance through geographic expansion, new product introductions and improved manufacturing capabilities. The proceeds from this offering, together with the cash we have today, provide us with ample flexibility to continue outperforming the market and expand our business."

On August 4, PGT will distribute a non-transferable subscription right for every four shares of common stock to each of its common stock holders, according to press relese from the company. Each whole subscription right will entitle its holder to purchase one share of PGT's common stock at the subscription price of $4.20 per share. PGT expects to distribute the subscription rights to stockholders on or about August 6, 2008, after the registration statement relating to the rights offering is declared effective by the United States Securities and Exchange Commission. The rights offering will expire at 5 p.m. on September 4, 2008, unless extended by PGT's board of directors.

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