LB Foster awarded with ISN RAVS Plus® demonstrating our culture of health and safety
PITTSBURGH, June 02, 2022 (GLOBE NEWSWIRE) — LB Foster Company (NASDAQ: FSTR), a leader in railroad technology and services, has been awarded the RAVS Plus® recognition by ISNetworld (ISN), one of the world’s largest security compliance groups. RAVS® is a safety compliance standard that stands for “review and audit services” and is used to verify the effectiveness of health and safety programs, where currently a limited percentage of contractors have won. Participation in RAVS Plus® The program is by invitation only and recognizes a company for its outstanding commitment to safety.
Requested on behalf of Class I rail and several industrial customers, winner RAVS Plus® illustrates that LB Foster creates value beyond our products and certifies that we have undergone a thorough site security review of our contracted services.
“LB Foster is proud to have received ISNetworld’s RAVS Plus Award® designation for safety practices and assure our customers that we are providing safe on-site services,” said Greg Lippard, Senior Vice President – Rail.
With the dedication of an internal EHS-focused team, LB Foster representatives participated in an intensive two-hour audit with ISN with no deficiencies identified. Our positive results have been a combination of internal administrative controls, training, procedures and policies, as well as the knowledge of our rail service technicians who have also been audited on their knowledge of health and safety practices relating to their environments. of work.
“The entire RAVS Plus® process was a team effort. As on-site contractors installing and maintaining equipment, our customers can have peace of mind that our rail service technicians are fully trained and knowledgeable in safe practices to avoid incidents,” said James Tanner, Director of rail services.
The audit consisted of an in-depth analysis of security policies, procedures, compliance and training within the company. Another positive outcome of ISN recognition is the recognition that the safety-driven SPIRIT corporate culture model has been externally validated.
About LB Foster Company
LB Foster Company and its subsidiaries provide products and services for the rail industry and solutions to support critical infrastructure projects. The company’s innovative product development and engineering solutions inspire safety, reliability and performance for the tough demands of its customers. The company has locations in North America, South America, Europe and Asia. For more information, please visit www.lbfoster.com.
This release may contain “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Forward-looking statements provide management’s current expectations regarding future events based on certain assumptions and include any statement that is not directly related to historical or current fact. Sentences containing words such as “believe”, “intend”, “plan”, “may”, “expect”, “should”, “could”, “anticipate”, “estimate”, ” predict”, “project” or their negatives, or other similar expressions of a future or forward-looking nature should generally be considered forward-looking statements. The forward-looking statements contained in this safety release are based on management’s current expectations and assumptions regarding future events that involve inherent risks and uncertainties and may relate to, among other things, the Company’s expectations regarding our strategy, our objectives, projections and plans regarding our financial condition. position, liquidity, capital resources and results of operations and decisions regarding our strategic growth initiatives, market position and product development. Although the Company considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. The Company cautions readers that a variety of factors could cause the Company’s actual results to differ materially from those indicated by the forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Among the factors that could cause actual results to differ materially from those set forth in the forward-looking statements include risks and uncertainties relating to: the COVID-19 pandemic and any future global health crisis, as well as the social, regulatory and related economics. the impacts and the response thereto by the Company, our employees, our customers and national, state or local governments; volatility in oil and natural gas prices and the related impact on intermediate energy markets, which could result in cost mitigation measures, including shutdowns or holiday periods; a continuation or worsening of adverse economic conditions in the markets we serve, whether due to the current COVID-19 pandemic, including its impact on labor markets, supply chains and other costs inflationary, travel and demand for oil and gas, continued deterioration in oil and gas prices, governmental travel restrictions, project delays and budget shortfalls, or otherwise; volatility in global financial markets, including interest rate fluctuations, which could adversely affect our ability to access capital markets on terms favorable to us; restrictions on our ability to draw on our credit agreement, including due to any future failure to comply with the covenants contained therein; a continued decline in rail freight or transit traffic, in particular due to the ongoing COVID-19 pandemic; environmental matters, including all costs associated with any remediation and monitoring of such matters; the risk of doing business in international markets, including compliance with anti-corruption and bribery laws, foreign currency fluctuations and inflation, and trade restrictions or embargoes; our ability to implement our strategy, including cost reduction initiatives, and our ability to effectively integrate acquired businesses or divest businesses, such as the recent divestments of the Piling and IOS Test and Inspection Services businesses and the acquisition of the LarKen Precast business and realize the expected benefits; the costs and impacts associated with shareholder activism; continued customer restrictions on the onsite presence of third-party providers due to the COVID-19 pandemic; the timeliness and availability of materials from our key suppliers, including any continuing or worsening supply chain disruptions experienced as a result of the COVID-19 pandemic, as well as the impact on our access to supplies from preferences customers as to the origin of such supplies, such as customer concerns regarding conflict minerals; labor disputes; cybersecurity risks such as data breaches, malware, ransomware, “hacking” and identity theft, which could disrupt our business and result in the misuse or misuse of confidential information or proprietary, and could result in disruption or damage to our systems, increased costs and losses, or an adverse effect on our reputation; the continued effectiveness of our ongoing implementation of an enterprise resource planning system; changes in current accounting estimates and their ultimate results; the adequacy of internal and external sources of funds to meet funding needs, including our ability to negotiate any additional necessary amendments to our credit agreement or the terms of any new credit agreement, and reforms regarding the use of LIBOR as a benchmark for establishing applicable interest rates; the Company’s ability to manage its working capital requirements and indebtedness; domestic and international taxes, including estimates that may affect taxes; domestic and foreign government regulations, including tariffs; economic conditions and regulatory changes caused by the United Kingdom’s exit from the European Union; geopolitical conditions, including the conflict in Ukraine; a lack of state or federal funding for new infrastructure projects; an increase in manufacturing or material costs; loss of future revenue from current customers; and risks inherent in litigation and the outcome of litigation and product warranty claims. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those indicated. The material risks and uncertainties that could affect the operations, performance and results of the Company’s business and forward-looking statements include, but are not limited to, those set forth in Section 1A, “Risk Factors”, and elsewhere. in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, or as updated and/or amended by our other current or periodic filings with the Securities and Exchange Commission.
The forward-looking statements contained in this release are made as of the date of this release, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except if required by federal securities laws.