NTK HOLDINGS, INC. ANNOUNCES DELAY IN FILING OF 2nd-QUARTER FORM 10-Q

PROVIDENCE, RI, August 15, 2007 - NTK Holdings, Inc. (“NTK Holdings”), the parent company of Nortek Holdings, Inc. (“Nortek Holdings”) and Nortek, Inc. (“Nortek”), a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and home technology convenience and security products, today announced that it has delayed the filing with the Securities and Exchange Commission (“SEC”) of its report on Form 10-Q for the quarter ended June 30, 2007. The principal reason for the delay is the need to complete work with respect to accounting for the option exercised by NTK Holdings on May 10, 2007 to extend the maturity of its senior unsecured loan facility until March 1, 2014. NTK Holdings paid a $4.5 million financing fee in connection with this extension. NTK Holdings expects that the proper accounting associated with the existence and exercise of such option will result in the incurrence of certain non-cash charges and/or the realization of certain non-cash credits, but that such charges or credits will not affect the level of operating earnings or EBITDA of NTK Holdings for either the quarter of six-month period ended June 30, 2007. At June 30, 2007, the outstanding principal balance of the senior unsecured loan facility was approximately $226.0 million.

NTK Holdings plans to file today a Form 12b-25 with the SEC in order to obtain a five calendar day extension for filing its Form 10-Q for the quarter ended June 30, 2007, and expects to complete the filing of the Form 10-Q on or prior to such extended due date.

Separately, Nortek yesterday announced its financial results for the quarter ended June 30, 2007 and completed the filing with the SEC of its report on Form 10-Q for such quarter.

NTK Holdings*, the parent company of Nortek Holdings* and Nortek*, is a leading diversified global manufacturer of innovative, branded residential and commercial ventilation, HVAC and home technology convenience and security products. NTK Holdings and Nortek offer a broad array of products including: range hoods, bath fans, indoor air quality systems, medicine cabinets and central vacuums, heating and air conditioning systems, and home technology offerings, including audio, video, access control, security and other products.

*As used herein, the terms “NTK Holdings,” “Nortek Holdings” or “Nortek” refers to NTK Holdings, Inc., together with its subsidiaries, unless the context indicates otherwise. These terms are used for convenience only and are not intended as a precise description of any of the separate corporations, each of which manages its own affairs.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Nortek’s current plans and expectations and involve risks and uncertainties that could cause actual future activities and results of operations to be materially different from those set forth in the forward-looking statements. Important factors impacting such forward-looking statements include the availability and cost of raw materials and purchased components, the level of construction and remodeling activity, changes in general economic conditions, the rate of sales growth and product liability claims. Nortek undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the reports and filings of NTK Holdings and Nortek with the Securities and Exchange Commission.

 

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