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EXHIBIT 99.1
PRESS RELEASE
FOR IMMEDIATE RELEASE
ADVANCED LIGHTING TECHNOLOGIES AUTHORIZES ADDITIONAL SHARES AND ESTABLISHES AN
EMPLOYEE OPTION PLAN AT ITS DSI OPTICAL COATING SUBSIDIARY
CLEVELAND, OH, OCTOBER 30, 2000- ADVANCED LIGHTING TECHNOLOGIES, INC. (Nasdaq:
ADLT) today announced that the Company's Board of Directors approved increasing
the number of DSI authorized shares of common stock from 850 shares to 100
million shares. Management has indicated that the increase in authorized shares
of DSI common stock will provide the Company a structure that rewards both our
existing employees in the DSI optical subsidiary, as well as the ability to
attract new DSI employees with outstanding industry qualifications. Key to
accomplishing this was the Board approving a DSI stock incentive plan containing
both options and the ability for employees to purchase DSI common stock.
Initially, ADLT will hold 50 million shares and ten million shares will be
available for stock incentive plans.
ADLT Chairman and Chief Executive Officer Wayne R. Hellman commented, "As we
announced in April, the Company stated that it was proceeding down a path to
maximize shareholder value at its DSI operations. Last month ADLT raised $23
million in an ADLT common share sale to provide funding for capital expenditures
and research and development at its DSI operations in Santa Rosa, California.
This month our stock incentive plan was formalized. Those two events were a
necessity in providing the employee focus and resources to allow DSI to fulfill
its vision as a major provider of telecommunications passive optical
components."
DSI, a wholly-owned subsidiary of Advanced Lighting Technologies, Inc., is an
advanced thin film coating company with a telecommunications business unit in
Santa Rosa, California. Current products include WDM filters, highly reflective
films for DWDM applications, and optical fiber assemblies and micro-optics that
reduce insertion losses in DWDM, metro, and optical switching systems. DSI's
patented and proprietary coating equipment, advanced thin film processes, and
measurement capabilities are used in many of these products and systems.
Mr. Hellman further commented, "One of DSI's goals is to produce and qualify 200
GHz and 100 GHz DWDM filters produced with conventional technology early next
year. In addition, we expect to demonstrate that DSI's proprietary MicroDyn(TM)
coating technology can produce DWDM filters at significantly higher throughput
resulting in substantially lower unit costs than the conventional technologies
now used to produce the world's DWDM optical filters."
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Except for historical information contained herein, the matters discussed in
this news release are forward-looking statements that involve risks and
uncertainties. As discussed in the Company's SEC filings, covenants in the
Company's bank credit facility, the indenture relating to the Company's 8%
Senior Notes and the Company's agreements with General Electric Company limit
certain corporate actions. As a result, implementation of certain strategic
alternatives relating to the telecommunications unit may require consent or
require replacement of these ADLT financing sources. The Company has no
assurance that such consents or replacement financing can be obtained in a
manner to permit timely implementation of these strategic alternatives. Other
risks and uncertainties include the timely development and market acceptance of
new products, the ability to provide adequate incentives to retain and attract
key employees, the impact of competitive products and pricing, and other risks
detailed from time-to-time in the Company's EDGAR filings with the Securities
and Exchange Commission. In particular, see "Risk Factors" in the Company's Form
10-K for the fiscal year ended June 30, 2000. The Company's actual results could
differ materially from those anticipated in these forward-looking statements.
Advanced Lighting Technologies, Inc. is an innovation-driven designer,
manufacturer, and marketer of metal halide lighting products, including
materials, system components, systems, and production equipment with operations
and affiliates in North America, Europe, the Pacific Rim, and Australia.
For further information, contact:
Lisa Barry
Advanced Lighting Technologies, Inc.
440/836-7111
