ATLANTA, Nov 14, 2001 /PRNewswire via COMTEX/ -- National Service Industries,
Inc. (NYSE: NSI) today announced that shares of Acuity Brands, Inc. have
commenced trading on the New York Stock Exchange on a "when issued" basis under
the symbol "AYI WI." "Regular way" trading for Acuity Brands is expected to
begin on December 3, 2001 on the New York Stock Exchange under the symbol "AYI."
Prior to executing a stock trade during the "when issued" trading period,
shareholders should check with their stockbrokers, banks, or other nominees for
details regarding the "when issued" trading market for the Acuity Brands common
stock and the impact of the distribution on the trading of NSI's common stock.
Acuity Brands will officially separate from NSI after the close of business on
November 30, 2001, pending final clearance from the Securities and Exchange
Commission and the New York Stock Exchange and receipt of customary solvency and
tax opinions. Acuity Brands will be comprised of NSI's lighting and chemicals
businesses.
NSI shareholders of record as of November 16, 2001 will, in a tax-free
distribution on November 30, 2001, receive one share of Acuity Brands common
stock for every share of NSI common stock held. Beginning November 16, 2001, NSI
will distribute an information statement to all holders of NSI common stock in
connection with the distribution.
Shareholders will receive an Acuity Brands share account statement from Acuity
Brands' transfer agent or their stockbrokers after November 30, 2001, reflecting
shares of Acuity Brands common stock being credited in book-entry form to
shareholders' accounts. Physical share certificates will not be issued unless
requested through the transfer agent.
Acuity Brands, with 2001 annual revenues of $2 billion, will employ more than
10,000 people. Acuity Lighting Group will consist of Lithonia(R), Holophane(R),
and other prominent lighting brands including Peerless(R), Hydrel(R), and
Antique Street Lamps(TM). Acuity Specialty Products Group is comprised of
specialty chemical brands including Zep(R), Enforcer(R), and Selig(TM).
Certain information contained in this press release constitutes forward- looking
statements within the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are inherently uncertain and involve
risks. Consequently, actual results may differ materially from those indicated
by the forward-looking statements. Statements made herein that may be considered
forward looking include statements concerning: (a) the timing of "regular way"
trading for Acuity Brands; (b) the timing of the completion of the spin-off
transaction; and (c) the timing of the distribution of an information statement
to holders of NSI common stock. A variety of risks and uncertainties could cause
the company's actual results to differ materially from the anticipated results
or other expectations expressed in the company's forward-looking statements. The
risks and uncertainties include without limitation the following: (a) underlying
assumptions or expectations related to the spin-off transaction proving to be
inaccurate or unrealized; (b) unexpected developments and outcomes in the
company's legal and environmental proceedings; (c) the timing of final clearance
from the Securities and Exchange Commission and the New York Stock Exchange and
the receipt of customary solvency and tax opinions; and (d) the uncertainty of
general business and economic conditions.
National Service Industries, Inc., with fiscal year 2001 sales of $2.6 billion,
has four business segments -- lighting equipment, chemicals, textile rental, and
envelopes.