Federal Investigators Issue Warrant at Alcore Offices
ROSWELL, Ga., Jan. 7 - Advanced Technical Products, Inc. (NASDAQ:ATPX), announced that representatives of the United States government today served on the premises of the Company's Alcore division in Maryland a warrant issued by the United States District Court for Maryland to search for financial and other information. The Company is responding to the government's request and will fully comply with the warrant. At this time, the Company is unaware of the exact nature or extent of the government's investigation. The Company has provided notice of this development to representatives of Veritas Capital Funding, an affiliate of which is the purchaser in the previously announced business combination between the purchaser and the Company.
The Company had sales of $165 million in 1998. The Company designs, develops and manufactures advanced composite based materials and products from continuous high strength fibers which optimize structural performance while minimizing the components' weight. ATP believes it is one of a 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 fuel tanks for Natural Gas Vehicles. The Company is also a leader in the development and production of chemical defense systems.
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 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 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.
Contact: Garrett L. Dominy, Chief Financial Officer, 770-993-0291, or Lisa Lawson, Director of Communications, 770-993-0291, both of Advanced Technical Products, Inc.; or Investors, Harvey A. Gorlnick of Focus Partners LLC, 212-752-9445, or atpx@focuspartners.com, for Advanced Technical Products, Inc.