<SEC-DOCUMENT>0001157523-11-007265.txt : 20111220
<SEC-HEADER>0001157523-11-007265.hdr.sgml : 20111220
<ACCEPTANCE-DATETIME>20111220161528
ACCESSION NUMBER:		0001157523-11-007265
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111220
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111220
DATE AS OF CHANGE:		20111220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYPRIS SOLUTIONS INC
		CENTRAL INDEX KEY:			0000864240
		STANDARD INDUSTRIAL CLASSIFICATION:	INDUSTRIAL INSTRUMENTS FOR MEASUREMENT, DISPLAY, AND CONTROL [3823]
		IRS NUMBER:				611321992
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-24020
		FILM NUMBER:		111272212

	BUSINESS ADDRESS:	
		STREET 1:		101 BULLITT LN
		STREET 2:		STE 450
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222
		BUSINESS PHONE:		5023292000

	MAIL ADDRESS:	
		STREET 1:		101 BULLITT LN
		STREET 2:		STE 450
		CITY:			LOUISVILLE
		STATE:			KY
		ZIP:			40222

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GROUP TECHNOLOGIES CORP
		DATE OF NAME CHANGE:	19940314
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50112961.htm
<DESCRIPTION>SYPRIS SOLUTIONS, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>UNITED
      STATES</b></font><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 12pt">SECURITIES
      AND EXCHANGE COMMISSION</font></b><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-family: Times New Roman; font-size: 12pt"><b>Washington,
      D.C. 20549</b></font><br><br><font style="font-family: Times New Roman"><b>______________</b></font><br><br><font style="font-family: Times New Roman; font-size: 16pt"><b>FORM
      8-K</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>CURRENT
      REPORT</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Pursuant
      to Section 13 or 15(d) of the Securities Exchange Act of 1934</b></font><br><br><font style="font-family: Times New Roman; font-size: 12pt"><b>Date
      of Report (Date of earliest event reported): &#160;&#160;December 20, 2011</b></font><br><br><font style="font-family: Times New Roman"><b>______________</b></font><br><br><font style="font-family: Times New Roman; font-size: 18pt"><b>Sypris
      Solutions, Inc.</b></font><br><font style="font-family: Times New Roman; font-size: 10pt"><b>(Exact
      name of registrant as specified in its charter)</b></font><br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Delaware</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; width: 34%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>0-24020</b>
          </p>
        </td>
        <td style="text-align: center; white-space: nowrap; width: 33%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>61-1321992</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(State or Other Jurisdiction</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>of Incorporation)</b>
          </p>
        </td>
        <td style="text-align: center; width: 34%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Commission</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>File Number)</b>
          </p>
        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(I.R.S. Employer</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Identification No.)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>101 Bullitt Lane, Suite 450</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Louisville, Kentucky</b>
          </p>
        </td>
        <td style="width: 34%">
          &#160;
        </td>
        <td style="text-align: center; white-space: nowrap; width: 33%; padding-right: 0.0px; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>40222</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Address of Principal </b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Executive Offices)</b>
          </p>
        </td>
        <td style="width: 34%">

        </td>
        <td style="text-align: center; width: 33%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>(Zip Code)</b>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center; white-space: nowrap">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Registrant&#8217;s
      telephone number, including area code: (502) 329-2000</b></font><b> </b>
    </p>
    <hr style="text-align: center; height: 2.0 pt; width: 100%; color: #000000">
    <hr style="text-align: center; height: 2.0 pt; width: 100%; color: #D3D3D3">


