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Exhibit 99.1
CLARK
THE FORKLIFT.
JUNE 29, 2000
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Announcement
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CLARK MATERIAL HANDLING COMPANY'S OPERATING STRATEGY AND
PERMANENT $45 MILLION DIP FINANCING APPROVED BY COURT
LEXINGTON, KY - JUNE 29, 2000 - CLARK Material Handling Company today announced
court approvals for management's operating strategy and permanent
debtor-in-possession financing of up to $45 million from Congress Financial
Corporation.
Under the Final Order approved by the Court, CLARK will proceed with its plans
to cease manufacturing operations in Lexington and transition these operations
to Company facilities in Germany, Korea and Alabama.
Furthermore, a portion of the $45 million permanent financing will carry a lower
interest rate than the interim facility it replaces, and also includes separate
financing accommodations to CLARK's Blue Giant subsidiary.
Dr. Martin M. Dorio, Jr., Chairman and Chief Executive Officer stated, "We are
pleased to take this important step in the reorganization process for CLARK
Material Handling Company. We now will be implementing the manufacturing
initiatives we have designed to most cost effectively produce value-added CLARK
products for our dealers and customers, and have the permanent financing
necessary for CLARK to fulfill the market's needs and move forward
competitively. CLARK is positioned to meet its post Chapter 11 filing
obligations to suppliers and provide dealers with the quality products and
services they require."
Contact Information:
Roanne Kulakoff or Robert D. Siegfried, Kekst and Company - 212-521-4800
