Advanced Technical Products to Sell Alcore
ROSWELL, Ga., June 30 - Advanced Technical Products, Inc. (Nasdaq: ATPXE, news, msgs) announced that its Board has adopted a plan to sell its Alcore and Alcore Brigantine subsidiaries. For financial reporting purposes, these business units will be treated as discontinued operations. To date, the company has not entered into any agreement or arrangement with any third party to purchase the subsidiaries. Garrett L. Dominy, President and CEO said, "The Company's strategy is to exit the materials segment of the business and focus its efforts on the core competencies of manufacturing advanced composite structures and chemical defense products which have shown strong growth this year over the past year."
Advanced Technical Products, Inc. designs, develops, and manufactures high-performance radomes, aircraft components, rocket motor cases, pressure vessels, fuel tanks, shelter systems and other advanced composite products utilizing various production capabilities. The Company is also a leader in the design, development and manufacture of nuclear, biological and chemical detection and protection equipment. The Company's products are used in a variety of applications in the aerospace and defense industries, as well as, commercial markets.
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: 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. 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, and are more fully described in filings with the Securities and Exchange Commission.
CONTACT: James P. Hobt, Chief Financial Officer, or Lisa Lawson, llawson@atpx.com, both of Advanced Technical Products, 770-993-0291; or Investor Relations, Harvey A. Goralnick of FOCUS Partners LLC, 212-752-9445, or atpx@focuspartners.com, for Advanced Technical Products