FOR FURTHER INFORMATION PLEASE CONTACT:
ISG Technologies Inc.
Nicole Filiatrault
Director, Communications
(905) 672-2100 ext. 142
(905) 672-2307 (FAX)
nicole@isgtec.com (E-mail)
isgtec.com (Internet)
NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: ISG TECHNOLOGIES INC.
TSE SYMBOL: ISO
NASDAQ SYMBOL: ISGTF
DECEMBER 12, 1996
Major Customers Support ISG Management
MISSISSAUGA, ONTARIO--ISG Technologies Inc. (ISG) announced today
that it has received letters from customers representing
approximately 70 percent of its projected fiscal 1997 sales,
expressing their support for ISG's management team and the slate
of Directors nominated by ISG for election at the company annual
meeting.
The customers include Mitsui and Co. Ltd; General Electric Medical
Systems; Philips Medical Systems; Hitachi Medical Corporation; and
Elekta Instruments AB. As an example, one of these customers
wrote ISG to state that "We have confidence in the current
management team, and support you effort to nominate a strong,
independent, and experienced board of directors. We feel that
your (Michael Greenberg's) role within the company is vital to our
continuing relationship with ISG."
Quorum Growth Inc. recently launched a proxy battle to gain
control of ISG through the election of a dissident slate of
directors.
"If Quorum were to succeed in its proxy battle to take control of
ISG, it will result in significant damage that could jeopardize
ISG's relationships with its key customers," ISG's current
independent directors and Michael Greenberg, the company Chairman
and CEO, said in a statement issued by ISG.
ISG also disputed the claims made today by Quorum concerning the
number of ISG's shareholders who stated that they were voting in
favor of the dissident slate. "Our own counts do not come
anywhere close to indicating that Quorum's claim has any validity.
In fact, we have been told by shareholders owning about one-third
of ISG stock that they are voting in favour of the ISG slate," the
company said.
ISG further stated that "Our own discussions with major
institutional shareholders show increasing support and we expect
that we will be widely supported, resulting in the election of the
directors nominated by ISG at the December 23, 1996 annual
meeting."
ISG is a publicly traded company with over 220 employees
worldwide, and is listed on the Toronto Stock Exchange (ISO) and
on New York's NASDAQ (ISGTF).
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