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PRESS RELEASE
Contact: Lyle Feye Richard Fishbein
AXIA Incorporated Cortec Group Fund III, L.P.
(713) 425-2150 (212) 370-5600
AXIA INCORPORATED ANNOUNCES RECEIPT OF 100%
OF THE CONSENTS IN CONNECTION WITH DEBT TENDER OFFER
HOUSTON, August 14, 2000 - AXIA Incorporated (AXIA), a leading designer,
manufacturer, distributer and marketer of a diverse range of products including
productivity enhancing construction tools, formed wire products, industrial bag
closing equipment and systems, and material handling systems, announced today
that it has received tenders and consents from holders representing 100% of the
$100 million outstanding principal amount of its 10 3/4% Senior Subordinated
Notes due 2008, and as a result, the requisite noteholder approvals have been
received for the proposed amendments to the indenture governing the notes. AXIA
will execute the supplemental indenture implementing the proposed amendments,
but such amendments will not become operative unless and until all validly
tendered notes are purchased in the tender offer.
The tender offer is scheduled to expire at 12:00 midnight, New York City Time,
on August 25, 2000, unless extended. Closing of the tender offer is subject to
certain customary conditions, including the consummation of the merger between
an affiliate of Cortec Group Fund III, L.P. and AXIA Group, Inc., the parent
company of AXIA Incorporated. The merger is expected to close in mid-August,
2000.
First Union Securities, Inc. is the dealer manager and State Street Bank and
Trust Company is acting as the depository for the tender offer. Information
concerning the tender offer, the consent solicitation, the consideration to be
paid and additional information concerning the terms of the tender offer may be
obtained by contacting First Union Securities, Inc. at 704-383-0848.
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