    <p style="text-align: center">
      <br>
      <br>
      <br>
      <br>
      <br>
      <br>
      <br>
      <font style="font-family: Times New Roman; font-size: 10pt"><b>Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the</b></font><br><font style="font-family: Times New Roman; font-size: 10pt"><b>filing
      obligation of the registrant under any of the following provisions:</b></font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font></b>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt"><b>&#8414;</b></font><b>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font></b>
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Item 1.01. Entry into a Material Definitive Agreement.</b>
    </p>
    <p>
      On December 20, 2011, the Board of Directors authorized the Company to
      enter into an Executive Equity Repurchase Agreement (the &#8220;Agreement&#8221;)
      whereby certain members of the Company&#8217;s management team, including
      executive officers and directors, would grant the Company a first right
      to purchase shares of common stock of the Company (the &#8220;Common Stock&#8221;)
      beneficially owned by those individuals at then-current market prices,
      subject to certain exceptions.
    </p>
    <p>
      There are two circumstances, subject to certain exceptions in each case,
      in which a party to the Agreement would be required to offer to sell
      shares of Common Stock beneficially held by such person to the
      Company.&#160;&#160;The first is when any party to the Agreement proposes to
      transfer more than 1,500 shares of Common Stock to a third party.&#160;&#160;The
      second is when a party to the Agreement separates service from the
      Company.&#160;&#160;In that second circumstance, the Company has the right to
      acquire all of the shares of Common Stock beneficially owned by the
      departing person.&#160;&#160;In both circumstances, the price per share, if
      accepted by the Company, would be based on the average of the closing
      prices of the Common Stock on NASDAQ for a trailing five trading day
      period.
    </p>
    <p>
      The Agreement has a five year term, subject to earlier termination by
      the Company, and participation by each individual is voluntary.
    </p>
    <p>
      <b>Item 8.01. Other Events.</b>
    </p>
    <p>
      On December 20, 2011, the Company issued a press release announcing that
      its Board of Directors has authorized a share repurchase program
      authorizing the Company to repurchase up to $5 million of the Company&#8217;s
      outstanding common stock from time to time over the next twelve months,
      subject to renewal by the Board. The Company&#8217;s repurchases may be
      executed through open market purchases, privately negotiated
      transactions or through the Equity Repurchase Agreement described above
      or other arrangements which comply with the provisions of the Securities
      Exchange Act of 1934 and the terms of the Company&#8217;s existing credit
      facility. The program does not require that the Company purchase any
      specific number of shares or make purchases by a certain time and date.
      The program may be suspended or discontinued at any time without prior
      notice.&#160;&#160;
    </p>
    <p style="text-align: justify">
      <b>Item 9.01 Financial Statements &amp; Exhibits</b>
    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Exhibits
    </p>
    <p style="white-space: nowrap">
      99.1 &#160;&#160;&#160;&#160;&#160;Press Release dated, December 20, 2011.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt"><b>SIGNATURES</b></font>
    </p>
    <p>
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be signed on its behalf by the
      undersigned hereunto duly authorized.<br><br>
    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: left; width: 6%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td style="text-align: left; width: 44%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            December 20, 2011
          </p>
        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Sypris Solutions, Inc.</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="text-align: left; padding-left: 0.0px" colspan="2" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; width: 6%; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 44%; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: left; width: 5%; padding-left: 0.0px; padding-bottom: 2.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            By:
          </p>
        </td>
        <td style="text-align: left; border-bottom: solid black 1.0pt; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ John R. McGeeney
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            John R. McGeeney
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 5%">

        </td>
        <td style="text-align: left; width: 45%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            General Counsel and Secretary
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <b>INDEX TO EXHIBITS</b>
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-family: Times New Roman; font-size: 10pt; width: 100%; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td style="text-align: center; width: 16%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>Exhibit</b>
          </p>
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Number</b></u>
          </p>
        </td>
        <td style="text-align: center; width: 84%; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <u><b>Description</b></u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 16%">

