BRYAN, Texas, Feb. 20 /PRNewswire/ -- Neutral Posture Ergonomics, Inc.
(Nasdaq: NTRL) today reported the signing of an asset purchase agreement with
Harvard Industries, Inc. ("Harvard"), to purchase from Harvard certain assets
of the furniture business of Harvard for $550,000. The agreement requires
approval from Harvard's Board of Directors by February 25, 1998 and is subject
to approval by the United States Bankruptcy Court for the District of
Delaware. The hearing is currently set for March 5, 1998.
On February 13, 1998, Harvard filed a motion in the United States
Bankruptcy Court for the District of Delaware scheduling a hearing on the
motion to approve the proposed sale of certain assets of the furniture
business operated by Harvard to the Company for $550,000 (or such higher or
better offers as Harvard might receive from the Company or another third
party) pursuant to the terms and conditions of an asset purchase agreement
between the Company and Harvard.
Commenting on the possible acquisition, Rebecca Boenigk, Chairman and CEO
said, "The Company has been working on developing its own mid-priced chair
line. Harvard already has a presence in the mid-priced chair market. This
acquisition will allow NTRL to expand its business into this market with
Harvard's already established chair lines. Upon approval of the acquisition,
we will be pleased to be able to compliment our existing higher-end ergonomic
chairs with this new mid-priced chair line."
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, the ability to obtain bankruptcy court
approval, whether due 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
|
