ATP Enters Sale Agreement
ATLANTA, April 28 -- Advanced Technical Products, Inc. (NASDAQ:ATPX) 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.