President Signs "The Protection of Lawful Commerce In Arms Act"
October 10, 2005
Sturm, Ruger & Company, Inc. (NYSE: RGR) is pleased to announce that on Wednesday, October 26, 2005 President Bush signed S.397, "The Protection of Lawful Commerce in Arms Act." The City of New Orleans filed the first municipal lawsuit against the American firearms industry almost exactly seven years ago, and over thirty cities and counties subsequently instituted similar litigation. Congress has finally responded to this dangerous misuse of our legal system, which was intended to bankrupt an important asset to law enforcement, our national defense, and law abiding citizens. The U.S. Senate passed the bill in July by a 65-31 vote. The U.S. House of Representatives passed the bill on October 20th on a bi-partisan vote of 283-144.
The law of the land now prohibits filing, and would require dismissal of, lawsuits against manufacturers of non-defective, lawfully sold firearms based upon their subsequent criminal acquisition and misuse. Most of these cases have been dismissed by trial or appellate courts, but only after great expense by both taxpayers and the firearms industry. Motions to dismiss the few remaining cases will be filed shortly, based upon this new law.
"While absolutely vital and a resounding declaration of the bipartisan will of Congress," said Sturm, Ruger President Stephen L. Sanetti, "this law will not immediately end wasteful litigation. It is certain that motions to dismiss the remaining cases will be opposed and their results appealed. Tests of the law's validity by disgruntled special interests, who oppose the clear will of the people and their legislators, will doubtless follow. We are confident of ultimate victory, but the battle goes on," Sanetti concluded.
About Sturm, Ruger & Co., Inc.
Sturm, Ruger & Co., Inc. is one of the nation's leading manufacturers of rugged, reliable firearms for the commercial sporting market. The only full-line manufacturer of American-made firearms, Ruger offers consumers over 400 variations of more than 30 product lines. For more than 60 years, Ruger has been a model of corporate and community responsibility. Our motto, "Arms Makers for Responsible Citizens®," echoes the importance of these principles as we work hard to deliver quality and innovative firearms.
The Company may, from time to time, make forward-looking statements and projections concerning future expectations. Such statements are based on current expectations and are subject to certain qualifying risks and uncertainties, such as market demand, sales levels of firearms, anticipated castings sales and earnings, the need for external financing for operations or capital expenditures, the results of pending litigation against the Company, the impact of future firearms control and environmental legislation, and accounting estimates, any one or more of which could cause actual results to differ materially from those projected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company undertakes no obligation to publish revised forward-looking statements to reflect events or circumstances after the date such forward-looking statements are made or to reflect the occurrence of subsequent unanticipated events.
Sturm, Ruger & Co., Inc. “Arms Makers for Responsible Citizens®”