ATP Enters Into Memorandum of Understanding
Regarding Sale of Company
ATLANTA, April 28 /PRNewswire/ -- Advanced Technical Products, Inc. (Nasdaq: ATPX - news) announced today that it
has entered into a Memorandum of Understanding with a third party financial buyer regarding the sale of the company. The
Memorandum provides that the stockholders of ATP would receive in cash $14.00 per share, plus a contingent amount of up to
an additional $3.00 per share depending upon earnings achieved by ATP in 1999. The transaction is subject to, among other
things, satisfactory completion of due diligence by the purchaser, execution and delivery of a definitive agreement and certain
regulatory, third party and stockholder approval.
Advanced Technical Products designs, develops and manufactures advanced composite based materials and products from
continuous high strength fibers which optimize structural performance while minimizing the components' weight. The Company is
one of very few with the ability to utilize multiple processes, such as autoclave lamination, filament winding, resin transfer
molding and metal bonding. Using these processes, the Company manufactures products for the aerospace and defense
markets as well as for commercial applications including oil and gas tubulars and pressure vessels for Natural Gas Vehicles.
This press release includes forward-looking statements regarding the present intentions and expectations of management of
ATP. Certain factors beyond ATP's control could cause ATP's results to differ materially from those in these forward-looking
statements. Among these risk factors are the possibility that the sale of Advanced Technical Products may not close due to the
failure to satisfy certain conditions including the satisfactory completion of due diligence by the purchaser, execution and delivery
of a definitive agreement and certain regulatory, third party and stockholder approval. Other risk factors include general market
conditions, dependence on the aerospace and defense industries, the level of military expenditures and competition in the
markets for ATP's products, are more fully described in ATP's Form 10-K and other documents filed with the Securities and
Exchange Commission.
SOURCE: Advanced Technical Products, Inc.
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