BRYAN, Texas, Jan. 17 /PRNewswire/ --
Neutral Posture Ergonomics, Inc. (Nasdaq: NTRL) (the "Company") today
announced that a special committee, established by the Board of Directors of
the Company to consider an acquisition proposal by a management-led group, has
agreed on a price for the outstanding shares of the Company. On
October 27, 2000, the management group, which includes Rebecca Boenigk, Jaye
Congleton and other members of the executive management team of the Company,
announced a proposal to acquire all of the outstanding shares of the Company's
common stock not already owned by the management. The acquisition would be
accomplished through a merger of the Company into a new corporation that would
be owned by the management group. The management group currently owns
approximately 62% of the Company's outstanding shares of common stock.
The Board of Directors of the Company established a special committee
consisting of three independent directors to consider the proposal, and the
special committee engaged legal and financial advisors to assist in
negotiating an agreement. After several months of negotiation between the
management group and the special committee, the special committee has voted to
recommend that the Board of Directors of the Company approve a merger which
would result in the public shareholders of the Company receiving $2.27 per
share, increased from the original offer of $1.72 per share. The merger is
subject to negotiation by the special committee of a definitive merger
agreement with the management group and approval by the full Board of
Directors and shareholders of the Company.
Headquartered in Bryan, Texas, the Company manufactures, markets and
distributes ergonomic products. The Company is a certified Women Business
Enterprise and its common stock is currently listed on the Nasdaq SmallCap
Market under the symbol NTRL.
PRESS CONTACT:
Gregory A. Katt, Vice President and CFO
979-778-0502, Ext. 111
Except for statements of historical fact, this press release includes
certain statements that may be deemed to be "forward-looking" within the
meaning of the Securities Act of 1933, as amended, and the Securities Exchange
Act of 1934, as amended. There are certain important factors which could
cause actual results to differ materially from those anticipated by the
forward-looking statements. Certain of the important factors which could
cause actual results to differ materially from those in the forward-looking
statements include, among other things, changes from anticipated levels of
sales, the ability to integrate acquired product lines and related businesses,
future national or regional economic and competitive conditions, changes in
relationships with customers, customer acceptance of existing and new
products, pricing pressures due to excess capacity, raw material cost
increases, change of tax rates, change of interest rates, declining conditions
in the industry, validity of patents, results of arbitration and litigation,
availability of key component parts, casualty to or other disruption of the
Company's production facility and equipment, delays and disruptions in the
shipment of the Company's products and other factors that generally affect
business. Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect management's analysis only as of the
date hereof. The Company undertakes no obligation to publicly revise these
forward-looking statements to reflect events or circumstances that arise after
the date hereof. Readers should carefully review the risk factors described
in other documents the Company files from time to time with the Securities and
Exchange Commission.
SOURCE Neutral Posture Ergonomics, Inc.
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Related links:
http://www.neutralposture.com
Company News On-Call:
http://www.prnewswire.com/comp/125652.html or fax,
800-758-5804, ext. 125652
CONTACT:
Gregory A. Katt, Vice President and CFO of
Neutral Posture Ergonomics, Inc., 979-778-0502, Ext. 111
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