BRYAN, Texas, March 6 /PRNewswire/ -- Neutral Posture Ergonomics, Inc.
(Nasdaq: NTRL) today reported the approval of an order authorizing the sale of
certain assets of the furniture business of Harvard Industries, Inc.
("Harvard") to Neutral Posture Ergonomics, Inc. for $760,000 by the United
States Bankruptcy Court for the District of Delaware. The sale was approved
on March 5, 1998. The acquisition is expected to close in mid March.
Commenting on the approval, Rebecca Boenigk, Chairman and CEO said, "We
are very pleased with the bankruptcy court's approval and look forward to the
transfer of assets to our own facility in Bryan, Texas upon closing. We
intend to carry Harvard's mid-priced chair line as it is with a few
exceptions. Our top priority is to workout a transition plan with minimal
delays and disruptions to our customers. We are excited about the ability to
expand to the mid-priced chair market with a good quality product such as
Harvard seating."
Neutral Posture Ergonomics, Inc. manufactures, markets and distributes
ergonomic chairs. Neutral Posture Ergonomics, Inc. common stock is listed on
the Nasdaq National Market under the symbol NTRL.
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 results to differ materially from
those anticipated by some of the forward-looking statements. Some 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 abilities to integrate Harvard's chair
lines and the related business, whether use to future national or regional
economic and competitive conditions, changes in relationships with customers
including, but not limited to, the Company's relationship with its significant
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, 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.
SOURCE Neutral Posture Ergonomics, Inc.
 back to top
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 125652
CONTACT:
Gregory A. Katt, CFO of Neutral Posture
Ergonomics, Inc., 409-778-0502, ext. 21
|