        </td>
        <td style="text-align: left; width: 84%; padding-left: 0.0px" valign="top">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; white-space: nowrap; width: 16%; padding-right: 0.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            99.1
          </p>
        </td>
        <td style="text-align: center; width: 84%; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Registrant&#8217;s press release dated December 20, 2011.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50112961-ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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  <head>
    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Sypris
      Announces Share Repurchase Program</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Program
      to Extend Through 2012</b></font></i>
    </p>
    <p>
      LOUISVILLE, Ky.--(BUSINESS WIRE)--December 20, 2011--Sypris Solutions,
      Inc. (Nasdaq/NM:&#160;SYPR) announced today that its Board of Directors
      approved a new program authorizing&#160;the Company to repurchase up to
      $5&#160;million of its outstanding shares of common stock from time to time
      over the next twelve months. The share repurchase program does not
      obligate the Company to repurchase a minimum number of shares, and the
      program may be suspended or discontinued at any time without prior
      notice. The share repurchase program will be funded with the Company's
      cash on hand, and repurchased shares will be retired and returned to
      unissued status.
    </p>
    <p>
      &#8220;Sypris is positioned for profitable growth in a way that we believe is
      still unrecognized by the market,&#8221; said Jeffrey T. Gill, President and
      Chief Executive Officer. &#8220;We are pleased to launch our share repurchase
      program with this initial $5 million authorization to take advantage of
      this situation.&#8221;
    </p>
    <p>
      In connection with the share repurchase program, the Board also
      authorized an Executive Equity Repurchase Agreement whereby management,
      including officers and directors, would grant the Company a first right
      to purchase shares at current market prices (calculated as the average
      of several days&#8217; closing prices). The Company&#8217;s right to purchase the
      shares would occur any time a party to the Agreement departed the
      Company or intended to sell more than 1,500 shares of common stock. The
      Agreement has a five-year term, subject to earlier termination by the
      Company, and participation by each individual is voluntary.
    </p>
    <p>
      &#8220;The combination of our share repurchase program and this new Agreement
      with our management team reflects our confidence in the future of our
      business and our commitment to returning value to Sypris shareholders,&#8221;
      Mr. Gill added.
    </p>
    <p>
      The repurchases under the share repurchase program may be made in open
      market or privately negotiated transactions or pursuant to the Equity
      Repurchase Agreement, depending on prevailing market conditions and
      other factors.
    </p>
    <p>
      <b>About Sypris</b>
    </p>
    <p>
      Sypris Solutions is a diversified provider of outsourced services and
      specialty products. The Company performs a wide range of manufacturing,
      engineering, design and other technical services, typically under
      multi-year, sole-source contracts with corporations and government
      agencies in the markets for truck components and assemblies and
      aerospace and defense electronics. For more information about Sypris
      Solutions, visit its Web site at <u>http://www.sypris.com</u>.
    </p>
    <div style="margin-right: 0pt; width: 100%; text-indent: 0pt; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Cautionary Note Regarding Forward-Looking Statements</b>
    </p>
    <p>
      <i>This press release contains &quot;forward-looking statements&quot; within the
      meaning of the federal securities laws.<b> </b>Such forward-looking
      statements include statements regarding the Company's share repurchase
      program and the Company's future cash generation and cash resources.</i> <i>Forward-looking
      statements are subject to risks and uncertainties and are subject to
      change.</i> <i>Such risks include those described in our most recent
      Form 10-K and Form 10-Q and other SEC filings.</i> <i>Briefly, we
      currently believe that such risks also include: potential impairments,
      non-recoverability or write-offs of goodwill, assets or deferred costs,
      including capitalized pre-contract costs related to the development of a
      replacement for certain aerospace and defense products; inventory
      valuation risks including obsolescence, shrinkage, theft, overstocking
      or underbilling; declining revenues in our aerospace and defense
      business lines as we transition from legacy products and services into
      new market segments and technologies</i>; <i>U.S. government spending on
      products and services that our Electronics Group provides, including the
      timing of budgetary decisions; potential liabilities associated with
      discontinued operations, including post-closing indemnifications or
      claims related to business or asset dispositions; the costs of
      compliance with our auditing, regulatory or contractual obligations;
      regulatory actions or sanctions (in each case including FCPA, OSHA and
      Federal Acquisition Regulations, among others); adverse determinations
      by government contracting officers, especially regarding the potential
      retrofit of certain electronic products with respect to alleged &quot;latent
      defects,&quot; which are disputed by the Company; dependence on, recruitment
      or retention of key employees; pension valuation, health care or other
      benefit costs; labor relations; strikes; union negotiations; changes in
      licenses, security clearances, or other legal rights to operate, manage
      our work force or import and export as needed; breakdowns, relocations
      or major repairs of machinery and equipment; changes or delays in
      government or other customer budgets, funding or programs; potential
      weaknesses in internal controls over [financial reporting and]
      enterprise risk management; reliance on major customers or suppliers,
      especially in the automotive or aerospace and defense electronics
      sectors; the cost, efficiency and yield of our operations and capital
      investments, including working capital, production schedules, cycle
      times, scrap rates, injuries, wages, overtime costs, freight or
      expediting costs; our inability to successfully launch or sustain new or
      next generation programs or product features, especially in accordance
      with budgets or committed delivery schedules; disputes or litigation,
      involving customer, supplier, lessor, landlord, creditor, stockholder,
      product liability or environmental claims; the costs and supply of debt,
      equity capital, or insurance; fees, costs or other dilutive effects of
      refinancing, compliance with covenants; cost and availability of raw
      materials such as steel, component parts, natural gas or utilities;
      volatility of our customers' forecasts, financial conditions, market
      shares, product requirements or scheduling demands; adverse impacts of
      new technologies or other competitive pressures which increase our costs
      or erode our margins; failure to adequately insure or to identify
      environmental or other insurable risks; revised contract prices or
      estimates of major contract costs; risks of foreign operations; currency
      exchange rates; war, terrorism, computer hacking or other cyber attacks,
      or political uncertainty; unanticipated or uninsured disasters, losses
      or business risks; inaccurate data about markets, customers or business
      conditions; or unknown risks and uncertainties.</i>
    </p>
    <p>
      <i>The Company undertakes no obligation to update or revise publicly,
      any forward-looking statements, whether as a result of new information,
      future events or otherwise</i>.
    </p>
    <p>
      CONTACT:<br><b>Sypris Solutions, Inc.</b><br><b>Brian A. Lutes,
      502-329-2000</b><br><b>Chief Financial Officer</b>
    </p>
    <p>

    </p>
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